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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any <br />note evidencing. the same; <br /> <br />(b) the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR which <br />proves to have been false in any material respect when made or furnished; <br /> <br />(c) loss, theft damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure <br />or attachment thereof or thereon; <br /> <br />(d) death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the <br />property of. assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy <br />or insolvency law of, by or against DEBTOR or any guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all Obligations <br />secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado Uniform <br />Commercial Code. SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to <br />be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, <br />selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. In the event court action is deemed <br />necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City <br />and County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate <br />as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive <br />or impair any other security said SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall <br />the taking of any such additional security waive or impair this security agreement; but said SECURED PARTY shall retain its rights <br />of set -off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of <br />DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their <br />liabilities hereunder shall be joint and several. <br /> <br />5 eo (&m h-4?~ <br />, <br />DEBTOR: Vouga Reservoir Association <br /> <br />Dated this /7 <br /> <br />day of <br /> <br />, 1996. <br /> <br />By: <br /> <br /> <br />;1? <br />rouche, President <br /> <br />.~~~-~-~~---- ~~ ~ "-;~ ~: \ ~ \ <br />-. "1.SJ;j\t~ 4 <br />.. ':'>:;';':~"'~' ~~~!-..Ii~; 1 <br /> <br />P' ,~> ~16 ~I. ~f.) J. ~.. <br /> <br />-;~:) /.; ";-'>;'~,.-~,> '\ ~) "~, <br />.j III ~;AJT'E~1 ;.' <br />)~ :C s;. C1~:' . C;:;: '" _!~: <br />',I ':" ." " ".~ ,& ;::; .' ~ <br />\\ <>-""">.":.:~:::~~~~'<;:' / /' ;, <br />'h~t~~<t~'.~tf0l, :L~~~4( <br />, "'.'", .RutH A.' Labrouche, Secretary <br />