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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, business failure, appointment of a <br />receiver of any part of the property of, assignment for the benefit of creditors by, or the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or <br />against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br />remedies ofa secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default <br />shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security SECURED PARlY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement; but SECURED PARlY <br />shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to <br />enforce the terms and conditions set forth herein, said action shall only be brought in the District <br />Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assiQ!1s;,and'~,1I promises and duties of DEBTOR shall bind its successors or assigns. <br />\ It'~ I. ; L,.~ ....: <br />, 'v\. ............ ,', <br /> <br />Q.~...... ..),)'~ ' DEBTOR: The Terrace Irrigation Company, <br />", ( <br />,; 'i. .;, a Colorado nonprofit corporation <br />~, :-:': S :E .7: ::: .(:~.: :: <br />,';'. (S.~.A L}: .)~ ;' <br /> <br />". Y' ~."'... "."', '.'" ",- By <br />i!f" .... 0 <br />~ . ....."...... .' <br />~ I'/, (.... 1 I -'1 ,'" r. -,' <br />f t j, ~ ... 1'" , <br />,: , 1 , . . I ' I " '. \ ,~ <br /> <br /> <br />Attest <br /> <br />By~Li2/d <br /> <br />J n L. Riddick, Secretary/Treasurer <br /> <br />Page 2 of 2 <br />