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<br />keeps all revenues derived from stockholder assessments in the amount of the annual loan payments <br />due under the contract, as amended, in an account separate from other revenues of DEBTOR and does <br />not use said revenues for any purpose not permitted by the CONTRACT. If DEBTOR defaults, SECURED <br />PARTY shall have the immediate right to the possessioWhl W'iRAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this JjrAlllh the happening of any of the <br />following events or conditions: <br /> <br />a. default in the ~aym~nt or perfo~anc~1\J., o~~J~I,~~.~t or Iiallility contained or <br />referred to herem or In any note eVldenclrglth1' s~I;' .... .. <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLl..ATERAL, or the <br />making of any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination or existence, insolvency, business failure, appointment of a receiver <br />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 against <br />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 <br />may declare all Obligations secured hereby immediately due and payable and shall have the remedies <br />of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may <br />require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br />designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees <br />and legal expenses. In the event court action is deemed necessary to enforce the terms and <br />conditions set forth herein, said action shall only be brought in the District Court for the City and County <br />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 <br />PARTY of any default shall operate as a waiver of any other default or of the same default on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security said <br />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 <br />PARTY shall retain its rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; <br />and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its <br />successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and <br />several. _ <br /> <br />Executed this JfLtiJay L=~LL<07 ~ 1998. <br /> <br /> <br />'L <br />i, . / <br />" <br /> <br />SEAL <br />ATTESt: . /ac' <br /> <br />, '.' ", l.' .', J <br />B~j;./LJ:.AJ{X/ .;>~ j ,(;t/t'/i~li 1'<.2 ... <br />Teresa Andrews, Town Clerk <br />