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<br />herein or in any note evidencing the same; <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br />behalf of DEBTOR which 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 <br />making of any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any <br />part of the property of, assignment for the benefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or <br />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 of a <br />secured party under Article 9 of the Colorado Uniform cOMr'a .~ SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL available to S R.I!:J'lt a place to be designated by <br />SECURED PARTY which is reasonably convenient to both parti . xpenses of retaking, holding, preparing for <br />sale, selling or the like shall include SECURED PARTY'S rJ5I;m. . '~.an.d legal expenses. In the <br />event court action is deemed necessary to enforce th t a c ti n i~forth herein, said action <br />shall only be brought in the District Court for the City a ty De er, tate of Colorado, and DEBTOR <br />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 <br />any default 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 said SECURED PARTY may have <br />or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional <br />security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of set-off <br />against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and <br />all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or <br />assigns. Inhere be more than one DEElTOR, thefrliabff1ties hereunder shall be joint and several. <br /> <br />Executed this 1st day of April 2001. <br /> <br />The Windsor Reservoir and Canal Company <br /> <br />( SEAL) <br /> <br />By .7'~~ If fL,,~~~ ' <br />Elmer R. Gustafson, resident <br /> <br /> <br />By <br />