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<br />a. default in the payment or performance of any obligation contained herein or in the <br />PROMISSORY NOTE or LOAN CONTRACT evidencing the same; <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 <br />the commencement of any proceeding under any bankruptcy or insolvency law of, <br />by or 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 may declare all <br />Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY <br />may require DEBTOR to deliver or make the PLEDGED PROPERTY available to SECURED <br />PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to <br />both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall <br />include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such notice before <br />the DEBTOR shall be considered in default for purposes of this Security Agreement. No <br />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 <br />on a future occasion. The taking of this security agreement shall not waive or impair any <br />other security SECURED PARTY may have or hereafter acquire for the payment of the above <br />indebtedhess, nor shall the taking of any such additional security waive or impair this <br />security agreement; but SECURED PARTY shall retain its rights of set-off against DEBTOR. In <br />the event court action is deemed necessary to enforce the terms and conditions set forth <br />herein, said action shall only be brought in the District Court for the City and County of <br />Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br />Cou rt. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors <br />and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br />DEBTOR: The Windsor Reservoir & Canal <br />Company, a Colorado nonprofit corporation <br /> <br />CORPORATE <br />SEAL <br /> <br /> <br />B <br /> <br />Page 2 of 2 <br /> <br />P4ID <br />IN ~tL <br />