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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or eontract evidencing the same; <br /> <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 /> <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 /> <br />UPON SUeH 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 may <br />require DEBTOR to deliver or make the PLEDGED PROPERTY available to SECURED PARTY at a <br />place to be designated by SECURED PARTY which is reasonably convenient to both parties. <br />Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br />PARTY'S reasonable attorney's fees and legal expenses. <br /> <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 PARTY <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 PARTY <br />shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary <br />to enforce the terms and conditions set forth herein, said action shall only be brought in the <br />District Court for the City and eounty of Denver, State of Colorado, and DEBTOR consents to <br />venue and personal jurisdiction in said eourt. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> <br />DEBTOR: The Lake Henry Reservoir <br />Company, a eolorado nonprofit <br /> <br />SEAL :rp~m-~ <br /> <br />Robert L. Robler, President <br /> <br />ATTEST: <br />By a.~QI-,," J,~ ~." <br />Allen L. Ringle, Corpora Secretary <br />