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of this agreement. <br />UNTIL DEFAULT D�BTOR may have possession of the COLLATERAL provided that <br />DEBTOR ke@pS the COLLATERAL 111 an account separate from other revenues of DEBroR and <br />does not use the Co��aTEr�a� for any purpose not permitted by tlie CoNTRacT. Upon default, <br />SECURE� PaR�v shali have the immediate right to the possession of the Co��TERa�. <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 DESTOR; or <br />c. the making or fumishing of any warranty, representation or statement to SECURED <br />PaR�r by or on behalf of DEBTOR which proves to have been false in any materiai <br />respect when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURE� P�trY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURE� PaR�nr may require DEBroR to deliver or make the Cou�,TE� available to SECUt�� <br />PaRn at a place to be designated by SECURE� P�nr, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURE� Pat��r's reasonable attomey's fees and legal expen�es. <br />The SECURE� PaRN 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 DESTOR <br />shall be considered in default for purposes of this Security Agreement. No default sha{I be <br />waived by SECURE� Pa�n except in writing, and no waiver by SECUREO P�N of any defauft <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 SECU�� P�trY <br />may have or hereafter acquire for tk�e 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 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 Gounty of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br />All rights of SECURE� Pa�tnr hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shali bind its successors or assigns. <br />DEBTOR Henry Bolen Ditch Company, a <br />.� Colorado nonprofit corporation <br />�'' . � r °' r a g�. } � . <br />; 3' ~ �'''-c�?�J��s `'• <br />4 ` V '� �� '•,({ J ' <br />(� i <br />4 ��4'�€ �i °_ �s � �. _ <br />1�� �. � �� _ <br />� .g <br />�4e � • - , f'`� - :. 7 <br />�`-:�� � '�, <br />'�F. • t•^ <br />•�,, , <br />By <br />Greg Wolc , e <br />Treasurer <br />B � � <br />Y <br />aymond Keith, President <br />Page 2 of 2 <br />