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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 af any proceeding under any bankruptcy or insolvency law of, by or <br />against DESTOR; or <br />c. the making or fumishing of any wamanty, representation or statemerrt to SECUREo <br />PAR�nr by or on beha�f of DEaroR which proves to have been false in any material <br />respect when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafte�, SECURE� PARr�r shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />S�cu�� PaRnr may require DEBroR to deliver or make the CouATFwa� available to SECURE� <br />PaRN at a place to be designated by SECUREO PaRn, which is reasonably canvenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY reasonable attomey's fees and legal expenses. <br />The SECURE� P,v�nr shall give the DESTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before tfie DESTOR <br />shall be considered in default for purposes of this Security Ag�eement. No default shali be <br />waived by SECUREO PAR�nr except in writing, and no waiver by SECURE� PaRnr of any default <br />shall operate as a waiver af any other default or of the same default on a future occasion. The <br />taking of this securiry agreement shall not waive or impair any other security SECUREO Pa�nr <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-offi 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 <br />District Court for the City and County af Denver, State of Colorado, and DEBTOR consents to <br />_ _ _ __ _ <br />venue and personal jurisdiction in said Court. <br />A!I rights of SECURE� PARnr hereunde� shall inure to the benefit of its successors and <br />assigns; and afl promises and duties of DEBTOR shall bind i� successors or assigns. <br />DEBTOR Beaver Reservoir Company, <br />a Colorado nonprofit corporation <br />SEAL <br />By � ' <br />Tom Gillespie, P esideRt <br />L? <br />Appendix 4 to Loan Contract C150190 <br />Page 2 of 2 <br />