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UNLESS IT DEFAULTS DEBTOR may have possession of the CoLU~TERAL, provided that DEBTOR <br />keeps all revenues derived from stockholdership assessments in the amount of the annual loan <br />payments due under the contract, as amended, in an account separate from other revenues of DEBTOR <br />and does not use said revenues for any purpose not permitted by the CONTRACT. If DEBTOR defaults, <br />SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br />following events or conditions: <br />a. default in the payment or performance of any obligation, covenant or liability contained or <br />referred to herein or in any note evidencing the same; <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br />c. loss, theft, damage, destruct a mbrance to or of any of the COLLATERAL, or the <br />making of any levy seizure o eof or thereon; <br />d. dissolution, terminatio ' t business failure, appointment of a receiver <br />of any part of the si a for the benefit of creditors by, or the <br />commencement of an c d' u ruptcy or insolvency law of, by or against <br />DEBTOR or any guarantor or surety for DEBTOR. <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 <br />of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may <br />require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br />designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees <br />and legal expenses. In the event court action is deemed necessary to enforce the terms and <br />conditions set forth herein, said action shall only be brought in the District Court for the City and County <br />of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. <br />No 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 on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security said <br />SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall <br />the taking of any such additional security waive or impair this security agreement; but said SECURED <br />PARTY shall retain its rights of set-off against DEBTOR. <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. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br />Executed this ~1 !~, day of 1997. DEBTOR: The Greeley and Loveland Irrigation <br />Company, a Colorado nonprofit corporation <br />ATTEST EAL) _ _ <br />,Co rate Secretary David Bernhardt, President <br />