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<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 liabiliry 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 SECUREO Pa,RN 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, destruction, sale or encumbrance to or of any of the Co~~ATE~,~, or the <br />making of any levy seizure or attachment thereof or thereon; <br />d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEeTOR or any <br />guarantor or surety for DEeTOR. <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED <br />PARN may declare all Obligations secured hereby immediately due and payable and shall have the <br />remedies of a secured party under Article 9 of lorado Uniform Commercial Code. SECURED <br />PARN may require DEeTOR to deliver or T~Ra~ available to SECURE~ PaRN at a place <br />to be designated by SECURE~ PARN w onably onvenient to both parties. Expenses of <br />retaking, holding, preparing for sale, se ing or t '!~ s II 'nclude SECURED PARTY's reasonable <br />attorney's fees and legal expenses. In t n e~ ~ eemed necessary to enforce the terms <br />and conditions set forth herein, said t ha nn e brought in the District Court for the City and <br />County of Denver, State of Colorado, DESTOR consents to venue and personal jurisdiction in said <br />Court. <br />The SECURED P,4R7Y shall give the DEBTOR written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the DESTOR shall be <br />considered in default for purposes of this Security Agreement. No default shall be waived by SECURE~ <br />PaRn except in writing, and no waiver by SECURE~ PARN of any default shall operate as a waiver of <br />any other default or of the same default on a future occasion. The taking of this security agreement <br />shall not waive or impair any other security said SECURE~ PARN may have or hereafter acquire for the <br />payment of the above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security agreement; but said SECURE~ PARTY shall retain its rights of set-off against DEBTOR. <br />All rights of SECURED PARN hereunder shall inure to the benefit of its successors and assigns; <br />and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors <br />or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br />Dated this 1St day of February 2002. <br />SEAL <br />ATTEST: ~._ <br />By <br />D rnn Mant~ello, orporate Secretary <br />DEBTOR: Peoples Ditch Company, a <br />Colorado nonprofit company <br />By ~~ (~~, ~-~ <br />Tom Desoto, President <br />