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to herein or in any note evidencing the same; b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf Of DEBTOR which proves to have been false in any material respect when made or furnished; c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure or attachment thereof or thereon; d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the properry of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against D~BTOR or _any guarantor or Surety for DEBTOR. UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured parry under Article 9 of the Colorado Uniform Commercial Code. SECURE~ PAR~v may require DEBTOR to deliver or make the Co~~aTERa~ available to SECURE~ PaRTV at a place to be designated by SECURE~ P,aRn which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURE~ Pa,Rn's reasonable attorney's fees and legal expenses. In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County of Denver, State of Coiorado, and DEBTOR consents to venue and personal jurisdiction in said Court. No default shall be waived by SECURE~ PaRN except in writing, and no waiver by SECURE~ PaRN of any default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security said SECUR~~ PARrr may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but said SECURE~ PARTr sha11 retain i#s rights of set-off against DEaTOR. All rights of SECURE~ PaRTr hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. Executed this ~ date of October 2000. (SEAL) The Excelsior Irrigating Company a Colorado mutual ditch company By ~~ ~ ATfEST C.R. Evans, President By U.ul. U~'~ Erin Evans, Corporate Secretary