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herein or in any note evidencing the same; b. the making or fumishing of any warranty, representation or statement to SECURE~ PARr~r by or on behalf of DEBroR which proves to have been false in any material respect when made or fumished; c. loss, theft, damage, destruction, sale or encumbrance to or of any of the Co~wTERa~, 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 property of, assignment for the benefit of c~editors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DESTOR or any guarantor or surety for DEBTOR. UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY 1118y declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECUREO PaRTY may require DESTOR to deliver or make the Co~~a,TEFta~ available to SECURE~ PaRN at a place to be designated by SECUREO PaRTV which is reasonably convenient to both parties. Expenses of retaking, hofding, preparing for sale, selling or the like shall include SECURE~ P,aRN's reasonable attomey'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 Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. No default shall be waived by SECURE~ PaRnr except in writing, and no waiver by SECURED PARTY 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 SECURE~ PARnr 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~ PaRnr shall retain its rights of set-off against DESroR. All rights of SECURE~ PARrr 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 DEeTOR, their liabilities hereunder shall be joint and several. Executed this ~~ date of JU-~- 1998. The Excelsior Imgating Company a Colorado mutual ditch company By C~~ ~ ~~ C.R. Evans, President ;SEAL) ATTc~T BY_ ~~~ . C:~~L~r- c,rin Evans, ~orporate Secretary