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b. the makin or furnishin of any warranty, representation or statement to SECURED PaRrr by or on 9 9 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 property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DEaTOR 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 party under Article 9 of the Colorado Uniform Commercial Code. SECURE~ Pa,RN may require DEBTOR to deliver or make the COLLATERAL ~ a I uRE~ PARrY at a place to be designated by SECURED PARTY which is reasonably cOnveni t s. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECU Rn's rea o le attorney's fees and legal expenses. In the event court action is deemed necessary e te and conditions set forth herein, said action shall only be brought in the Distric or nty of Denver, State of Colorado, and DEaTOR consents to venue and personal j 'c n in said Court. The SECURE~ PaRN shall give the DEaTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the DEaTOR shalf be considered in default for purposes of this Security agreement. 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 SECURED PARN 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~ PaRN shall retain its [ights of set-off against DEBTOR. All rights of SECURE~ Pa,RN 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. Dated this ~_ day of APR T I 2000. (SEAL) / j ATTEST: / sy Pearl Knight, S retary DEaTOR: Silt Water Conservancy District Water Activity Enterprise B z-.-- • 10~--~ Y Norman H. Hunt, President