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a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, business failure, appointment of a <br />receiver of any part of the property of, assignment for the benefit of creditors by, or <br />the commencement of any proceeding under any bankruptcy or insolvency law of, <br />by or against DEaTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURE~ <br />PaRN by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURE~ PaRrY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may ~@qUl~e DEBTOR t0 deliver or make the COLLATERAL available to <br />SECURED PARTY at a place to be designated by SECURE~ PaRnr, WhICh IS reasonably <br />convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the <br />like shall include SECURE~ PaRrr's reasonable attorney's fees and legal expenses. <br />The SECURE~ PaRn shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the <br />DEBTOR shall be considered in default for purposes of this Security Agreement. No <br />default shall be waived by SECURE~ PaRr~r except in writing, and no waiver by SECURE~ <br />PaRn of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any <br />other security SECURE~ PARrY may have or hereafter acquire for the payment of the above <br />indebtedness, nor shall the taking of any such additional security waive or impair this <br />security agreement; but SECURE~ PaRrY shall retain its rights of set-off against DEBTOR. In <br />the event court action is deemed necessary to enforce the terms and conditions set forth <br />herein, said action shall only be brought in the District Court for the City and County of <br />Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br />Court. <br />All rights of SECURE~ PARN hereunder shall inure to the benefit of its successors <br />and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br />SEAL <br />ATT <br />By ~ <br />Timothy Pa r, Secretary <br />DEBTOR: Republican River Water Conservation <br />District, acting by and through its Water Activity <br />Enterpris <br />By <br />ennis oryell reside <br />Appendix 4 to Loan Contract C150275 <br />Page 2 of 2 <br />