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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 the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or <br />against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTO►z which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter SECURED PARn shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURE� PARn may require DEaTOR to deliver or make the Co��,TERA� available to SECURE� <br />PARn at a place to be designated by SECURE� PARN, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY reasonable attorney's fees and legal expenses. <br />The SECURE� PaRTY shall give the DEgTOR written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be <br />considered in default for purposes of this Security Agreement. No default shall be waived by <br />SECURE� PARn except in writing, and no waiver by SECURE� PARn of any default shall operate <br />as a waiver of any other default or of the same default on a future occasion. The taking of this <br />security agreement shall not waive or impair any other security SECURE� PaRrY may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement; but SECURE� PARN shall retain its <br />rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the <br />terms and conditions set forth herein, said action shall only be brought in the District Court for <br />the City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal <br />jurisdiction in said Court. <br />All rights of SECURE� PaRTY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEeTOR shall bind its successors or assigns. <br />SEAL <br />ATTEST: ' <br />g �, , - <br />Dana M. Parker, Secretary/Treasurer <br />DEaTOR: The Water Supply and <br />Storage Company <br />°'��' � <br />g � � ����� <br />Eldon D. � arrs, President <br />Appendix 4 to Loan Contract C150281 <br />Page 2 of 2 <br />