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-., <br />following events or conditions: <br />a. default in the payment or performance of any obligation, covenant or liability contained or <br />referred to herein or in any note evidencing the same; <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />making of any levy seizure or attachment thereof or thereon; <br />d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br />guarantor or surety for DEBTOR. <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED <br />PARTY may declare aN Obligations secur a diately due and payable and shall have the <br />remedies of a secured party under Articl rado Uniform Commercial Code. SECURED <br />PARTY may require DEBTOR to deliver or he OLLATERAL available to SECURED PARTY at a place <br />to be designated by SECURED PARTY w i i y nvenient to both parties. Expenses of <br />retaking, holding, preparing for sale, ~h I nclude SECURED PARTY'S reasonable <br />attorney's fees and legal expenses. I e e ou action is deemed necessary to enforce the terms <br />and conditions set forth herein, said action shall only be brought in the District Court for the City and <br />County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br />Court. <br />The SECURED PARTY shall give the DEBTOR 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 SECURED <br />PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate as a waiver of <br />any other default or of the same default on a future occasion. The taking of this security agreement <br />shall not waive or impair any other security said SECURED PARTY may have or hereafter acquire for the <br />payment of the above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security agreement; but said SECURED PARTY shall retain its rights of set-off against DEBTOR. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; <br />and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors <br />or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br />Dated this 21 S` day of September 2001. <br />SEAL <br />ATTEST: <br />By <br />Mark S. Laramey, Assistant Secr ry <br />DEBTOR: The Consolid ed Mutual Water <br />Company, Colorado nprofit corporation <br />By <br />Walter S. Welton, President <br />