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DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of <br />the following events or conditions: <br />a. default in the payment or performance of any obligation, covenant or liability <br />contained or referred to herein or in any note evidencing the same; <br />b. the making or furnishing of any warranty, representation or statement to SECURE� <br />PARTY by or on behalf of DESTOR which proves to have been false in any material <br />respect when made or furnished; <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the <br />COLLATERAL or the making of any levy seizure or attachment thereof or thereon; <br />d. 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 DEBTOR or any guarantor or surety for DEBTOR. <br />UPON SUCH D�FAULT anci at any time thereafter, or if it deems itself insecure, <br />SECURE� PaRrY may declare all Obligations secured hereby immediately due and payable <br />and shall have the remedies of a secured party under Article 9 of the Colorado Uniform <br />Commercial Code. In addition, upon default, SE aRTV shall have the right to transfer <br />the Co�v�TERA� to and register the Co� Ilatlle Of th@ SECURED PARTY and, <br />whether or not so transferred and regist e ive the income, dividends and other <br />distributions thereon and apply them to repa t loan. Expenses of retaking, <br />holding, preparing for sale, selling ik � I tl ECURED PARTY reasonable <br />attorney's fees and legal expenses. �_ <br />No default shall be waived by SECUREO PARTY except in writing, and no waiver by <br />SECURE� PaRTY of any default shall operate as a waiver of any other default or of the same <br />default on a future occasion. The taking of this security agreement shall not waive or impair <br />any other security said SECURE� PaRTY may have or hereafter acquire for the payment of <br />the above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security agreement bUt S11d SECURED PARTY SIIaII retain its rights of set-off against <br />DEaTOR. In the event court action is deemed necessary to enforce the terms and conditions <br />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 <br />jurisdiction in said Court. <br />All rights of SECURE� P,aR hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and dut�es �f DEBTOR sr�all bind its heirs, ex�;cutors or <br />admin� or its successors or assigns. If there be more than one DEBTOR, their <br />lia '�e��i� r shall be joint and several. <br />��`�t�d�this �'• ay of ��� 2001 <br />. . <br />: � � <br />U i SEAL ;� DEBTOR: Chatfield South Water District <br />' • �� � <br />'.,. (SEAL.�� <br />$� . <br />,. B . <br />�qs�'' � �dr Joseph E. Rottman, President <br />ATT <br />By �,:-G,,o .�-�..�- 12 � .c...0�� � <br />Thomas R. Barbour, Secretary <br />