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DEBTOR SHALL BE IN DEFAULT <br />following events or conditions: <br />a. default in the payment or performance <br />Promissory Note or Loan Contract; <br />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 />PARnr 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� PAR�nr shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURE� PaRrir may require DEBTOR to deliver or make the Co��,TERa� available to SECURE� <br />PARrY at a place to be designated by SECURE� PARnr, 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� PaRN 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 <br />SECURE� PaR�nr except in writing, and no waiver by SECURE� PARnr 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� PaRn 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 SECUREO PARn hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br />� <br />under this agreement upon any of the <br />of any obligation contained herein or in the <br />SEAL <br />.� <br />ATTEST� �� � � � <br />By � -L ir `G v <br />Eric R. Christensen, Secretary <br />DEBTOR: Weldon Valtey Ditch <br />Company, a Colorado nonprofit <br />corporation <br />� , <br />By . �-c.-� �., ,.,�, <br />Ricky . renzini, Pr sident <br />Appendix 4 to Loan Contract C150278 <br />Page 2 of 2 <br />