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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, by <br />or against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED <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� PaRn shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PaRN at a place to be designated by SECURE� Pa,Rn, 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 SECUREO PARn shall give the DEBroR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARTY except in writing and no waiver by SECUREO PARN of any default <br />shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taking of this security agreement shall not waive or impair any other security SECURE� <br />PARn may have or hereafter acquire for the payment of the above indebtedness, nor shall <br />the taking of any such additional security waive or impair this security agreement; but <br />SECUREO PARN shall retain its rights of set-off against DEBTOR. In the event court action is <br />deemed necessary to enforce the terms and conditions set forth herein, said action shall only <br />be brought in the District Court for the City and County of Denver, State of Colorado, and <br />DEaTOR consents to venue and personal jurisdiction in said Court. <br />All rights of SECURE� PARN hereunder shall inure to the benefit of its successors and <br />assigns; and_����prgmises and duties of DEBTOR shall bind its successors or assigns. <br />ATT <br />BY� <br />,�''�acc, iH��y <br />.• <br />.••• <br />. c' <br />. <br />�S .' <br />. �� � <br />t <br />a � <br />5 <br />r ''��••. .. ..•.•'. <br />`'���S,�RAD�.a�_' <br />Donn Engel, Secretanf�- Treasurer <br />DEBTOR: WRCC, Inc., a Colorado <br />non rofit corporation <br />By <br />Bar Anderson, President <br />Appendix 4 to Loan Contract C150271 <br />Page 2 of 2 <br />