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.. ,� DEBTOR SHALL BE IN DEFAULT following events or conditions: a. defauit in the payment or performance P Note or Loan Contract� under this agreement upon any of the of any obligation contained herein or in the romissory , b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the benefd of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR; or c. the making or furnishing of any warranty, representation or statement to SECURED PaRrr by or on behalf of DEBTOR which proves to have been false in any material respect when made or furnished. UPON SUCH DEFAULT and at any time thereafter, SECURE� PARnr shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURE� PAR�r may require DEBTOR to deliver or make the Cou.aTEw� available to SECURE� PaR�t�r at a place to be designated by SECURE� PaR�nr, which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURE� Pa,RNs reasonable attorney's fees and legal expenses. The SECURE� PaRrr shall give the DEBTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt o# such no#ice before the DEeTOR shall be considered in default for purposes. of this Security Agreement. No default shall be waived by SECUReo PaRrr except in writing, and no waiver by SECURE� PnR�nr of any default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security SECURE� PARn may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but SECURE� P�rr shall retain its rights of set off against DEBTOR. In the event cou�t action is deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. All rights of SECURE� PARnr hereunder sh�ll inure to the benefit of its successors and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. SEAL ATTE : By u. . �� Carolyn' aker, Secretary DEBTOR: Headgate 135 Lateral, Inc., a Colorado nonprofit corpo ion By . Gordon Barker, President Appendix 4 to Loan Contract C150270 Page 2 of 2