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DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />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 properry 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 />PARr�r 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 SECURED PARTY Shall 11aVe the <br />remedies of a secured parry under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY t71ay PG'qUICG' DEBTOR t0 d211Ve1' OY 1'Tlak2 th@ COLLATERAL aVallabl@ t0 SECURED <br />Pa,RrY at a place to be designated by SECURE� PARn, 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 Iegal expenses. <br />The SECURE� PaRrv shall give the DEBTOR 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 SECURE� PaRTV except in writing, and no waiver by SECU�E� PaRTr of any default <br />shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security SECURE� PaRrY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement IJUt SECURED PARTY <br />shall retain its rights of set-off against DEBroR. in the event court action is deemed necessary to <br />enforce the terms and conditions set forth herein, said action shall only be brought in the <br />District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to <br />venue and personal jurisdiction in said Court. <br />All rights of SECURE� PA�TY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shali bind its successors or assigns. <br />SEAL <br />ATTEST: � <br />By F !� t�l �G� f / t ! �1'. ' l i' �,::: � �� <br />Nancy !-iarr�'mers, Secretary �� <br />� <br />r <br />DEBTOR: Wood Lake Mutual Water <br />and Irrigation Company, a Colorado <br />nonprofit corporation <br />� , j -, <br />B�/ �_ ``� lP. <br />G r�, Booth, President <br />`��_� <br />Appendix 4 to Loan Contract C150244 <br />Page 2 of 2 <br />