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a � DEBTOR SHALL BE IN DEFAULT under this agreernent upon any of the following events or conditions: a. default in the payment or performance of any obligation contained herein or in the Promissory Note or Loan Contract; b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the benefit 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 SECURE� PaR�nr 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, SECUREO PaRrY shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY t11ay PeqUll'@ DEBTOR t0 deIIVeP OP 111aIC@ th@ COLLATERAL aV811ab1e t0 SECURED PARTY at a p18CG' t0 b@ deSlgllated by SECURED PARTY, WhICh is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURE� PARN's reasonable attorney's fees and legal expenses. The SECURE� PaRrY shall give the DEBTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the DESTOR shall be considered in default for purposes of this Security Agreement. No default shall be waived by SECURE� PaRrY except in writing, and no waiver by SECURE� PaRN 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� PaRr�r 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 SECURED PARTY Shall retain its rights of set-off against DEaroR. In the event court 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� PaRr�r hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DEBroR shall bind its successors or assigns. ,,,, DEaTOR: Weil Augmentation Subdistrict of the .��' ;� ��.� �_�; �''�' Central Colorado Water Conservancy : ;�, `��'� � � � � �''� District �� %�' ::,� � r��'�1 A�� L' - �- z�+ i - By � � � r Ae..,.a�.v' � �' '�� ' ' - James Reasoner, President 'A�'c�ST � ' �.��+; U. C,�.-�. �' Thomas V. Cech, Secretary Appendix 4 to Loan Contract C150194 Page 2 of 2