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� DEBTOR SHALL BE IN DEFAULT following events or conditions: a. default in the payment or performance Promissory Note or Loan Contract; � under this agreement upon any of the of any obligation contained herein or in the . 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 SECURED 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, SECURE� PARN shall have the remedies of a secured party under A�ticle 9 of the Colorado Uniform Commercial Code. SECURE� PARn may require DEBTOR to deliver or make the Cou.a�TEw4� available to SECURE� PAR�nr at a place to be designated by SECURE� PaRn, which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY reasonable attorney's fees and legal expenses. The SECUREO PARnr shall give the DESTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the DEaTOR shall be considered in default for purposes of this Security Agreement. No default shall be waived by SECURE� PARN except in writing, and no waiver by SECURE� PaR�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� PaRrY 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� PaRnr shall retain its rights of set-off against DESTOR. 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 DESTOR consents to venue and personal jurisdiction in said Cou�t. All rights of SECURE� PARnr hereunder shatl inure to the benefit of its successors and assigns; and all promises and duties of DEeTOR shall bind its successors or assigns. DEaTOR: The Joseph W. Bowles Reservoir Company, a Colorado nonprofit corporation SEAL B�%�.� __ Steven oets, President ATTE�T: BY—� hlSimonson, Appendix 4 to Loan Contract C150290 Page 2 of 2