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COLLATERAL. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />a. defauft in the paymerrt or performance of any obligation contained herein or in the <br />Promissory Note or Loan ConVact; <br />b. dissolution, termination of existence, insolvency, business failure, appointmerrt of <br />a reoeiver of any part aF the property of, assignment for the benefit of creditors by, <br />or the commencemerrt of ar�y proceeding under any banlwptcy or insolvency law <br />of, by or against DEaTOR; or <br />c. the making or fumishing af any warranty fe�f@S@f1t�10f1 Of St�el'Tleflt t0 SECURED <br />PaRTr by or on behatf of DEBTOR which proves to have been false in any material <br />resped when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURE� PnRnr shall have the <br />remedies af a secured party under Article 9 of the Cobrado Uniform Commercial Code. <br />SECURED PARTY Rlc7j/ CeGUife DEBTOR �O d�tY@f Of Rt3k@ U'le COLLATERAL aVallabl@ t0 <br />SECURED PARTY at a plaOe t0 b@ d8S1911at@d b�/ SECURED PARTY, WhICh IS fP.290�1�Iy <br />convenient to both parties. Expenses of retaking, holding, preparin9 fa' sale� se��� a <br />t� IIJC@ Sh1N IC1C�.id@ SECURED PARTY reasonabte attome�'s fees and legat expenses. <br />The SECURE� Pazrir shall give the DEBTOR written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of reaeipt of such notice before <br />the DESTOR shall be vonsidered � defau�t for purposes of this Security Agreement. No <br />defau� sh�l be waived by S�cuRE� Paznr exoept �n writing � RO WealY@I' by SECURED <br />PARnr of any default shall operate as a wa'sver ofi any other defiauk or af the same default <br />on a future occasion. The taking of this security agreerrtent sha� not waive a' imPeir any <br />other security SECU�� PaRrr may have or herea�ter aoquine for the paymerrt of the <br />abave irxiebtedness, nor shab the takin9 vF arrY six;h additiona! secur�y waive or impair <br />this security agreement � SECUREd PARTY SF1�1 f@E�1 �S CK�7tS Of S�E'C1� agai�t <br />DEeroR. In the event c�urt adion is deemed nec�essary to e�orc�e �e te�ms and <br />c�a�ditior�.s set forth herein, said acdon sh�l only be brought in the Distrid Court for the <br />C;ty and Co�niy of Der�ver, Sta�e of Coiorado, and DEBTOR conserfts to ven� and <br />personal jurisdidion in said Cowt. <br />Ail rights o# SECURE� PaRrr heneunder sha{! ir�ne to the benef�t of its successors <br />and assigns; and �I promises and dutie,s of DEBTOR shaN b�d its successors or assigns. <br />SEAL <br />DEBTOFt: Penrose Water Distrid, acting by � <br />through its W er 'vity terprise <br />gy _----- <br />, � Chari tte Norman, Presiderrt <br />S . � ` <br />B <br />Larvetta Ca as, Secretary-Treasurer <br />Appendix 4 to Loan Contract C150237 <br />Page 2 of 2, <br />