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� <br />� <br />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 property 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 o# any warranty, representation or statement to SECURED <br />PaR�r by or on behalf of DEaTOR which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURE� PAR�nr shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURE� PaRnr may require DEBTOR to deliver or make the Co��aTERa� available to SECURE� <br />Pa,R�nr at a place to be designated by SECURE� Pa,Rnr, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling o ike shall include <br />SECURED PARTY's reasonable attomey's fees and legal expenses. <br />Til@ SECURED PARTY SF18II gIV@ tI1@ DEBTOR en notice f an alleged default <br />and an opportunity to cure within thirty (30) f receipt such noti fore the DEBTOR <br />shall be considered in default for purpose f thi ecurity eement. No default shall be <br />waived by SECURE� PaRnr e ce n writin nd n wa�veF by SECURE� PaRN of any default <br />shall operate as a waiver o o er defaul e same default on a future occasion. The <br />taking of this security agreem hall no� waive or impair any other security SECURE� PaRnr <br />may have or hereafter acquire fo he payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement; bUt SECURED PARN <br />shall retain its rights of set-off against DEBTOR. 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 District <br />Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br />/�II rights of SECURE� PaRnr hereunder shall inure to the benefit of its successors and <br />assigns; and akl promises and duties of DEBTOR shall bind its successors or assigns. <br />SEAL <br />ATTEST: <br />By IGa� � �� � <br />Rod J. Bonnell, Secretary/Treasurer <br />DEaTOR: The Grand Mesa Reservoir <br />Company, a Colorado nonprofit corporation <br />By <br />ohn hiting, Pr ident <br />Page 2 of 2 <br />