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DEBTOR SHALL BE IN DEFAULT under this agreement 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, assignrnent 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� PaRN 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 Article 9 of the Colorado Uniform Commercial Code. SECURE� PaRn may require DEBTOR to deliver or make the Co��a,TEw4� available to SECURE� PaRnr 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 SECURE� PaRn's reasonable attorney's fees and legal expenses. The SECURE� PaRN 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 DEBTOR shall be considered in default for purposes of this Security Agreement. No default shall be waived by SECUREO PaRnr except in writing, and no waiver by SECURE� PaRn of any default shall operate as a waiver of any other defautt or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security SECURE� PARN 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 DEBTOR. 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 DEaTOR consents to venue and personal jurisdiction in said Court. /�II rights of SECURE� PaRrY hereunder shall inure to the benefit of its successors and ass�gns; an� �41 promises and duties of DEBTOR shall bind its successors or assigns. SEAL ATTEST: By i��. � 'L�,^; � Rod J. Bonnell, Secretary/Treasurer DEBTOR: The Grand Mesa Reservoir Company, a Colorado nonprofit corporation By ohn hiting, Pr ident Page 2 of 2