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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 <br />the Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, business failure, appointment of <br />a receiver of any part of the property of, assignment for the benefit of creditors <br />by, or the commencement of any proceeding under any bankruptcy or insolvency <br />law of, by or against DESTOR; or <br />c. the making or fumishing of any warranty, representation or statement to <br />SECUREO PaRn by or on behalf of DEBTOR which proves to have been false in <br />any material respect when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY Shall haV@ <br />the remedies of a secured party under Article 9 of the Colorado Uniform Commercial <br />Code. SECURE� PaRN may require DEBTOR to deliver or make the Co�uu�TEt�a� available <br />t0 SECURED PARTY 8t a p18CG t0 b@ d@319f1atEd by SECURED PARTY, which is reasonably <br />convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or <br />the like shall include SECURE� PaRn's reasonable attomey's fees and legal expenses. <br />The SECURE� PaRr�r shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice be#ore the <br />DEBTOR shall be considered in default for purposes of this Security Agreement. No <br />default shall be waived by �ECURE� PaRrr except in writing, and no waiver by SECURE� <br />PaR�nr of any default shall operate as a waiver of any other default or of the same default <br />on a futur� occasion. The taking of this s�curity agr�m�nt shall not waiv� or impair any <br />other security SECURE� PaRN may have or hereafter acquire for the payment of the <br />above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security agreement; bUt SECURED PARTY Shall retain its rights of set=off against <br />DEBTOR. In the event court action is deemed necessary to enforce the terms and <br />conditions set forth herein, said action shall only be brought in the District Court for the <br />City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br />All rights of SECURE� PaRTr hereunder shall inure to the benefit of its successors <br />and assigns; and all promises and duties of DEaTOR shall bind its successors or assigns. <br />AT <br />By <br />SEAL <br />4: <br />i �! <br />James T. Yahn <br />DEaTOR: North Sterling Irrigation District, <br />organized under the Colorado Irrigation District <br />Act of 1905 <br />B �/' <br />David A. Hemandez s+ <br />Appendix 4 to Loan Contract C150293 <br />Page2of2 <br />