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0 0 <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 of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be <br />considered in default for purposes of this Security Agreement. No default shall be waived by <br />SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate <br />as a waiver of any other default or of the same default on a future occasion. The taking of this <br />security agreement shall not waive or impair any other security SECURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement; but SECURED PARTY shall retain its <br />rights of set -off against DEBTOR. In the event court action is deemed necessary to enforce the <br />terms and conditions set forth herein, said action shall only be brought in the District Court for <br />the City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal <br />jurisdiction in said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br />DEBTOR: The Jackson Ditch <br />Company, a Colorado nonprofit <br />corporation <br />SEAL <br />sy <br />Ekio Marrs, President <br />ATTEST- <br />SY "J.4 <br />A <br />Heather Thiede, Secretary <br />Appendix 4 to Loan Contract C150323 <br />Page 2 of 2 <br />