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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 the <br />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 by, <br />or the commencement of any proceeding under any bankruptcy or insolvency law <br />of, by or 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 Section 11 -57 -208, Colorado Revised Statutes, as <br />amended. SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL <br />available to SECURED PARTY at a place to be designated by SECURED PARTY, which is <br />reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, <br />selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal <br />expenses. <br />The SECURED PARTY 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 before the <br />DEBTOR shall be considered in default for purposes of this Security Agreement. No <br />default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br />PARTY of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any <br />other security SECURED PARTY 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 />Appendix 4 to Loan Contract C150324 <br />Page 2 of 3 <br />