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DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br />following vents or conditions: <br />a. d fault in the payment or performance of any obligation, covenant or liability contained or <br />referred to herein or in any note evidencing the same; <br />b. tf e making or furnishing of any warranty, representation or statement to SECURED PARTY <br />q b or on behalf of DEBTOR which proves to have been false in any material respect when <br />ade or furnished; <br />c. Ic ss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or <br />tt e making of any levy seizure or attachment thereof or thereon; <br />d. d ssolution, 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 />c <br />Immencement of any proceeding under any bankruptcy or insolvency law of, by or <br />a ainst DEBTOR or any guarantor or surety for DEBTOR. <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED <br />PARTY m y declare all Obligations secured hereby immediately due and payable and shall have <br />the remeJies of a secured party under Article 9 of the Cc raclO;-i h, form Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make, flh6 QQLLAT.ERAL available to SECURED <br />PARTY at a place to be designated by SECURED PART( vVtiich 1�. "ieAsonably convenient to both <br />parties. Expenses of retaking, holding, preparing f 1 selling-or the like shall include SECURED <br />PARTY'S easonable attorney's fees and legal ex s. k_:th6 event court action is deemed <br />necessar I to enforce the terms and conditions set forth h in 'said action shall only be brought in <br />the Distri t Court for the City and County of Denver, St, Colorado, and DEBTOR consents to <br />venue ar J personal jurisdiction in said Court. <br />l.. y <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an <br />opportun ty 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 as <br />a waiver of any other default or of the same default on a future occasion. The taking of this <br />security z greement shall not waive or impair any other security said SECURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additiona security waive or impair this security agreement; but said SECURED PARTY shall retain its <br />rights of et -off against DEBTOR. <br />All r ghts of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assigns; ind all promises and duties of DEBTOR shall bind its heirs, executors or administrators or <br />its succe sors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be <br />joint and 3everal. <br />Datek this day of August 2000. <br />Z- BT Ute Water Activity nterprise <br />(S AL) <br />By <br />Doro rioski4, President <br />ATTES <br />j <br />By d <br />Santo Bertuzzi, SeYfkary <br />