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b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any <br /> part of the property of, assignment for the benefit of creditors by, or the commencement of any <br /> proceeding under any bankruptcy or insolvency law of, by or against DEBTOR; or <br /> c. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br /> behalf of DEBTOR which proves to have been false in any material respect when made or furnished. <br /> UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the remedies of <br /> a secured party under Section 11-57-208, Colorado Revised Statutes, as amended. SECURED PARTY <br /> may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br /> designated by SECURED PARTY, which is reasonably convenient to both parties. Expenses of retaking, <br /> holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and <br /> legal expenses. <br /> The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an opportunity <br /> to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be considered in default for <br /> purposes of this Security Agreement. No default shall be waived by SECURED PARTY except in writing, and <br /> no waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same <br /> default on a future occasion. The taking of this security agreement shall not waive or impair any other <br /> security SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall <br /> the taking of any such additional security waive or impair this security agreement; but SECURED PARTY shall <br /> retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms <br /> and conditions set forth herein, said action shall only be brought in the District Court for the City and County <br /> of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br /> promises and duties of DEBTOR shall bind its successors or assigns. <br /> DEBTOR: Left Hand Ditch Company, a mutual ditch <br /> company <br /> (S E A L) <br /> By <br /> Signature <br /> Attest: // k <br /> NAME: te?/LhA46l✓r/ rfMA <br /> TITLE: Pile 40'� <br /> DATE: /%�-( /3 <br /> By C/ <br /> Signature <br /> NAME: 'IO 4 ( S&Lc., <br /> TITLE: Sec rd�*ri� <br /> DATE: /I ' Z • 2 d 15 <br /> Appendix 4 to Loan Contract C150370 <br /> Page 2 of 2 <br />