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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 a <br />secured party under Section 11-57-208, Colorado Revised Statutes, as amended. SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be designated by <br />SECURED PARTY, which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for <br />sale, selling or the like shall include 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 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 />Attest: <br />By c CCUl PY�At�-- <br />Signature <br />--e <br />NAME: Lw A. �u� ff,,A <br />ft4kv^,_ <br />TITLE: f oV\� rae �� �\ SO 0,_ <br />DATE: -Q- �3-- <br />DEBTOR: Sylvan Dale Ranch, LLLP <br />a Limite Liabifity i i ed Pa nership <br />By bLi�� <br />Sii/g�natu <br />NAME: OA11I4 <br />TITLE: <br />DATE: O <br />Appendix 4 to Loan Contract C150392 <br />Page 2 of 2 <br />