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• S <br /> • <br /> DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br /> following events or conditions: <br /> a. default 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. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br /> on behalf of DEBTOR which proves to have been false in any material respect when made or <br /> furnished; <br /> c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br /> making of any levy seizure or attachment thereof or thereon; <br /> d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of <br /> any part of the property of, assignment for the benefit of creditors by, or the commencement of <br /> any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br /> guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED <br /> PARTY may declare all Obligations secured hereby immediately due and payable and shall have the <br /> remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED <br /> PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place <br /> to be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of <br /> retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable <br /> attorney's fees and legal expenses. 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 <br /> County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br /> Court. <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 SECURED <br /> PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate as a waiver of <br /> any other default or of the same default on a future occasion. The taking of this security agreement <br /> shall not waive or impair any other security said SECURED PARTY may have or hereafter acquire for the <br /> payment of the above indebtedness, nor shall the taking of any such additional security waive or impair <br /> this security agreement; but said SECURED PARTY shall retain its rights of set-off against DEBTOR. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; <br /> and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors <br /> or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> Dated this 1st day of February 2002. <br /> DEBTOR: Peoples Ditch Company, a <br /> Colorado nonprofit company <br /> S sE,A <br /> .. By I"�U-vh <br /> Tom Desoto, President <br /> ATTE$t: <br /> µ1 / <br /> By <br /> D .: anlo, ',cry orate-Secretary <br />