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UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the remedies of a <br /> secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may require <br /> DEBTOR to deliver or make the PLEDGED PROPERTY 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 security <br /> SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br /> of any such additional security waive or impair this SECURITY AGREEMENT; but SECURED PARTY shall retain its <br /> rights of set-off against 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 City and County of <br /> 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: Upper Platte and Beaver Canal Company, <br /> a Colorado nonprofit corporation <br /> (SEAL) r' <br /> By , al r/ <br /> Signature <br /> Attest: / 47/AV <br /> NAME: J �°v7° <br /> TITLE: i re' /Of <br /> DATE: <br /> By 41 CLVAQ.k ps <br /> Signature <br /> NAME: _Q Q� V s <br /> TITLE: rt C 2 3 eani y <br /> DATE: i-.25= q <br /> Appendix 4 <br /> 2 of 2 <br />