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PROMISSORY NOTE or Loan CONTRACT; <br /> b. dissolution, 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 /> commencement of any proceeding under any bankruptcy or insolvency law of, by or <br /> against DEBTOR; or <br /> c. the making or furnishing of any warranty, representation or statement to SECURED PARTY <br /> by or on behalf of DEBTOR which proves to have been false in any material respect when <br /> made or furnished. <br /> UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br /> remedies of a secured party under Section 11-57-208, Colorado Revised Statutes, as amended. <br /> SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br /> PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br /> parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br /> PARTY'S reasonable attomey's fees and legal expenses. <br /> The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br /> and an opportunity to cure within thirty(30) days of receipt of such notice before the DEBTOR shall <br /> be 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 AGREEMENT shall not waive or impair any other security SECURED PARTY may have or <br /> hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br /> 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 <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 <br /> said Court. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors <br /> and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> DEBTOR: St. Vrain and Left Hand Water <br /> Conservancy District, a Title 37 Water <br /> Conservancy District, acting by and through its <br /> Water Activity Enterprise <br /> Bysn-wrs� ..�.►rs <br /> Attest: Sig ature <br /> By jairli kal-0/444-`' <br /> Signature <br /> NAME:4JWi/1 Q,,l6u�sLj NAME: l /1/5 ZrnA4tAile4i <br /> TITLE: elAurrl c Sl�",0bc.r TITLE: L ��Gf .1eLSle/4fre- <br /> y <br /> DATE: /z/rt'/j,S— DATE: i'Z/14S <br /> Appendix 4 <br /> Page 2 of 2 <br />