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under any bankruptcy or insolvency law of,by or against BORROWER;or <br /> C. the making or furnishing of any warranty, representation or statement to SECURED PARTY by r on <br /> behalf of BORROWER which proves to have been false in any material respect when made or hed. <br /> 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 /> BORROWER to deliver or make the PLEDGED REVENUES 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 BORROWER written notice of any alleged default and an opportunity <br /> to cure within thirty (3o) days of receipt of such notice before the BORROWER shall be considered in default <br /> for 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 default <br /> 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 of <br /> any such additional security waive or impair this SECURITY AGREEMENT;but SECURED PARTY shall retain its rights <br /> of set-off against BORROWER. In the event court action is deemed necessary to enforce the terms and conditions <br /> set forth herein,said action shall only be brought in the District Court for the City and County of Denver, State <br /> of Colorado,and BORROWER 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 BORROWER shall bind its successors or assigns. <br /> BORROWER: Dixon Canon Ditch and Reservoir <br /> Company,a Colorado nonprofit corporation <br /> (SEAL) , / <br /> 401111#40 ' v <br /> BY: <br /> :• afore <br /> Attest: <br /> NAME: .004)6,1.,R';1 Kts,C� <br /> TITLE: t ci't'71 <br /> DATE: oc.( b`-•Zv! (( <br /> BY: • <br /> ature <br /> NAME: 'RUQp <br /> TITLE: 1C.L P<<s,a-tNi•. <br /> DATE: ZJuk.k.Z,Dkko <br /> Appendix 5 <br /> Page 2 of 2 <br />