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DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br /> following events or conditions: <br /> a. default in the payment or performance of any obligation contained herein or in the <br /> Promissory Note or Loan Contract; <br /> b. dissolution, termination of existence, insolvency, business failure, appointment of <br /> a receiver of any part of the property of, assignment for the benefit of creditors by, <br /> or the commencement of any proceeding under any bankruptcy or insolvency law <br /> of, by or against DEBTOR; or <br /> c. the making or furnishing of any warranty, representation or statement to SECURED <br /> PARTY by or on behalf of DEBTOR which proves to have been false in any material <br /> respect when made or furnished. <br /> UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br /> remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br /> SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to <br /> SECURED PARTY at a place to be designated by SECURED PARTY, which is reasonably <br /> convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or <br /> 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 <br /> default and an opportunity to cure within thirty (30) days of receipt of such notice before <br /> the DEBTOR shall be considered in default for purposes of this Security Agreement. No <br /> default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br /> 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 <br /> other security SECURED PARTY may have or hereafter acquire for the payment of the <br /> above indebtedness, nor shall the taking of any such additional security waive or impair <br /> this security agreement; but SECURED PARTY shall retain its rights of set-off against <br /> 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 <br /> City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br /> personal jurisdiction in 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 /> 4. DEBTOR: Colorado River Water Conservation <br /> y • - .. ' District, acting through its Colorado River <br /> `'�, R Water I?rojects Enterprise <br /> , . / g T -,-,7 ._ :, <br /> ( SEAL ) A kA (A161/4"1- <br /> 1 <br /> B <br /> Steven Mathis, President <br /> Attest <br /> By U .(--Q--- <br /> Eric Kuhn, General Manager <br /> Page 2 of 2 <br />