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0 <br /> and does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon <br /> default, SECURED PARTY shall have the immediate right to the possession of the <br /> COLLATERAL. <br /> DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following <br /> 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 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 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 <br /> place to be designated by SECURED PARTY, which is reasonably convenient to both parties. <br /> Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S <br /> reasonable attorney's fees and legal expenses. <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 <br /> SECURED PARTY except in writing, and no waver ` EARED PARTY of any default shall operate <br /> as a waiver of any other default or of t a` t qqi a future occasion. The taking of this <br /> security agreement shall not waive or 1 security SECURED PARTY may have or <br /> hereafter acquire for the payment of t ove indebte e nor shall the taking of any such <br /> additional security waive or impair this secuV,,. 0 <br /> t; t SECURED PARTY shall retain its <br /> rights of set-off against DEBTOR. i th a e �ad iq:_ is deemed necessary to enforce the <br /> terms and conditions set forth here ctiar sh ht only be brought in the District Court for the <br /> City and County of Denver, State ,_ =s ' olbrado, and DEBTOR consents to venue and personal <br /> jurisdiction in said Court. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br /> assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> DEBTOR: Little Thompson Water District acting <br /> by and through the Little Thompson Water <br /> District Wa it E erprise <br /> SEAL" By /L <br /> R Bog President <br /> ATTEST: <br /> 7B <br /> y <br /> Richard H. H. Whittet, Secretary <br /> Appendix 4 to Loan Contract C150210 <br /> Page 2 of 2 <br />