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• • <br /> to herein or in any note evidencing the same; <br /> b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br /> behalf of DEBTOR which proves to have been false in any material respect when made or <br /> furnished; <br /> c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br /> making of any levy seizure or attachment thereof or thereon; <br /> d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any <br /> part of the property of, assignment for the benefit of creditors by, or the commencement of any <br /> proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or <br /> surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may <br /> declare all Obligations secured hereby immediately due and payable and 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 COLLATERAL 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 <br /> for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br /> In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said <br /> action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and <br /> DEBTOR consents to venue and personal jurisdic ' id <br /> No default shall be waived by SECURED PA e i i , and no waiver by SECURED PARTY of <br /> any default shall operate as a waiver of any oth f I o o t e same default on a future occasion. The <br /> taking of this security agreement shall not waive or im.ai, . er ,-. urity said SECURED PARTY may <br /> have or hereafter acquire for the payme ab•r. -b er es-, n. shall the taking of any such <br /> additional security waive or impair this sec a em a_ , • ., s:it,• PARTY shall retain its rights of <br /> set-off against DEBTOR. <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 heirs, executors or administrators or its successors or <br /> assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> Executed this 17 date of October 2000. <br /> The Excelsior Irrigating Company a <br /> Colorado mutual ditch company <br /> ( SEAL ) <br /> By Cf ., <br /> C.R. Evans, President <br /> ATTEST <br /> By ll,l Aki--�,;,'•'f <br /> Erin Evans, Corporate Secretary <br />