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c. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br /> behalf of the BORROWER which proves to have been false in any material respect when made or <br /> furnished. <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 the <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 the BORROWER. 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 City and County of <br /> Denver,State of Colorado,and the 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 the BORROWER shall bind its successors or assigns. <br /> BORROWER:Grand Valley Water Users Association,a <br /> Colorado nonprofit corporation <br /> (SEAL) <br /> VBY' •gli/z4.-L <br /> Signature <br /> Attest: J n L g.A <br /> AME: Qf` , 2TNet <br /> TITLE: Afict.4— <br /> 4 DATE: "7/1404,-- �` 1 2( 7 <br /> BY: `/J• 7 ,2A �/ <br /> Sig .t//ure <br /> • <br /> NAME: 2). KIM G erfs, <br /> TITLE: Seci eretia - <br /> DATE: cJ 7 /a0 f< 7 <br /> Appendix 5 <br /> Page 2 of 2 <br />