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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 Contract evidencing the same; <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 <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 may declare all <br /> 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 <br /> require DEBTOR to deliver or make the PLEDGED PROPERTY 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 <br /> PARTY'S reasonable attorney's fees and legal expenses. <br /> The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br /> and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br /> shall be considered in default for purposes of this Security Agreement. No default shall be <br /> waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default <br /> shall operate as a waiver of any other default or of the same default on a future occasion. The <br /> taking of this security agreement shall not waive or impair any other security SECURED PARTY <br /> may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br /> of any such additional security waive or impair this security agreement; but SECURED PARTY <br /> shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary <br /> to enforce the terms and conditions set forth herein, said action shall only be brought in the <br /> District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to <br /> venue and personal 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: Kern Reservoir and Ditch <br /> Kir^ Company, a Colorado nonprofit <br /> '2e.$2r • corporation <br /> SEAL <br /> .1* ;+ <br /> By W. Wayn%/Miller, President <br /> ATTEST: <br /> By 7r{'; <br /> Julie Chester, Corporate Secretaryk is= <br /> £ .�4 <br /> rj jN <br />