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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 <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 SECURED <br /> PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br /> parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br /> SECURED PARTY'S 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 waiver by SECURED PARTY of any default shall operate <br /> as a waiver of any other default or of the same default on a future occasion. The taking of this <br /> security agreement shall not waive or impair any other security SECURED PARTY may have or <br /> hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br /> additional security waive or impair this security agreement; but SECURED PARTY shall retain its <br /> rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the <br /> terms and conditions set forth herein, said action shall only be brought in the District Court for <br /> the City and County of Denver, State of Colorado, 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: Montezuma Valley Irrigation <br /> Company, a Colorado nonprofit <br /> corporation <br /> SEAL <br /> By „i L Q,c--- <br /> Randfr Carver, President <br /> ATT' <br /> By <br /> Rowdy Sukla 8 cretary <br /> /AI <br /> Appendix 4 to Loan Contract C150333 <br /> Page 2 of 2 <br />