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a. default in the payment or performance of any obligation, covenant or liability contained or <br /> referred 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 <br /> or on behalf of DEBTOR which proves to have been false in any material respect when made <br /> or 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 <br /> 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 against <br /> DEBTOR or any guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED <br /> PARTY may declare all Obligations secured hereby immediately due and payable and 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. Expenses <br /> of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable <br /> attorney's fees and legal expenses. In the event court action is deemed necessary to enforce the <br /> terms and conditions set forth herein, said action shall only be brought-i B. .triru for the City <br /> and County of Denver, State of Colorado, and DEBTOR consents-to yen a er .n I j sdiction in <br /> said Court. A. . <br /> The SECURED PARTY shall give the DEBTOR writit <br /> ti of an alleged defa t and <br /> an opportunity to cure within thirty (30) days of receipt of suc bef =. I. OR , all be <br /> xi <br /> considered in default for purposes of this Security Agreem de t al w jit by <br /> SECURED PARTY except in writing, and no waiver by SECURED PARTY of any e au alt rate as a <br /> waiver of any other default or of the same default on a future occasion. The taking of this security <br /> agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter <br /> acquire for the payment of the above indebtedness, nor shall the taking of any such additional <br /> security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of set- <br /> off against DEBTOR. <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 heirs, executors or administrators or its <br /> successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and <br /> several. <br /> Pr <br /> Dated this day of re ,, .% _201 <br /> DEBTOR: Woodchuck Ditch Company, a <br /> Colorado nonprofit corporation <br /> SEAL , - <br /> By c - , -7�L -Z !�' ,- -'-, <br /> ( Jbe Zimmerman, President <br /> t� <br /> ATTEST By <br /> N LatQ...C.44t <br /> orporate Secretary <br />