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b. dissolution, termination of existence, insolvency, business failure, appointment of <br /> a receiver of any part of the property of, assignment for the benefit of creditors by, <br /> or the commencement of any proceeding under any bankruptcy or insolvency law <br /> of, by or 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 <br /> SECURED PARTY at a place to be designated by SECURED PARTY, which is reasonably <br /> convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or <br /> the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br /> The SECURED PARTY shall give the DEBTOR written notice of any alleged <br /> default and an opportunity to cure within thirty (30) days of receipt of such notice before <br /> the DEBTOR shall be considered in default for purposes of this Security Agreement. No <br /> default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br /> 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 <br /> other security SECURED PARTY may have or hereafter acquire for the payment of the <br /> above indebtedness, nor shall the taking of any such add o alosecurity waive or impair <br /> this security agreement; but SECURED PARTY shall reta "`s "f et-off against <br /> DEBTOR. In the event court action is deemed necess ry -40-740nrc e terms and <br /> conditions set forth herein, said action shall only iv P ought in the Dis ct Court for the <br /> City and County of Denver, State of Colorado, In.` etBT .co s nts to venue and <br /> personal jurisdiction in said Court. <br /> All rights of SECURED PARTY hereunder shall inure to the bb f 'ts s cessors <br /> and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> DEBTOR: Ground Water Management <br /> Subdistrict of the Central Colorado Water <br /> Conservancy District <br /> ( SEAL ) <br /> By A ALk...._____ <br /> . <br /> Ga4lerman, Vice-President <br /> Attest: <br /> Vis, <br /> --1 <br /> yTZt *AaJ4VlCLLü <br /> `' �s; V <br /> •;".. Thom . Cech, Secretary <br /> dr-' r. <br /> ,t ' <br /> Page 2 of 2 <br />