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DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br /> following events or conditions: <br /> a. default in the payment or performance of any obligation, covenant or liability contained or <br /> referred to herein or in the CONTRACT; <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, SECURED PARTY may declare all Obligations <br /> secured hereby immediately due and payable and shall have the remedies of a secured party under <br /> Article 9 of the Colorado Uniform Commercial Code. In addition, upon default, SECURED PARTY shall <br /> have the right to transfer the COLLATERAL to and register the COLLATERAL in the name of SECURED <br /> PARTY, and, whether or not so transferred and registered, to receive the income, dividends and other <br /> distributions thereon and apply them to repayment of the loan. Expenses of retaking, holding, <br /> preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and <br /> legal expenses. SECURED PARTY shall give DEBTOR written notice of any alleged default and an <br /> opportunity to cure within thirty (30) days of receipt of such notice before DEBTOR shall be <br /> considered in default for purposes of this agreement. <br /> Lz":1 -,75 <br /> No default shall be waived by SECURED PARTY except in , ,rf` nie erM tva0very SECURED <br /> PARTY of any default shall operate as a waiver of any other default or of the same default on a <br /> future occasion. The taking of this security agreement shall not waive or impair any other security <br /> said SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor <br /> shall the taking of any such additional security waive or impair this security agreement; but said <br /> SECURED PARTY shall retain its rights of set-off against DEBTOR. In the event court action is deemed <br /> necessary to enforce the terms and conditions set forth herein, said action shall only be brought in <br /> the 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 assigns; <br /> and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors <br /> or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> Executed this 1 7 day of NZSo re n irn � _ 1998. <br /> DEBTOR: The Western Mutual Ditch Company, <br /> a Colorado nonprofit corporation /� <br /> ( SEAL ) BYi /`i� ' � , , 1h.124. <br /> Frank Eckhardt, Jr., Preside <br /> ATTEST: <br /> By C A/J0J[1 E eiM 1 td t <br /> Corporate Secretary <br />