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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br /> <br />a. default in the payment or perfonnance of any obligation, covenant or liability contained or referred to <br />herein or in any note evidencing the same; , <br /> <br />b, the making or fumishing of any warranty, representation or statement to SECURED PARTY by or on <br />behaif of DEBTOR which proves to have been false in any material respect when made or fumished; <br /> <br />c, loss, theft, damage, destruction; sale or encumbrance to or of any of the COLLATERAL, or the making of <br />any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution,tennination of existence, insolvency, business failure, appointment of a receiver of any part <br />of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding <br />under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or surety for <br />DEBTOR. <br /> <br />UPON SlJCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may <br />declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured <br />party under Article 9 of the Colorado Unifonn Commercial Code. SECURED PARIY may require DEBTOR to <br />deliver or make the COLLATERAl available to SECURED PARIY at a place to be designated by SECURED PARIY <br />which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the <br />like shall include SECURED PARIY'S reasonable attomey's fees and legal expenses. In the event court action is <br />deemed necessary to enforce the tenns 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 venue and personal <br />jurisdiction in said Court. <br /> <br />No default shall be waived by SECURED PARIY except in writing, and no waiver by SECURED PARIY of any <br />, <br />default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of <br />this security agreement shall not waive or impair any oth said SECURED PARIY may have or hereafter <br />acquire for the payment of the above indebtedness, no shall tli . g of any such additional security waive or <br />impair this security agreement; but said SECURED PA retain rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARIY hereunder shall eftt of its successors and assigns; and all <br />promises and duties of DEBTOR shall bind its hei ministrators or its successors or assigns. If <br />there be more than one DEBTOR, their liabilities h re joint and several. <br /> <br />Dated this 1" of May 1999, <br /> <br />Thomas H. Anderson, Secretary <br /> <br /> <br />SEAL <br /> <br />ATTEST: <br />~ <br /> <br />By <br /> <br />, _..: <br /> <br />DEBTOR: Castle Pines North Metropolitan District Water <br />Activity Enterprise <br /> <br />By <br /> <br /> <br />as J, Weldon, President <br /> <br />SEAL <br /> <br />ATTEST, ~ <br /> <br />By <br />Thomas H. Anderson, Secretary <br />