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<br />the COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY <br />shall have the immediate right to the possession of the COLLATERAL. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />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 any note evidencing the same; <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY <br />by or on behalf of DEBTOR which proves to have been false in any material respect when <br />made or furnished; <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or <br />the making of any levy seizure or attachment thereof or thereon; <br />d. 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 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 <br />the 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 SECURED <br />PARTY'S reasonable attorney's fees and legal expenses. In the event court action is deemed <br />necessary to enforce the terms and conditions set forth herein, said action shall only be brought I"~ <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 />The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be consideiOd in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall <br />operate as a waiver of any other default or of the same default on a future occasion. The taking <br />of this security agreement shall not waive or impair any other security said SECURED PARTY may <br />have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any <br />such additional security waive or impair this security agreement; but said SECURED PARTY shall <br />retain its rights of set-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 <br />its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be <br />joint and several. <br />Dated this 151 day of March 2001. <br /> <br />DEBTOR: Julesburg Irrigation District <br /> <br />SEAL <br /> <br />By v< CJ..-c-tJ'e <br />/ George racon, President <br /> <br />A1=[f:ST: <br /> <br />Cay/~j)'I,100~ Q1w1/1'1J\) <br />Pamela Collins, Secretary U <br />