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<br />following events or conditions: <br /> <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 /> <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 be'en false in any material respect when made <br />or furnished; <br /> <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 /> <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 /> <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 /> <br />No 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 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 /> <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 <br />successors or assigns, If there be more than one DEBTOR, their liabilities hereunder shall be joint and <br />several. <br /> <br />Executed this 1'-/ day of <br /> <br />- <br />cJ Lt.." & <br /> <br />1998. <br /> <br />(S E A L) <br /> <br />DEBTOR: The Farmers Pawnee Canal Company, <br />a Colorado corporation <br /> <br />By ~/~~ <br /> <br />Steve Wa ner, President <br /> <br />:~E~ <br /> <br />Sa dra lis, Secretary <br />