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<br />..~., <br />') <br /> <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 any note evidencing the same; <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 been 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, or if it deems itself insecure, SECURED <br />PARTY may declare all Obligations secured hereby immediately due and payable and shall have the <br />. remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED <br />PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a <br />place to be designated by SECURED PARTY which is reasonably convenient to both parties. <br />Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S <br />reasonable attorney's fees and legal expenses, In the event court action is deemed necessary to <br />enforce the tenns and conditions set forth herein, said action shall only be brought in the District <br />Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br /> <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and <br />an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be <br />considered in default for purposes of this Security Agreement. No default shall be waived by <br />SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate as <br />a waiver of any other default or of the same default on a future occasion, The taking of this security <br />agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter <br />acquire for the payment of the above indebtedness, nor shall the taking of any such additional <br />security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of <br />set-off against DEBTOR, <br /> <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 its <br />successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint <br />and several. <br /> <br />Dated this l ~ day of 0vJ..'0 J\t <br /> <br />SEAL <br /> <br />ATTEST: <br /> <br />By \NL~ B~ <br /> <br />Steve Bolinger, Corpor e Secretary <br /> <br />2000, <br /> <br />DEBTOR: Jackson Lake Reservoir and Irrigation <br />Company, a Colorado nonprofit corporation <br /> <br />By <br /> <br />