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<br />for any purpose not permitted by the CONT~CT. Upon default, SECURED PARTY shall have the <br />immediate right to the possession of the COLLA-rERAL. <br /> <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 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 or <br />on behalf of DEBTOR which proves to l1ave been false in any material respect when made or <br />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 of <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br />guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY <br />may declare all Obligations secured hereby imn1ediately due and payable and shall have the remedies <br />of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may <br />require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br />designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like Sh,lll include SECURED PARTY'S reasonable attorney's fees <br />and legal expenses. In the event court action is deemed necessary to enforce the terms and conditions <br />set forth herein, said action shall only be brought in the District Court for the City and County of Denver, <br />State of Colorado, and DEBTOR consents to vemJe and personal jurisdiction in said Court. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of <br />any default shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taking of this security agreement shall not waive or impair any other security said SECURED PARTY <br />may 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 retain its <br />rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and <br />all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or <br />assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this --1f4 day of -f(J yJiZ G~ 1999. <br /> <br />SEAL <br /> <br />DEBTOR: Leroux Creek Water Users' Association, <br />a Colorado nprofit corporation <br /> <br />Vl^l OLt <br /> <br />Thomas M. Alvey <br /> <br />By <br /> <br /> <br /> <br />ATTEST: ' ~ ~ <br />BY_~~~---~ <br />Corporate SecretarY <br />