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<br />.-. <br /> <br />any purpose not pennitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate <br />right to the possession of the COLLATERAL. <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 perfonnance 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 have been false in any material respect when made or <br />fumished; <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, tennination 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 may <br />declare all Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article 9 of the Colorado Unifonn Commercial Code. SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be designated by <br />SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing <br />for sale, selling or the like shall include SECURED PARTY'S reasonable attomey's fees and legal expenses. <br />In the event court action is deemed necessary to enforce the tenns and conditions set forth herein, said <br />action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue 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 any <br />default shail operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shail 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 such <br />additional security waive or impair this security agreement; but said SECURED PARTY shail retain its rights <br />of set-off against DEBTOR. <br /> <br />Ail rights of SECURED PARTY hereunder shail inure to the benefit of its successors and assigns; and ail <br />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 shail be joint and several. <br /> <br />Dated this ~ day of n 1998. <br /> <br />SEAL <br /> <br />DEBTOR: Left Hand Ditch Company, a <br />Colorado nonprofit ditch and reservoir company <br /> <br />By a~O)~ <br /> <br />Richard Behrmann, President <br /> <br />