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a. default in the payment or performance of any obligation contained herein or in the Promissory Note or Loan Contract; b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DearoR; or c. the making or furnishing of any warranty, representation or statement to SECURe� PARrv by or on behalf of DEaroR which proves to have been false in any material respect when made or furnished. UPON SUCH DEFAULT and at any tirne thereafter, SecuReo PaRrv may declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SecuReo PARTY may require DeeroR to deliver or make the COILATERAL 8V8118b16 t0 SECURE� PaRrv at a place to be designated by SeCUREO P,aR which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall If1CIUd@ SECURED PARTY reasonable attorney's fees and legal expenses. The SecuReo Pa.R1v shall give the DesroR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the DeeroR shall be considered in default for purposes of this Security Agreement. No default shall be waived by SeCURe� PaRTr except in writing, and no waiver by SecuRe� Pa,RrY of any default shali operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security.SECUREO PaR'rv may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additiona! security waive or impair this security agreement bUt SECURED PARrv shall retain its rights of set-off against DeeroR. In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and DEaTOR consents to venue and personal jurisdiction in said Court. All rights of SecuRe� PaRTV hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DeBTOR shall bind its successors or assigns. DESrOR: Silt Water Conservancy District, acting by and through the Silt Water Conservancy District Water Activity terprise SEAL y /'� / � B � Ou Norma unt, President ATf EST: By Pearl Knigh , S retary Page 2 of 2