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<br />DEBTOR defaults, SECURED PARTY shall have the immediate right to the possession of the <br />COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br />following events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained <br />or 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 <br />by or on behalf of DEBTOR which proves to have been false in any material respect when <br />made or furnished; <br /> <br />C. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL. or <br />the making of any levy seizure or attachment thereof or thereon; <br /> <br />d, dissolution, termination or' existence, insolvency. business failure, appointment of a <br />receiver 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 <br />against 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 <br />the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code, <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY <br />at a 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 terms 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 />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 <br />security said SECURED PARTY may have or hereafter acquire for the payment of the above <br />indebtedness, nor shall the taking of any such additional security waive or impair this security <br />agreement; but said SECURED PARTY shall retain its rights of 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 <br />its successors or assigns, If there be more than one DEBTOR, their liabilities hereunder shall be <br />joint and several. <br /> <br />Executed this ~I <br /> <br />day of 0711 <br /> <br />DEBTOR: Military Park Reservoir Company <br />, <br /> <br />SEAL <br /> <br />B, ^j;~--<<I..-ipr <br /> <br />ATTEST: <br /> <br /> <br />B~o~~~t <br />