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<br />. <br /> <br />. <br /> <br />(d) Death, dissolution, termination or existence. InsQlven"". business failure. appointment of a <br />receiver of aDY part of tbe property of, assignment for the benefit of creditors by, or the commf!ocement of <br />an)' proceeding under any bankruptcy or insolvency law of, by or against Debtor or any guarantor or surety <br />for Debtor. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or II it deems itself insecure, Secured <br />Party may declare aU Obligations secured hereby immediately due and payable and sball have the I'tmedies <br />01 a secured party under Article 9 of the Colorado Uniform Commercial Code. Secured Party may required <br />Debtor to deliver or make the CoU.terat available to Secured Party at 8 place to be designed by SeroM Party <br />wbich is reasonably convenient to both parties. Expenses of retaking, holding. preparing tor sale, selling or <br />tbe like sban Include Secured Party's rusonable attomey'a leea and legal expenses. lD. the event court action <br />i. deemed nece...ry to enlorce the terms and (Ondltlonl set forth bereln, said action Iball only be brought <br />In the Distrld: Court lor the City and County olDenver, State 01 Colorado, and Debtor consent, to venue and <br />personal Jurisdiction in said Court. <br /> <br />No default shall be waived by Seaared Party ucept in writing, and DO waiver by Secured Party <br />of any default shall operate a5 a waiver 01 any other default or 01 the same default on a future o<<asion. The <br />taking of tbls Security Agreement sball not waive or Impair any otber security said Secured Party may bave <br />or ben:after acquin: for the payment of the above Indebtedness, nor shall the taking of aDY such additional <br />security waive or Impair this Security Agreement; but said Secured Party shall n:tain its rights of set.off <br />against Debtor. <br /> <br />All rights of Secured Party hereunder shall inure to the benent of its successors and assigns; <br />and all promise and duties of Debtor shall bind its belrs, executors or administrators or its successors or <br />assigns. If there be mon: than Obe Debtor, tbeir liabilities hertunder shall be just and severaL <br /> <br />DATED this .....2.t:..hday of <br /> <br />,J,d\1.t4 r '" <br />, <br /> <br />, 199,L. <br /> <br />WEST DMDE WATER CONSERVANCY DISTIUCf <br />By <br /> <br />'7(~~~ ~ <br />Kelly Co ey, Preside <br /> <br />(SEAL) <br /> <br />A1TES1~ _'tr~ ~ <br /> <br />William M. ZIIm, Sec:reta <br /> <br />-....... <br /> <br />-'-", <br />