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<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 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 <br />or on behalf of DEBTOR which proves to have been false in any material respect when made <br />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 of existence, insolvency, business failure, appointment of a receiver <br />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 against <br />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 PARTY <br />may declare all Obligations secured hereby immediately due and payable and shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. In addition, <br />upon default, SECURED PARTY shall have the right to transfer the COLLATERAL to and register the <br />COLLATERAL in the name of the SECURED PARTY, and, whether or not so transferred and registered, to <br />receive the income, dividends and other distributions thereon and apply them to repayment of the <br />loan. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br />PARTY'S reasonable attorney's fees and legal expenses. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY <br />of any default shall operate as a waiver of any other default or of the same default on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security said <br />SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall <br />the taking of any such additional security waive or impair this security agreement; but said SECURED <br />PARTY shall retain its rights of set-off a9ainst DEBTOR. In the event court action is deemed necessary <br />to 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 />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; <br />and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its <br />successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint <br />and several. <br /> <br />Dated this <br /> <br />r, <br /> <br />day of March 1998. <br /> <br />DEBTOR: Arkansas Groundwater Users Association <br />a Colorado nonprofit corporation <br /> <br />By <br /> <br /> <br />!J <br />CLIFFORD G. WALTER, VICE-PRESIDENT <br /> <br />ATTEST (SEAL): <br /> <br />By _-~jJ~ <br />Keith Beattie, Corporate Secretary <br />