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CMO001190 <br />• <br />• <br />disposition of the Collateral. Such proceeds may be applied to the <br />Obligations in any order of priority determined by Secured Party. <br />Notwithstanding anything to the contrary herein or in the Note, in the event <br />of a default under this security agreement or the Note, Secured Party shall <br />look only to the Collateral for repayment of amounts due hereunder or under <br />the Note, and shall not look to the Debtor or any officer, director or <br />shareholder thereof for any amounts determined to be, owed, including any <br />deficiencies between the amounts owed and.the value of the Collateral. <br />12. General. (a) The terms "Debtor," "Secured Party," 'Collateral," <br />"Obligations" and "Note" are defined in paragraphs 1, 2, 3 and 4, (b) No <br />default shall be waived by Secured Party except in writing and no waiver of <br />any payment or other right under this agreement shall operate',as a waiver of <br />any other payment or right. (c) Secured Party may assign, transfer or deliver <br />any of the Collateral to any transferee of any of the Obligations, and <br />thereafter shall be fully discharged from all responsibility with respect to <br />such Collateral. The transferee shall be vested with all the powers and <br />rights of Secured Party hereunder with respect to such Collateral, but Secured <br />Party shall retain all rights and powers hereunder with respect to any of the <br />Collateral remaining. (d) Without affecting any obligations of Debtor under <br />this agreement Secured Party without notice or demand may renew, extend or <br />otherwise change the terms and conditions of any of the Obligations; release <br />any Collateral, and add or release any guarantor, endorser, surety or other <br />party to any of the Obligations. (e) Any consent, notice and other <br />communication required or contemplated by this agreement shall be in writing. <br />Any notice shall be deemed given two days after such is mailed, postage <br />prepaid, to such party at the address given above or at such other address <br />given by notice as herein provided. (f) A carbon, photographic or other <br />reproduction of this agreement or a financing statement shall be sufficient as <br />a. financing statement. (g) Any action concerning this agreement may be <br />brought in the Colorado District Court for the County in which Debtor is <br />located or in the United States District Court for the District of Colorado, <br />and Debtor consents to venue and personal jurisdiction with respect thereto. <br />(h) This agreement shall be construed under and governed by the laws of . <br />Colorado. (i) All-of the rights of Secured Party under this agreement shall <br />be cumulative and shall inure to the benefit of its successors and assigns. <br />All obligations of Debtor hereunder shall be binding upon the heirs, legal <br />representatives, successors and assigns of Debtor. <br />Executed this day of , 199 <br />CLINTON DITCH & RESERVOIR COMPANY, a <br />Colorado nonprofit ditch and reservoir <br />corporation <br />By: <br />President <br />• <br />G-4