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<br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for <br />any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate right <br />to the possession of the COLLATERAl. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred <br />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 or on <br />behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />making of any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any <br />part of the property of, assignment for the benefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or <br />surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time therea if it deems itself insecure, SECURED PARTY may <br />declare all Obligations secured hereby immediate nd Y qie and shall have the remedies of a <br />secured party under Article 9 of the COlorad~ Co Y Code. SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL let D PARTY at a place to be designated by <br />SECURED PARTY which is reasonably convenien 0 b s. Expenses of retaking, holding, preparing <br />for sale, selling or the like shall include SECURED:R. ~ easonable attorney's fees and legal expenses. <br />In the event court action is deemed necessa{;S rce the terms and conditions set forth herein, said <br />action shall only be brought in the District Cou e City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue and personal jurisdicti n in said Court. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of <br />any default shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security said SECURED PARTY may <br />have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of <br />set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or <br />assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this 1 day of S~ 1997. <br /> <br />~ DEBTOR: River Oaks On The Roaring Fork <br />Property Owners Association, Inc. <br /> <br />By: <br /> <br /> <br />SEAL <br /> <br /> <br />B <br />