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<br />b. dissolution, termination of 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 <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br />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 <br />PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default <br />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 SECURED PARTY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement; but SECURED PARTY <br />shall retain its rights of set-off against DEBTOR. 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 />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 successors or assigns. <br /> <br />County of ~ <br /> <br />DEBTOR: Jane Abbott, a Colorado <br />individual <br />"I <br />l i U~ <br />( I . ,:7 ' <br />By~lt:f/}c( ,) ,t:..,!~ritt- <br />I Jane Abbott <br /> <br />) <br />) ss <br />State of Colorado ) <br /> <br />Jane Abbott acknowledged the foregoing instrument before me this date of~1 ~(, . <br />2006. Witness my hand and official seal.c$--_ /J /) -, <br /> <br />"", _~L!., (~ Notary Public <br />\ I r I . <br />,-' - <br /> <br />..1.4f~~;~!O~~Pire~ / ctc?tPV <br />i:. :~: t; 10j:~ .):: I <br />';-o~;;~ . . ).:.~:~i <br /> <br />. . , , t ~ <br /> <br />Appendix 3 to Loan Contract C150220 <br />Page 2 of 2 <br />