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<br />~ <br /> <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the remedies of a <br />secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be designated by <br />SECURED PARTY, which is reasonably convenient to both parties. Expenses of retaking, holding, preparing <br />for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be <br />considered in default for purposes of this Security Agreement. No default shall be waived by SECURED <br />PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate as a waiver of any <br />other default or of the same default on a future occasion. The taking of this security agreement shall not <br />waive or impair any other security SECURED PARTY may have or hereafter acquire for the payment of the <br />above indebtedness, nor shall the taking of any such additional security waive or impair this security <br />agreement; but SECURED PARTY shall retain its rights of set-off against DEBTOR. In the event court action is <br />deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought <br />in the District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue <br />and personal jurisdiction in said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and <br />all promises and duties of DEBTOR shall bind its successors or assigns. <br /> <br /> <br />K~~. <br /> <br />~~b -' <br /> <br />David Guenzi, a COlorad~dual <br /> <br /> <br />County of Logan <br /> <br />) <br />) SS <br />) <br /> <br />State of Colorado <br /> <br />My commission expires <br /> <br />uenzi, and John Guenzi acknowledged the foregoing instrument before <br />tKJ. I , 2004. Witness my hand and ott:t~iars~~r.:~",~~ <br />/;~:-~. :,~:. ,~: ~ ,<:i;;},\ . <br />..!-, .~,. . 0 \m~ry Public <br />ci i' \ ~.:,:. .;..' 9Jr j? <br />(,--/7 b? :". p,.~, \...\V /: 0 ; <br />. If'~~ ~ .'~'P,:".,',:; <br />Page 20f 3 'c- or (C' <br /> <br /> <br />Kenneth Guenzi, David <br />me this date of <br /> <br />