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7. That the DEBroR will not use the Co~u~TER,a~ in violation of any applicable statutes, regulations, ordinances, articles of incorporation or by-laws. DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: a. default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any note evidencing the same; b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEaTOR which proves to have been false in any material respect when made or furnished; c. loss, theft, damage, destruction, sale or encumbrance to or of any of the Co~~.aTE~~, or the making of any levy seizure or attachment thereof or thereon; d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DEaTOR or any guarantor or surety for DEBTOR. UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all Obligations secured hereby immsdiately due and payabfe and shafl have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. In addition, upon default, SECUREO PARN shall have the right to transfer the Co~u~TE~ta~ to and register the COLLATERAL in the name of the SECURED PARTY, and, whether or not so transferred and registered, to receive the income, dividends and other distributions thereon and apply them to repayment of the loan. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY's reasonable attorney's fees and legal expenses. No default shall be waived by SECURE~ PaRn except in writing, and no waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security said SECURE~ PARN may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but said SECURED PARN shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and DEeTOR consents to venue and personal jurisdiction in said Court. All rights of SECURE~ Pa,RN hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DESTOR shall bind its heirs, executo~s or administrators or its successors ar assigns. If there be more than one DEaroR, their liabilities hereunder shall be joint and several. Dated this ~ day of D~~ 2000. DEBTOR: C. R. Evans ~~ ~