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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 any <br />purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate right to the <br />possession of he COLLATERAL. <br />DEBTOR PHALL BE IN DEFAULT under this agreement upon the happening of any of the following events <br />or conditions: <br />(a) defailt in the payment or performance of any obligation, covenant or liability contained or referred <br />to he ein or in any note evidencing the same; <br />(b) the aking or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br />beha of DEBTOR which proves to have been false in any material respect when made or furnished; <br />(c) loss heft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making <br />of at levy seizure or attachment thereof or thereon; <br />(d) deatt dissolution, termination or existence, insolvency, business failure, appointment of a receiver <br />- of an part of the property of, assignment for the be f cre ,tor by, or the commencement of <br />any roceeding under any bankruptcy or insolvent .. by' inst DEBTOR or any guarantor <br />b.� <br />ors ety for DEBTOR. , �✓ 44'_,, <br />UPON S CH DEFAULT and at any time thereafte 'Or `4 it dger0s i self insecure, SECURED PARTY may <br />declare all Ob gations secured hereby immediately due ayal.ar. shall have the remedies of a secured <br />party under A ticle 9 of the Colorado Uniform Commercial C deASE D PARTY may require DEBTOR to deliver <br />4= <br />or make the OLLATERAL available to SECURED PARTY at a plat, .i6'�ye designated by SECURED PARTY which is <br />reasonably co venient to both parties. Expenses of retaking,1o}d {,ng, preparing for sale, selling or the like shall <br />include SECUR D PARTY'S reasonable attorney's fees and legal`'expenses. In the event court action is deemed <br />necessary to nforce 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 personal <br />jurisdiction in said Court. <br />No defaL It shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any <br />default shall c perate as a waiver of any other default or of the same default on a future occasion. The taking <br />of this securi iy agreement shall not waive or impair any other security said SECURED PARTY may have or <br />hereafter acq iire for the payment of the above indebtedness, nor shall the taking of any such additional <br />security waiv or impair this security agreement; but said SECURED PARTY shall retain its rights of set -off against <br />DEBTOR. <br />All righti 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 assigns. <br />here <br />If t be m re than one DEBTOR, their liabilities hereunder shall be joint and several. <br />Dated <br />S6 day of ©C.,1D be r , 1996. <br />DEBTOR: Mutual Mesa Lateral Enterprise <br />By: poek2 <br />James Rooks, Manager <br />ATTEST <br />SEAL) <br />WM <br />L1115 -FA J ri 10 .tr"Ti <br />