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policies of insurance hall provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the DEBTOR shall furnish <br />the SECURED PARTY ith certificates of such insurance or other evidence satisfactory to the SECURED PARTY as to compliance with the <br />provisions of this pa agraph. The SECURED PARTY may act as attorney for the DEBTOR in making, adjusting and settling claims under or <br />canceling such insur nce and endorsing the DEBTOR'S name on any drafts drawn by insurers of the COLLATERAL. <br />UNTIL DEFAU DEBTOR may have possession of the COLLATERAL and use it in any lawful manner, and upon default SECURED PARTY <br />shall have the imme iate right to the possession of the COLLATERAL. <br />DEBTOR SHAL L BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any note <br />evidencin the same; <br />(b) the makin I or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR which proves <br />to have b en false in any material respect when made or furnished; <br />(c) loss, thel t, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure or <br />attachme it thereof or thereon; <br />(d) death, di solution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the property <br />of, assigr Tient for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law <br />of, by or gainst DEBTOR or any guarantor or surety for DEBTOR. <br />UPON SUCH EFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all Obligations secured <br />hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial <br />Code. SECURED PAF ry may require DEBTOR to assemble the collateral and deliver or make it available to SECURED PARTY at a place to be <br />designated by SECU ED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or <br />the like shall includ4 SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />No waiver by ECURED PARTY of any default shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taking of this si curity agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter acquire for the <br />payment of the abo te indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but said <br />SECURED PARTY shat retain its rights of set -off against DEBTOR. <br />All rights of CURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DEBTOR <br />shall bind its heirs, i xecutors or administrators or its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall <br />be joint and severs <br />Executed this day of nJEM 1995. <br />Caryl R. Carroll <br />State of FLORIDA <br />SS <br />County of BR VARD <br />The foregoing inst ment was acknowledged before me this Q day of A10 ✓EOL 6E2 1995, <br />t- <br />by C /LO t--- Witness my hand and official seal. <br />Notary Public JEAN M. CUR <br />My commission a Aires ,,P,RY Pie OFFICIAL NOTARY SEAL <br />O �� JEAN M CURRAN <br />Z ;f `�� tt * COMMISSION NUIMBEF. <br />�� +•' CC21 4789 <br />Iffy COMMISSION <br />FOF Fv AUG. 26 .f <br />