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Promptly to notify Si i Party of any change in the location of the G ral.
<br />To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral.
<br />Not to permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to
<br />permit a same to be attached or replevined.
<br />That the Collateral is in good condition, and that he will, at his own expense, keep the same in good condition and
<br />from ti to time, forthwith, replace and repair all such parts of the Collateral as may be broken, worn out, or damaged without
<br />allowin any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured Party may
<br />examine and inspect the Collateral at any time, wherever located.
<br />That he will not use the Collateral in violation of any applicable statutes, regulations or ordinances.
<br />10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so-
<br />called a ) tended coverage), theft and such other casualties as the Secured Party may reasonably require, including collision
<br />in the c e of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and
<br />written y such companies or underwriters as the Secured Party may approve, losses in all cases to be payable to the
<br />Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten days' prior
<br />written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certificates of such
<br />insuranc e or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paragraph. The
<br />Secured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cancelling such
<br />insuran and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral.
<br />irN I IL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon default
<br />Secured
<br />tba',`� shall have the immediate right to the possession of the Collateral.
<br />EBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or
<br />(#) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any
<br />note evincing the same;
<br />() the making or furnishing of any warranty, representation or statement to Secured Parry by or on behalf of Debtor
<br />which p ves to have been false in any material respect when made or furnished;
<br />() loss, theft, damage, destruction, sale or encumbrance to or of any of the Collateral, or the making of any levy seizure
<br />or attachi nent thereof or thereon;
<br />( ) death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the
<br />property f, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or
<br />insolvency laws of, by or against Debtor or any guarantor or surety for Debtor.
<br />PON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Parry may declare all
<br />Obligatic is secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the
<br />Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and deliver or make it
<br />available o Secured Parry at a place to be designated by Secured Party which is reasonably convenient to both parties. Expenses of
<br />retaking, holding, preparing for sale, selling or the like shall include Secured Parry's reasonable attorney's fees and legal
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<br />waiver by Secured Parry of any default shall operate as a waiver of any other default or of the same default on a future
<br />occasion. The taking of this security agreement shall not waive or impair any other security said Secured Party may have or
<br />hereafter cquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair
<br />this secur ty agreement; but said Secured Party may resort to any security it may have in the order it may deem proper, and
<br />notwiths ding any collateral security, Secured Parry shall retain its rights of set -off against Debtor.
<br />I rights of Secured Parry hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of
<br />Debtors ill bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debtor, their
<br />liabilities iereunder shall be joint and several.
<br />to this 14th day of February 19 92
<br />Debtor: Secured Parry
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