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<br />. <br /> <br />.; <br /> <br />, . <br /> <br />5. Prompdy to notify Secured Party of any change in the location of the Collateral. <br /> <br />6. To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral. <br /> <br />7. Not to pennit or allow any adverse lien, securiry interest or encumbrance whatsoever upon the Collateral and not to <br />pennitthe same to be attached or replevined. <br /> <br />8. That the Collateral is in good condition, and that he wili. at his own expense, keep the same in good condition and <br />from time to time, forthwith, replace and repair all such pans of the Collateral as may be broken, worn Qut, or damaged without <br />allowing 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 /> <br />9. That he will not use the Collateral in violation of any applicable statutes, regulations or ordinances. <br /> <br />10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so- <br />called extended coverage). theft and such other casualties as the Secured Party may reasonably require, including collision <br />in the case ofany motor vehicle. all in such amounts. under such forms of policies. upon such terms. for such periods. and <br />written by such companies or underwriters as the Secured Party may approve. losses in all cases 10 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 Ihe Secured Party with certificates of such <br />insurance or other evidence satisfactory to the Secured Party as 1O 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 />insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral. <br /> <br />UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner. and upon default <br />Secured Party shall have the immediate right to the possession of the Collateral. <br /> <br />DEBTOR SHAll. BE IN DEFAULT under this agreement upon the happening of any of the following events or <br />conditions: <br /> <br />(aJ default in the payment or performance of any obligation. covenant or liability contained or referred to herein or in any <br />ROte evidencing the same; <br /> <br />(b) the making or furnishing of any warranty, representation or statement to Secured Party by or on behalf of Debtor <br />which proves to have been false in any material respect when made or furnished; <br /> <br />(c) loss. theft. damage. destruction. sale or encumbrance to or of any of the Collaleral. orthe making of any levy seizure <br />or anachment thereof or thereon; <br /> <br />(-eI) death, dissolution. termination orexisrence, insolvency, business failure, appointmenl of a receiver of any part of the <br />property of. assignment for the benefit of credilOrs 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 /> <br />UPON SUCH DEFAULT and at any time thereafter. or if il deems itself insecure. Secured Pany may declare all <br />Obligations secured hereby immediately due and paY-dble and shall have the remedies of a secured pany under Anicle 9 of the <br />Colomdo Uniform Commercial Code. Secured !'any may require Deblor to assemble the Collateml and deliver or make it <br />available to Secured I"Jrty at a place to be designated by Secured Party which is rea<;Qnably convenient to both panies. Expenses of <br />retaking. holding. preparing for sale, selling or the like shall include Secured PmT{s reasonable attomey's fees and legal <br />expenses. <br /> <br />No wdiver by Secured Party of any defaull shall opemte a' a waiver of any other delaull or of the same default on a fUlUre <br />occaliion. The taking of this security agreement shall not waive or impair any other security said Secured P-.uty may have or <br />-hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security wdive or impair <br />this security agreement: but said Secured p...uty may resort to any securil)' il may h,we in the order it may deem proper. and <br />ROtwithstanding any collmenll security, Secured p.JJty shall retain its rights of set-off against Debtor. <br /> <br />All rights of Secured p.-.ut)' hereunder shall inure to the benefit of its successors and a'\signs: and all promises and duties of <br />'Debtor shall bind his heirs, executors or administrators or his or its successors or assign~, If there be morc than one Debtor. their <br />liabilities hereunder shall be joint and Sl~ri.lJ. <br /> <br />a.~"d!:.- daYOf~ v,>T .IY~. <br /> <br />Date this <br /> <br />fk"Vr}JJv~lWc <br /> <br />~ <br />'1111'''' ,....<I,fIt. 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