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<br />.". ~ <br />,., . <br />. J, >~:. <br /> <br />JI <br />" :~ certlflcates of such insural"lce or other e~ldence satisfactory 10 the SECURED PARTY as to compll~ <br />.th the provisions of this paragraph. The SECURED PARTY may act as attomey for the DEBTOR In maki <br />ldjustlng and settling claims under or C<lnceling such insurance and endorsing the DEBTOR'S name on , <br />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, ar <br />Jpon defaUlt SEctJRED PARTY shan have the Immediate right to the possession of the COlLATERAl. <br /> <br />DEBTOR S/'lAl( BE IN DEFAlfl T under this agreement upon the happening of any of the followln! <br />events or condif/JOs: <br /> <br />a. default In the payment or perfonnance of any obngatlon, covenant or liability contained or referred to <br />hereitl or in any note evidencing the same; , ' <br /> <br />b. the making or fumlshlng of any warranty, representation or statement to SECURED PARTY by or on <br />behalf of DeBTOR which proves to have beel"l false In any material respect when made or fumlshed; <br /> <br />c. loss, theft. damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making <br />of any levy seizure or attachment thereof or thereon; <br /> <br />"..'. -,:;. <br /> <br />d. death, dissolution, terminatiol"l or existence, Insolvency, business failure, appointment of a re~lver of <br />any part of the property of, assignment for lhe benefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvency law of, by or against DeBTOR or any guarantor or <br />surety for DEBTOR. <br /> <br />UPON SUCH DEfAULT and at any lime thereafter, or If I! deems itself insecure. SeCURED PARTY may <br />declare all Obligations secured hereby Immediately due and payable and shall have the remedies of a <br />seCured party under Articie 9 of the Colorado Uniform Commercial Code. SECURED PARTY may require <br />DeBTOR to assemble the collateral and deliver or make It available to SECURED PARTY at a place to be <br />designated by SECUReD PAR'fY whlch Is reasonably convenient to both parties, Expenses of retaking, holding. <br />preparing for sale, selling or the like shalt Include SeCURED PARTY'S reasonable attorney's fees and legal <br />expenses. <br /> <br />'.,. <br /> <br />No waiver by SeCURED PARTY of any default shall operate as a waiver of any other default or of the same <br />defaul! on a future occasion, The taking of this security agreement shall not waive or Impair any other security <br />said SeCURED PARTY may have or hereafter acquire for the payment of the above Indebtedness, nor shall the <br />taking of any such additional security waive or Impair thi$ security agreement; but said SeCUReD PARTY shalt <br />retain Its rights of set-off against DEBTOR. ' <br /> <br />All rights 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. If <br />there be more than one DEBTOR, their liabllllles hereunder shalt be joint and several. <br /> <br />Dated this 3'" day of April 1997. <br /> <br /> <br />DEBTOR: ARISTOCRAT RANCHETTE WATER <br />By CC;;::;ECT,I C. <br /> <br />Cat Cia p. <br /> <br />