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<br />as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney for the DEBTOR in <br />making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR'S name on any <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, 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 foIlowing events or <br />conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred to herein or <br />in any note evidencing the same; <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of <br />DeBTOR which proves to have been false in any material respect when made or furnished; <br /> <br />C. loss, theft, damage, destrUction, sale or enculnbrance to or of any of the COLLATERAL. or the making of any <br />levy seizure or attachment thereof or thereon; <br /> <br />d. death, dissolution, temrirlation or existence. insolvency, business failure, appointment of a receiver of any part <br />of the property of, assigrrrnent for the benefit of creditors by, or the commencement of any proceeding under <br />any bankruptcy or insolvency law of, by or against DEBTOR or any guanmtor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all <br />Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 <br />of the Colorado Uniform Commercial Code. SECURED PARTY may require DEBTOR to assemble tile collateral and <br />deliver or make it available to SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably <br />convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br />PARTY'S rea;;onable attorney's fees and legal expenses. <br /> <br />No waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same default on a <br />future occasion. The taking of this security agreement shall not waive or impair any other security said SECURED PARTY <br />may have or hereafter acquire for the payment of the above indebtedness, nor ;;hall the taking of any such additional <br />security waive or impair this security agreement; but said SECURED PARTY snail retain its rights of set-off against <br />DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and <br />duties of DEBTOR shall bind its heirs, executors or administrators or its successorS or assigns. If there be more than one <br />DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this day ~ of (k(.{1n1lP;r / Cf? g <br /> <br />DEBTOR: ARISTOCRAT RANCHETTE WATER <br />f) ~JECTlC. _ / <br />By Llc- I '=- rfvZ.~ <br />Clete Larson, President <br /> <br />(SEAL) <br /> <br />:::< <br />ATTEST i.::)Ui f\..c~ <br />Belinda Riggs, Corporate Secretary <br />