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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 agreer1lent upon the happening of any of the following events or <br />conditions: <br /> <br />8. 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 )1lllterial respect when made or furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbtllllce 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, termination or existence, insolvency, business failure, appointment of a receiver of any part <br />of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under <br />any banlauptcy or insolvency law of, by or again..t DEBTOR or any guarantor or surety for DEBTOR. <br /> <br />;~}-~. <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 ;lIld 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 the collateral and <br />deliver or make it available to SECUl\ED PARTY at a plac:e 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 reasonable 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 shall the taking of any such additional <br />security waive or impair this security agreement; but said SECURED PARTY shall 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 as" of N(JiJ6lJJ..~, 19913 <br /> <br />(SEAL) <br /> <br />DEBTOR: ARISTOCRAT RANCHETTE WATER <br />PROJECT lINe. <br /> <br />By (6.~e-- ~0"1- <br />Clete Larson, President <br /> <br />ATIEST &./1.-.h.L p.1-4Ei- 0::, <br />Belinda Riggs, Corpora!eJ.)~cretary <br />