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<br />5. Promptly 10 ~ot;(y Secured Party of any change in the location of the Collateral.
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<br />t ~: ::;: ;::: :::::s::::eo~:~ec::~:::~ :::~::c:rw::::e:~::tt:eC~~I~::~~d not to
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<br />pennitthe same to be anaChed or replevined.
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<br />'- ~ ; ~ 8, Thatthe Collateral is ingO<J<:l conditio~, andthat he wilLathis own expense. keep the same-in good condition and
<br />1::" ~ t" ~ ~ from time to time. forthwith. replace and repair all such parts of the Collateral as may be broken, worn out. or damaged without
<br />f w '-. ~'allowing any lien to be created upon the Collateral on accou, m of such replacement or repairs, and that, the Secured Party may
<br />r ~ t ~. examine and inspect the Collateral at any lime, wherever located. ' , '
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<br />. t: ~ ~ 9, That he ,,:i11 not use the Collateral in violation of any applicable starutes:regulations or o;di~ances,
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<br />~ \:l:. ~ ~', 10. The DebtorwiII keep the Collater~1 atall times insuredagai~st risks of loss ordam~ge by tire (including so-
<br />'} ).. -$ ~ R. ,:,called e~tended coverage), theft and such other cas, ualties as the Secured Party may reasonably reqUire" includin, g collision
<br />"'" 1"' i r::. in the case of ~ny motor vehicle. all in such amoums, under such forms of policies , upon such terms, for such periods, and
<br />" (-l. written by such companies or underwriters as the Secured Party may approve, losses in all cases 10 be payable to the
<br />~ ~t' Secured pa,rty and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten days' prior
<br />IA.' written notice of cancellation to the Secured Party; and the Deblor shall furnish the Secured Party with cerIificates of such
<br />insurance 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 <t.nd. senling__Ciaims tinder 'or-"cniir.eiling sllch
<br />insurance and endorsing the Debtor's name on any drafts drawn by insurers of the CollateraL
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<br />UNTIL DEFAULT Debtor may have possession of the collilleral and, use it in any lawful manner, and upon default
<br />Secure!i '~shall have ttie immediate right to the possession of the Collateral. ,', .
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<br />" DEBtoR SHALL BJl IN DEFAULT under this agreement upon the happening of any of the following events or
<br />conditi9ns~' >" ~ . '~ '
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<br />. (;1) default iri the paymentor perfonnance of any obligation, covenantorJiabilitycp~tainedpsreferred,~ohe",in or in anY
<br />note ev.idertcing the same; . ' " ..;
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<br />" (b) the making or furnishing of any warranty, representation orstateme~tto.Secured Partyby:oronbehalf of Debtor
<br />which proVes to have been false in any material respect when made Or furnished; ...: ..
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<br />, (c)" loss, theft, damage, desnuclion, sale or encumbrance to or of any of lhe Collateral, or the making of any levy seizure
<br />or anac~tthereof or thereon; , "'."
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<br />(d) ,'t1eath, dissolution, tennination or existence, insolvency, business failure, appointment of a receiver of any pan of the
<br />property of, I assignment for the benefit of creditors by, or the cOn\RIencement., of any proceeding under any bankruptcy, or
<br />insolvency laws of, by or against Debtor or. any guarantor or surety [or. ~btor., ,
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<br />UPO& SUCH DEE~ULT and at any time thereafter,orif,i! deems itself insecure, Secured Party may declare all
<br />Obligations ~ hereby immediately due and payable and shall have the remedies of a secured pany ,mderAnicle 9 of the
<br />Colorado Unifonn Commercial Code. Secured Parry may require Debtor to assemble the Collateral and deliver or make it
<br />available to Secured Party al a place to be designated by Secured Partywhich is reasonably convenient to both panies. Expenses of
<br />retaking, holding, preparing for sale, selIillg or the like shall include Secured Party's reasonable attorney's fees and legal
<br />expenses.
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<br />No waiver by Secured Parry oEany 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 agreemem shall nOt waive or impair any other security said Secured Party may have or
<br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional -security ~aive 01.' impair
<br />this security agreement; but said Secured Party may resort to any security it may have in the order it may deem proper, and
<br />notwithstanding any collateral security, Secured Party shall retain its rights of sel-off against Debtor.
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<br />All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of
<br />Dd;tor shall bind his heirs, executors or administralOrs or his or its successors or assigns. If there be more than one Deblor, their
<br />, liabilities hereunder shall b<;' joint and several. '
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<br />~,~ltli1J:~'" ~J .AU";y; 9/l
<br />\)\",'''~:~:.':i4!j,'''' Dare this 2 day of tvr~VL , 19 (/,
<br />"';'{ ,;,:;:~,~;Wif:P:UJtJA <!PA--'Sc<.,J!>)}'NiO /); eO"'!'/):I COLOM-DO WATE,R
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