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<br />5, ,Pn,mptly to notify Ser,- u':.n1y of any changc ill thc location of thc Col\f~-',
<br />
<br />6, To pay all taxes and ",ses,.nents of every nature which may be levied or ",sessed against the Collateral.
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<br />7, Not to permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to
<br />permit the same to be attached or replevined,
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<br />8, That the Collateral is in good condition, and that he will, at his own expense, keep the same in good condition and
<br />from time to time, forthwith, replace and repair all such parts of the Collateral", may be broken. worn out, 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 tM Secured Party may reasonably require, including collision
<br />in the case of any 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 to 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 the Secured Party with certificates 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 and settling claims under or cancelling such
<br />insurance and endorsing the Debtor's name on any drafts dr~wn by insurers of the Collateral. _,
<br />
<br />UNTU. 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 />, ," DEBmR SHALL BE IN DEFAULT under this agreement upon the happening of any'of.the following ',events or
<br />conditions: r ~. ",' ,;
<br />
<br />(a) default in the payment or performance of any obligation. covenant or liability contained or referred to herein ~r in ,any
<br />note evidencing the same; ,..: . -:-. _ ',' '._. ..'
<br />
<br />"
<br />
<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 ",ade or furnished;
<br />
<br />(c) loss, theft, damage, destnIction. sale or encumbrance to or of any of the Collateral, or the making <if any levy seiture
<br />or attachment thereof or thereon; ,
<br />
<br />(d) death, dissolution. tennination or existence, insolvency, business failure. appointment of a receiver of any part of the
<br />property of, ",signment for the benefit of creditors 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 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 of the
<br />Colorado Uniform Commercial Code, Secured Party may require Debtor to assemble the Collateral and deliver or make' it
<br />available to Secured Party at a plac, to be designated by Secured PlU'ty which is re",onably convenient to both parties, Expenses of
<br />retaking, holding, preparing for sale. selling or llie like shall include Secured Party's reasonable attorney's fees and legal
<br />expenses,
<br />,r'o ,
<br />, No waiver by Secured Party of any default shall operate as a 'Miiver of any other default or of the same default on a future
<br />occ",ion, The taking of this security agreement 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 waive or impair
<br />this security agreement; but said Secured Party may resort to allY security it may have in the order it may deem' proper, and
<br />notwithstanding any collateral security, Secured Party shall 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 ",signs; and all promises and duties of, ,
<br />Debtor shall bind his heirs, executors or administrators or his or its successors or assigns, If there be more than one Debtor. their, '
<br />liabilities hereunder shall be joint and several.
<br />
<br />".. '" Date this :2 ! iJ day of
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<br />,19 90
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<br />financing ~ smm:d party as ~1I as the debloI'must si~.
<br />
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