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5. Not fo sell, trcroster.or dispose of"t?�e Collateral, and prompdy to notify Secured P�h� %�y chcuige !n the iocc{Son oi :: Colleteral withiri the State o[ Colosado �d not to remove the s�ne from ihe StQte of Colorado without the prior wnt,La consent of the Securec: Pcatp. 6. To pay all tmces �d assessments of every nature which may be levied or assessed a4ainst the Collatera]. 7. Not to pe:mit or allow �y adverse llen, security interest or encumbrmice whatsoever upon the Collateral �d not to permit the same to be attached or replevined B. That the Collate:al ts 1n 400d conditfon, �d that he will, at his own ezpense, keep the s�e in sood condition �d Lrom flme to tlme, torvrith, rnnlace �d •��ir all such pm-ts of ihe Collateral as may i e broken, wom out, oi damaged without allowin4 �}• �n to be cz d upon the Collaternl on account of such replacement or repairs, m-id that the Secured Party may exc:_u�e cmd inspect the Collateral at cmy time, wherever ]ocated. _ 9. That he k-ill not use the Co]]atercl 1n violation o; any applicable statutes, re9ulations or ordinances. LTNTTL DEFAULT Debtor may hwe possessfon :.: the Collaten�l �d use it In �y lawful m�ner, �d upon da (ault Secumd P�ty shall hwe the immedlate right to the possession of the Collateral. DFBTOR SHALL BE IN DEFAULT under thls aqreemant upon tha happerSnq of �y of the following events-oi condltlons: (� deiwlt in the payment or perform�ce ot cmy obllgation, covenant or ]iabillty rnntcdned or referred to hereiri or in �y note evidencinq the s�e; (b) the making oi fumishinq o! any wcvr�ty, representcrtion.or statement to Secured Party by or on behalf cFi Debtor whlch proves to have been false in �y material respect when made or E�3mished; (c) loss, the:t, damaae, oe=Wction, saie or encumbrance to os of any of tl�e Collateral, or the makinq of cmy levy. seizure or attachmeat thereof or thereon; - (c� death, dissolutlon, terminaticn of ezLstence, Snsolvency, busines� failure, appoin�ent of a receiver of any pcut o; the property of, assiqnment for the benefit o[ creditors by, or the commencement of any proceed;nq ur.der �y b�]avptcy or Snselvency laws of, by or against Debtor or any qu��tor o: surety for Debtor. UPON SUCH DEFAULT rnd at �y rime therec�ter, or ff St deams itseH fn3ecure, SE:-ured P�ty m�y decl�e all Obllsatfons secured hereby ir.:medlately due �d payable cmd shall have the remediee :I a secur!r.l p�uty under Ar,: ticle ^ of the Colorado Uniform Commercial Code. Secvred P�ty may require Debtor to assemble the C;ollateral and de- live: r�ake it wmlab]e to Secured Pmty at a place to be desigr -'ed hy Secuted P�ty which Ls reasonably convenient to bo'h pr.zties. Ezpenses of retakin4, holdinq, preparinq for sale, sellinq or the like shall lnclude Secured Pm-ty"a rea- sonable ariomey's fees �d lecjal ezpenses. No woiver by Secured Party of �y default shall openzte as a�.valver ot �y other detault ot of the s�ne defaulE on a futLre occasion. The taking oE this secudty aqreement shall not waive or impair �y other security said Secured Pozty may have or hereafter acqutre for tha payment of the above indebtedness, nor shall the takinq of any such addi-_ tlonal security waive or lmpair this sec�uity a4reement; but sc�d Secured Pmty may resort to �y security it may have in the order it may deem proper, �d notwithst�dlnB cmy collaterai securlty, Secuned Pcuty shajj setain its riqhts of set- off aqalnst Debtor. • All rlqhts of Secured Party hereunder shall Snure to the benefit of its successors and assicJns; �d all promises- �d dutfes ot Debtor shall bind his hei:s, executors or administmto:s or his or its successoss or assi4ns. If there be more _ th� one Debtor, thelr liabilities hereunder shall be )oint �d several. ' D¢tedthi= g� dayof �G��r+�ie�/ , 19 93 Debtor. - S Pmty: i _ /j // � �� ,. . _ , _ . . ,,. �