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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br />following events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or <br />referred to herein or in any note evidencing the same; . <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY <br />by or on behalf of DEBTOR which proves to have been false in any material respect when <br />made or furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or <br />the making of any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination. of existence, insolvency, business failure, appointment of a <br />receiver of any part of the property of, assignment for the benefit of creditors by, or the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or <br />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 <br />PARTY may declare all Obligations secured hereby immediately due and payable and shall have <br />the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br />PARTY'S reasonable attorney's lees and legal expenses. In the event court action is deemed <br />necessary to enforce the terms and conditions set forth herein, said action shall only be brought in <br />the District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to <br />venue and personal jurisdiction in said Court. <br /> <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be <br />considered in default for purposes of this Security Agreement. No default shall be waived by <br />SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate as <br />a waiver 01 any other del au It or of the same delault on a future occasion. The taking 01 this <br />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 <br />additional security waive or impair this security agreement; but said SECURED PARTY shall retain its <br />rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benelit 01 its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or <br />its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be <br />joint and several. <br /> <br />Dated this .3-. day of August 2000. <br /> <br />(S EA L) <br /> <br /> <br />oskin, President <br /> <br />ATTEST: <br /> <br />~~ <br /> <br />Santo Bertuzzi, S ary <br /> <br />By <br />