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<br />.j <br /> <br />., <br /> <br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, <br />ordinances, articles of incorporation or by-laws. . <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the <br />COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall <br />have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br />following events or conditions: <br /> <br />a. failure or omission to make any payment under the CONTRACT when due; <br /> <br />b. default in the payment or performance of any obligation, covenant, or agreement contained <br />in the CONTRACT or herein; <br /> <br />c. the making of any levy, seizure, or attachment on the COLLATERAL by any third party; <br /> <br />d. the DEBTOR becoming insolvent or unable to pay debts. as they mature. <br /> <br />SECURED PARTY shall give DEBTOR written notice of any alleged default and an opportunity to <br />cure within thirty (30) days of receipt of such notice before DEBTOR shall be considered in default <br />under this agreement. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY may declare all Obligations <br />secured hereby immediately due and payable and shall have the remedies of a secured party under <br />Article 9 of the Colorado Uniform Commercial Code. In the event court action is deemed necessary to <br />enforce the terms and conditions set forth herein, said action shall only be brought in the District Court <br />for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal <br />jurisdiction in said Court. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br />PARTY of any 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 agreement shall not waive or impair any other security said <br />SECURED PARTY may have or hereafter acquire for the payment'of the above indebtedness, nor shall <br />the taking of any such additional security waive or impair this security agreement; but said SECURED <br />PARTY shall retain its rights of set-off against DEBTOR. <br /> <br />Dated this 1.&-\'1-. day of December 1997. .. <br /> <br />SEAL <br /> <br />ATTEST <br />(LLo <br /> <br />l,lc-L- <br /> <br />By <br /> <br />Richard Eric Kuhn, Secretary <br /> <br />