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<br />S, Promp!ly to notify Secured Party of any change in the location of the Coll,ueral. <br /> <br />6. To polY ailULXl:'- ,lI\d ;l'-:-.t'.'-,'-rn~rHS \II C\.""J'}' nalure which IlI:lY tx: !evil-'d Uf ;l~s\.:s~cd Jgainst the Colla/era!. <br /> <br />7. No! 10 palllil ll( ;11111\\' :1I1Y ;ldver:-;l' lie/L security interesl or encumbrance \\'hat."oever upon the Colbteral and not to <br />pennil the sallle to tx: afl<ll..."hl'd \lr rcpk\'Ir1L'u. <br /> <br />8. Thai the Cull;Hl'fal is in good contlitiull. ;lJJd thai he will. at his own expense. keep the same in good condition and <br />from time to time. forthwilh. rcpl;lL.c ,uKI repair all such parts of the Collaterul a.'} may Ix broken. worn out. or damaged without <br />aHowing any lien ro be L.rl';l!l'd u[:'I)11 lhe Cnll:ller;l! on ,ICC(lunt of such replacement ur repairs, Jnd !hat the Secured Party may <br />examine ;md inspecl rhe CIII;ilcr.;il <.It ,lilY 11m\.:. wherc\-er )('\C;ttcu. <br /> <br />I), ThaI he \\'ill n,){ lISe' rhe Coll;lta;d in \.jo!acion of any appliL'abk st~l!tlles. regulations or ordinances. <br /> <br />I () The DeQ([)j' \\.ill kcL'p lht.' C\lllatL'r~tl at all times in~uft'J against risks of loss or dalTlage by fire (including $0- <br />called extended Cn\.(Ti!~e I. [herl ~ll1d such n{ht:r Cl:'ll~ll(jt:s as the Secured Party may reasonably require. including collision <br />in the Ca.'it: (}f;lny I1ll)[\lr \l'hi\:k. ~dl in such ,Hllt)lInIS. under sllch forms of policies, upon such terms. for such periods. and <br />written by such L'0!llpdl1ic:- lH. Undel'\\Tit...:rs a.... tilL' Secured Party Illay approve, losses in all cases 10 be payable to the <br />SecureJ Pan) ~lnd the Debll1r as {hei r j!Herl's( 1ll~IY appeiJf. All pol icics of inSUf<.lllCe shall prlwide for at le<.lst ten Jays' prior <br />\\'ritte'Jl III llice ur l';uh.:clbli\)i1 [I.' the Sc,-'lIn..'d Party: and the- Debtor shall furnish the Secured P':lfty wilh ceniticates of such <br />in.>;ur~1I1l'l' Ilr (11her t'\ idclll..."'---: '-:I1isf:lL"tllr:, III {ht: Sl'L'UreJ PartY:l:-. 10 compliiJOcc with the provisions of this paragraph, The <br />Sl..:L:urt.:u P~ln) 111<1: alt ;1.'- (I[ll)f1k'~ for rilL' De-htor in making, adjusting and settling claillls under or ':JncelJing such <br />insurance ;lIld \.'rltJtlr"il1~ Ilk. {)("ht\lr'.'- n:llll~' (In any draft:, dra\vn by insurers of {h~ Collateral. <br /> <br />UNTIL [)tJ'ALLr Ikblnr may h~I\.t.' pll~sc:-;sion of the Colla(e'ral and use it ill any lawful nwnncr. and upon Jefauh <br />Sccureu Pany sh:dl h~l\'(' the lflllllcui;He right to the p<.)~scssion of the Collateral. <br /> <br />DEBTOR SI-i:\LL HE l~~ DEff\LJIT under this agrecment upon the hJp~ning of any of the t()Jll~\\'ing events or <br />conditions: <br /> <br />(<1) dclault in the; payment Dr Pc/1()(Jllance of any obligation. covenant or liability contained or referred to herein or in any <br />note eVldenL'ing the same: <br /> <br />(b) the making or fumishing of any \.varranry. representation or stalement to Secured Party by or on behalf of Debtor <br />which proves to have ht:~n hdse in an)' material respect when made or furnished; <br /> <br />(c) loss. theft. damage. destnlction. sale or encumbrance to orof any of the Collateral. or the making of any levy seizure <br />or attachmcnl ther'l:of Dr thereon: <br /> <br />(d) death, dissolution. tcmlination or existence. insolvency. business failure, appointment of a receiver of any part of the <br />property of. ,L~signment for the benetit of creditors by. or the commencement of any proceeding under any banknlptcy or <br />insolvency laws of. by or ag:Jin~t Deblor or any guamntor or surety for Debtor. <br /> <br />UPON SUCH DEf'AULT and at any time thereafter. or if it deems itseb' insecure. Secured Party may declare all <br />Obligmions SCL'urcLl hl."rchy immedialdy L1ue and payable imd shall have the remedies of a secured party llnd~r Anicle 9 of the <br />Color<Jdo Und(mll CtHlHllCfL'i,t! C\x!c, Secured Party may require Debtor to a'isemble the Collateral and deliver or make it <br />avail:tblc to Securcd Party at;l place!o bl.' designated by SecllreLl Party whie-h is rea'ionJbly convenient to bOlh parties. Expenses of <br />retaking. holding. preparing t()r salc. selling or the like shull include Secured Party's rea.'ionable attorney's tees and legal <br />expenses, <br /> <br />No \vdiver by Secured Party of any dcfnult shall operate as a Mliver of any other default or orthe same default on a future <br />ocl'a~ion. The wking of this ~ecuriry agreemenl shaH not wJ.ive or impair any other security said Secured Party may have or <br />hereafter aClJuire for the payment of the above inJebtedness, nor shall the taking"of any such additional security waive or impair <br />this security .Igrcement: hut :>aid Secured Party may resort 10 any security it may have in the order it may deem proper, and <br />notwithswnJing any collateral security, Secured Party shaH retain its righls of set.off agains! Debtor. <br /> <br />All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; 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 />jiabilitic;s hereunder shall tx' joint and several. <br /> <br />Date this <br /> <br />12th <br /> <br />day of Janna ry <br /> <br />.19 94 <br /> <br />Debtor: <br /> <br />Secured Party:' <br /> <br />Robert Do(tf:r <br />\ill <br /> <br />'lflhisSCl:uri'YA~lisilllendedl""':~:I5'" <br /> <br />"'.......nISCC\lrtdpwl)"as_Uaslbcdeblormusl.\ign. <br />