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<br />SECURED PARTY. Said written consent shall be deemed to release the STATE'S security interest in that <br />portion of the COLLATERAL applied to the annual lease payment. <br /> <br />DEBTOR SHALL BE IN DEFAULT under thi$ agreement upon the happening of any of the following <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred <br />to herein or in the CONTRACT; <br /> <br />b. the making or fumishing of any warranty, representation or statement to SECURED PARTY by or on <br />behalf of DEBTOR which proves to have been false in any material respect when made or <br />fumished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />making of any levy, seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any <br />part of the property of, assignment for the benefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or <br />surety for DEBTOR. <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 Article <br />9 of the Colorado Uniform Commercial Code. In addition, upon default, SECURED PARTY shall have the <br />right to transfer the COLLATERAL to and register the COLLATERAL in the name of SECURED PARTY, and, <br />whether or not so transferred and registered, to receive the income, dividends and other distributions <br />thereon and apply them to repayment of the loan. Expenses of retaking, holding, preparing for sale, selling <br />or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. SECURED PARTY <br />shall give DEBTOR written notice of any alleged default and an opportunity to cure within thirty (30) days <br />of receipt of such notice before DEBTOR shall be considered in default for purposes of this agreement. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of <br />any default shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security said SECURED PARTY may <br />have or 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 rights of <br />set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms and conditions <br />set forth herein, said action shall only be brought in the District Court for the City and County of Denver, <br />State of Colorado, and DEBTOR consents to venue and personal juriSdiction in said Court. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. <br />If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Executed this~ day of I2it t/ 1997. <br /> <br />(SEAL)a <br /> <br />ATTEST: ~ <br /> <br />Br~~-tf10"t.-'/ ~-;?>?/(.~<'~ <br />Narmar. Summers, Secretary-Treasurer <br />