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5. Promptly to notifY Secured Party of any change in the location of the Collateral. 6. To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral. 7. Not to permit or allow any adverse lien, security inte",st or encumbrance whatsoever upon the Collateral and not to permit the same to be attached or replevined. 8. That the Collateral is in good condition, and that he will, at his own expense, keep the same in good condition and from time to time, forthwith. replace and repair all such parts of the Collateral as may be broken, worn out. or damaged without allowing any lien to be created upon the Collateral on acc~unt of such replacement or repairs, and that the Secured Party may examine and inspect the Collateral at any time, wherever located, 9. That he will not use the Collateral in violation of any applicable statutes, regulations or ordinances. 10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so. called extended coverage), theft and such other casualties as the Secured Party may reasonably require, including collision in t he case of any motor vehicle. all in such amounts, under sucn forms of policies, upon such terms. for such periods, and written by such companies or underwriters as the Secured Party may approve, losses in all cases to be payable to the Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten days' prior wri Iten notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certifit<ates of such insurance or other evidence satisfactory to the Secured Party a. to compliance with the provisions of this paragraph. The Secured Party may act as attorney for the Debtor in making. adjusting and settling claims under or cancelling such insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral. UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon default Secured Party shall have the immed!ate right to the possession of the Collateral, . DEBffiR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: (a) default in the payment or perfonnance of any obligation, covenant or liability contained or refeoed to herein or in any note evidencing the same; (b) the making or furnishing of any warrnnty, representation or statement to Secured Party by or on behalf of Debtor which proves to have been false in any material respect when ma,le or furnished; (c) loss. theft, damage, destruction, sale or encumbrance to or of any of the Collateral, or the making of any levy seizure or attachment thereof or thereon; ~ (d) death. dissolution, termination or existence. insolvency. business failure, appointment of a receiver of any part of me property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insoJ:vency laws of. by or against Debtor or any guarantor or suretY for I?ebtor. UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Party may declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colerado Unifonn Commercial Code. Secured Party may require Debtor to assemble the Collateral.and deliver or make it avail,bIe to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties, Expenses of retaking, holding. preparing for sale, selling or the like shall include Secured Party's reasonable attomey's fees and legal expenses. No waiver by Secured Party of any default shall operate as a waiver of any other default or of the same default on a future occ",;ion. The taking of this security agreement shall not waive of impair any other security said Secured Party may have or here,fter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but said Secured Party may resort to any security it may have in the order it may deem proper, and notwithstanding any collateral security, Secured Party shall retain its rights of set.off against Debtor." All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; and iuj promises and duties of Deblor shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debtor, their liabilities hereunder shall be joint and several. . Date this day of August ,19 94 Debtor: o for use and onservation Board .By..:. ~ . President " 'lfIhiS;OccurilyA~liSinleJJdedIOSC1"eao;a6. ~nentscroml"''''';;wt:lIao;'hedebttlf-muSlSign '~--" ~ .-,~