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<br />5, <br /> <br />Promptly to notify Set.-. r~ 'I of:lI1Y change in !h~ kX::'.Hion uf the Cu.!.;........... <br />, , , \' <br /> <br />To pay J11 taxes and assessments of ~very nature which may be levied or J.'lsessed against the Cullateral. <br /> <br />6, <br /> <br />7. Not to pennit or allow :,lny adverse lien. security il1reresr or encumbr..m..:e whatsoever upon the Collateral and not to <br />permit the same to be;: J.[t~hed. or replevined. <br /> <br />8. Tnat the Collateral is in good condition. :lnd that he wili. at his own e,'(pense. ke:::p the same in good condition and <br />from time [Q rime. forthwith. replace and repair all such pa.rtS of the Collareral i.1S may be- broken. worn out. or damaged without <br />allowing any lien to be created upon the CollarerilJ on account of such replacement or repairs. and thut the Secured Party may <br />examine and inspect the Collateral at any rime. wherever located. <br /> <br />9. That he will not use me Co!later.ll in viGiarion of any applicable starutes. regulations or ordinances. <br /> <br />10, Tho Debtor will keep the Collateral at all timos insured against risks or' loss or damage by fire (including so- <br />called eXlended covernge), theft and such other casualties as the Secured Party may reasonably require, including collision <br />in the case of any mOlar vehicle. all In such amounts. under such forms of policies. upun such terms. for such periods. and <br />written by such companies or under.vricers as the Secured Party may appro.....e. losses in all cases to be payable to the <br />Secured P:lfty and the DebtOr as their interest may appear. .-\11 policies of insuran(~ shall provide for at le:.lst ten days' prior <br />written nmice or cancellation to the Secured Party: and the Debtor shall furnish the Secureu PJ.rty '-!'lith certificates or such <br />insurance or other evidence satisfactory to the Secured Party as to compliance '.vith the provisions of this paragraph. The <br />Socured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cancelling such <br />insurance and endorsing the Debtor's name on any drafts drJwn by insurers of the Collateral. <br /> <br />UNTIL DEFAULT Debtor may have possession of the Collaternl and use it in any lawful manner, and upon default <br />Secured Pony shall have the immediate right to !he possessio~ of the Collateral. <br /> <br />DEBTOR SHALL BE [~ DEFAL:LT unJer this agreement upon (he hap~nlng of any of the following: events or <br />condicions: <br /> <br />(;.I,) uerault in the p<.lym~m or pc;t'ofTI1:..1m:::: of any obli~:.ltlon. covenant or li:..lbtli[y ..:ontJineu ur ~fe!Teli to he~in or In any <br />note ~viJc:n<.;ing the same: <br />, <br />(bJ the makin~ or furnishing uf :.lOY warranry. repre:,~matiun ur )[;J.tt.::11c:nt to Secured p.,irry by ~x.tm bd:la~ at Debtor <br />which pmves to hav~ been raise 10 <.Iny ~at..:nai respt:.:'ct \",'hc:n maLlc: or fumiSh~d: . . :~,.,.)~ \:~~;\_,~. . <br /> <br />(c) loss. thett. Llamage. uc~tructlnn. s;.I,lc: or encumbral1ce to.ltr of any ot~ the: COII.~~::JI.~e::m~)f any levy sellure <br />or att:.J.chmcnt thereof or (hereun: oj ~ <br />"i\ ~ <br />IUI ue:ath. dissolution. terrninati~m ur e.~i~ler~cc. ins\lh;c:n.i.;,Y.; siness f:.J.ilure. iJpp\)immt:nl I)f:.l rcct:iver I)l' ;.my part of the <br />propc:rty al: ;.b.'\ignrnem tor the r..c:nc:rit 0( ...:reJitor~ by. or th' . CUfmncnct:mc:nt nr ;.Iny prol.:!..:t:uing unucr ;.In) bankruptcy or <br />insolvency bws oL by or ;.I,g;.l,inst Debtpr ilr any guar;.Imnr or su~ty t(Jr D:hlor. <br /> <br />UPON SUCH DEFAULT ;.Ind ;.Ir any time thex:J.tler. or d' it deems itsd' lnsecurt:. Secureu P-J.rry may decl~U"t: ;.1,11 <br />Ohligatiuns sccureu hereby immcdiatdy Jut: ;.I,nu paY.1ble and sh;J.lI hi.lve the I1:mc.:uit.:s of a S"':L'ureu party unuer Anidl.: 9 of the: <br />Color."uJo Uniform Commerci:.ll Codl:. Secured ?.1rty may rc4uire Debtor to a.'~cl1lhle the Collateral anu Jclivcr or make it <br />;.I,vailablc to Secured Party at a plal.:e to ht: Jc:-.ignarcu hy SecureJ Party which b rca,on~lhly convenient tv both panics. Ex~nses of <br />t'Ctaking. holding. pn:paring tilr ,;..d~. sdling or [he like ~h;J1I induuc Secun.:d P'J.rty\ n:~L'iJOablc anomc::':-, te:es am! legal <br />e:<.!Xnses. <br /> <br />No "",'aiver oy SCCtln:u Pan~ of any dd~LUlt shall o~r.lIt: :.1' ;.I wai ver oLIIlY olh,....r Ud~IUlr nr (If the "'am.... Jd~1U1t on a future <br />I l\.:C:.L' ion. The ti.lking tlf thi", ,'cl..'urity a~n..'l:l1lCIH ...hall nol \\i.li\c or impair any lither ~Ccllnty ...aiJ SC....lll\:U ~1I1y Illay have ur <br />hcn.:afh:r ;.IC4uirc lilr the pi.!) lIlen! Ill" lhe ~lho\c IndchteJncs.'\. n,lr .,hi.!1I the taking II!' any ,ul.:h ~lddillllnal "'ct:uricy \\-ai\'c or impair <br />this sl..'cllrity agrccllll..'nc hut ,~tjJ SCl.."llT\:U P:I~ Illi.l: 1\:'1111 In any 'cl.."lIriry it 1ll~1;. hi.I\'C in Ille order II 111;1: deel1l propt:r. ;ll1U <br />nll(with....I<lIlJing ;.Ill: 1,:ullatcraJ ..c....urit;.. S\...I.:un....d P~lIt: ...hall relam it:-. right~ 01 ........t.pfl. ~l~~llll...{ Dch(llr. <br /> <br />All nghh lIt SCI.:un:d P~ln) h....r\...ulld1..:r ...h~dlllHll\: III rh~ tx'ndil lit' It-.. ,1I1..'1.:\........llr' ~tlld ;l......lgn...: ;.IUU all pn'lI1i...l.."~ ;tIIU UUtll:S Ill' <br />Ocf1tllr ...hall hind hi, h...:II...... ...:\e"':lItl.r, I 'r .h.Jlllllu...tr;llt lr, Ill' hi... Ill' ir", ,u\.....:cv..ilr" II' ,l....ign... II Ih....r!..: h.... !tl\l[\" Ih~L11 \11It: Dc:blllr. their <br />1Li.1Mditl~:-. hl:n.'urHlt:r ..h:dl he )lllf1l ;.InJ ......\\.'1':11 <br /> <br />--< tJ <br />ll;tr\..'I~lI'" _~__ ...!.I~ ,It <br /> <br />d <br />- v~ A.L.-V'1.il / <br /> <br />""ELL <br /> <br />I )....bll'r <br /> <br />L;).e.sT O,v,d<ao VV",To.\. (1q"seyv.ih~lDI_st'n"'T <br />~/'l~ )7,..e.<;,d..v-."T <br /> <br />~"'"tj~Jh~; <br /> <br />[J",~ <br /> <br />EXH-IBIT C <br /> <br />Page-2 of "2, - <br />