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<br />5. Promptly to no Secured Party of any change in the location of l . Collateral.
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<br />6. To pay alllllXes and assessments of every nature which may be levied or assessed against the CollalellL
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<br />7. Not to pennit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collater-land n<IJ
<br />pennit the same to be attached or replevined.
<br />
<br />8. That the Collateral is in good condition. and !hat he will, at his own expense. keep the same in goodc~ntl,.
<br />from time to time, forthwith. replace and repair all such pans of the Collateral as may be broken, worn out, or cIamapl witb1l
<br />allowing any lien to be cn:ated upon the Collateral on account of such replacement or repairs, and that the SecuredPalty III
<br />examine and inspect the Collateral at any time, wherever located.
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<br />9. That he will not use the Collateral in violation of any applicable statUtes, regulations or ordinances.
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<br />10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (indlding"
<br />called extended coverage), theft and such other casualties as the Secured Party may reasonably require, includi~collisll.
<br />in the case of any motor vehicle. all in such amounts. under such forms of policies, upon such terms, for such periods,"
<br />written by such companies or underwriters as the Secured Party may approve, losses in all cases [0 be pa)Qble to it<
<br />Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten.ys' pdt
<br />written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certific_ of sat.
<br />insurance or other evidence satisfactory to the Secu,ed Party as to compliance with the provisions of this paragraph, 111
<br />Secured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cancdling _
<br />insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral.
<br />
<br />UNI1L DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner. and upon de~
<br />Securea Party shall 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 followi,,! eventsf1
<br />conditions:
<br />
<br />(a) default in the payment or performance of any obligation, covenant or liability contained 0' refemd to hereirlor in.
<br />note evidencing the same:
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<br />(b) the making or furnishing of any warr.mty. representalion or statement to Secured Party by or on behafof Deb1llr
<br />which proves to have been false in any material respect when made or fumished;
<br />
<br />(cJ loss, theft, damage, destruction, sale or encumbrance to or of any of the Collateral. orthe making of any Icvy seizIfJ:
<br />or attachment thereof or thereon:
<br />
<br />(d) death. dissolution. termination or existence. insolvency. business failure. appointment ofa receiver of any pan ofdtc
<br />property of. assignment for the benefit of creditors by. 0' the commencement of any proceeding under any bankruptcy.
<br />insolvency laws of. by or against Debtor 0' any guaranto, or surety fo, Debtor.
<br />
<br />UPON SUCH DEFAULT and at any time thereafte" 0' if it deems itself insecure, Secured Party may declare ,.,
<br />Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Anicle 9 of t)l
<br />Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and deliver or malee l
<br />available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties, Expensesd
<br />retaking, holding. preparing fo, sale, selling or the like shall include Secured Party's reasonable anomey's fees and lep
<br />expenses.
<br />
<br />No w.!.iver by Secured Party of any default shall operate as a \Wiver of any other default or of the same default on a futull
<br />occasion. The taking of this security agreement shall not waive 0' impair any other security said Secured F'dlty may have ~
<br />hereafte, acquire fo, the payment of the above indebtedness, nor shall the taking of any such additional security w.ive or impalf
<br />this security agreement; but said Secured Party may resort to any security it may have in the order it may deem proper, and
<br />notwithstanding any collateral security. Secured Party shall retain its rights of set-off against Debtor.
<br />
<br />All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns: and all promises and duties rI
<br />Debtor shall bind his heirs. executors or 3dministr.ltors or his or its successors or assigns. If there be more than one Debtor. their
<br />liabilities hereunder shall be joint and several.
<br />
<br />D':He th is
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<br />day of
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<br />,19
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