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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 assessmenls of every nature which may be levied or assessed against the Collateral. 7. Not to pennit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to pennit the same to be attached or replevined. 8. That the Collateral is in good condition, and lhat 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 account 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 Collaleral at all times insured against risks of loss or damage by fire (including so- called extended coverage), theft and such other casuallies as the Secured Party may reasonably require, including collision in the case of any motor vehicle, all in such amounts, under such 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 lhe Secured Parly and lhe Debtor as their interest may appear. All policies of insurance shall provide for at least ten days' prior written notice of cancellation to the Secured Party: and the Debtor shall furnish the Secured Party with certificates of such insurance or olher evidence satisfaclory to the Secured Party as 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. 1 UNTIL DEFAULT Debtor may have possession of the' Collateral and use it in any lawful manner, and upon default , , Secured Party shall have the immediate right to the possession of the Collateral. DEBTOR 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 orrefened to herein or in any note evidencing the same; (b) the making or furnishing of any warranty. representation or slatement to Secured Party by or on behalf of Debtor .., which proves to have been false in any material respect when made or furnished; (c) loss, theil, 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. tennination or existence, insolvency. business failure. appointment of a receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws of, by or against Debtor or any guarantor or surety for Debtor. 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 Colorado Unifonn Commercial Code. Secured Party may require Debtor to assemble the Collateral and deliver or make it available 10 Secured Party at a place to be designated by Secured Party which is reasonably convenient to bolh parties. Expenses of relaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorney's fees and legal expenses. No w.ilver by Secured Party of any default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not w.ilve or impair any other security said Secured Party may have or hereafter 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 il 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 10 the benefit of its successors and assigns; and all promises and dnties 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. Dale this 11th day of Mav ,19 94 Debtor: Secured Party:' . 'I' b : 1" ) ll:r;tl1e<leblormllsl,ij!" NT ASSOCIATION OARn