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<br />5.
<br />6.
<br />
<br />{
<br />Promptly to notify Secured Party of any change in the location of the Collateral.
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<br />To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral.
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<br />7. NOllO pennit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral and not to
<br />permit the same to be attached or replevined.
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<br />8. That the Collateral is in good condition, and that he will, at his own expense, keep the same in good condition and
<br />from time to time, forthwith. replace and repair all such parts of the Collateral as may be broken. worn out. or damaged without
<br />allowing any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured Party may
<br />examine and inspect (he 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 (including so-
<br />called extended coverage), theft and such other casualties as the Secured Party may reasonably require, including collision
<br />in the case of any motor vehicle, all in slIch amounts, under such forms of policies, upon such terms, for such periods, and
<br />written by such companies or underwriters as the Secured Party may approve, losses in all cases to be payable to the
<br />Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at le'ast ten days' prior
<br />written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certificates of such
<br />insurance or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paragraph. The
<br />Secured Party may <lct as aHorney for the Debtor in making, adjusting and settling claims under or cancelling such
<br />insurance and endorsing the Qebtor's name on any drafts drawn by insurers of the Collateral.
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<br />, UNTIL DEFAULT Debtor may have possession of the Collaterdl and use it in any lawful manner, and upon default
<br />. Secured i".u1y shall have the immediate right to the possession o{theCollateral.
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<br />DEBWR SHAli. BE IN DEFAULT under this agreelT.ont' u~Gn the happening of any of the following events or
<br />conditions: '.
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<br />(a) default in the payment or performance of any obligation, covenr.nt or liability contained or referred to herein or in any
<br />note evidencing the same; 1. ( ~ . '
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<br />(b) the making or furnishing of any warranty, representation or ~tatement to Secured Party by or on behalf of Debtor
<br />which proves to have been false in any material respect when mad,~ P'~ji~,:,ished;
<br />t [,-
<br />(c) loss, thert, damage, destnlction, sale or encumbrance t~o~' c;f <tr;y of the Collateral, or the making of any levy' seizure
<br />or attachment thereof or thereon; , t. t" .
<br />" ,
<br />(d) Jeath, dissolution, tennination or existence, insolvency, cusines's failure, appointment of a receiver of any part of the
<br />property of, assignment for the benefit of creditors by, or the corhm~'!cc~ent of any proceeding under any banknlptcy or
<br />insolvency laws of, by or against Debtor or any guarantor or surety for Debtor.
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<br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Party may declare all
<br />Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the
<br />Colorado UnUl)!m Commercial Code. Secured Pa.rty may require Debtor to assemble the Collateral and deliver o.r make it
<br />aV'dilable to Secured P,uty at a place to be designated by Secured Party which is reasonably convenient to both parties. Expenses of
<br />retaking. holding. preparing for sale, selling or the like shall include Secured Party's reasonable attomey's fees and legal
<br />expenses.
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<br />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
<br />occasion. The taking of this security agreement shall not waive or impair any other security said Secured Party may have or
<br />hereafter acquit'\: fl.))' the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair
<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.
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<br />All rights of SecUI'\:d Party hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of
<br />Debtor shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debtor, their
<br />liabilities hereunder shall be joint and several.
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<br />Date this
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<br />day of 7n~
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<br />,19!L.i.- .
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<br />Debtor: /) ~ . .
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<br />-1/z-t2f C~
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<br />Secured Party:'
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<br />"lfthi,SccunlY Agn.'C111I:1ll IS illlclldc,<l Itl ",rw;" a lin.Ulcing,t;llCIl1CIll o.ccun:dp..nYa5'M:llastbe<h:bl.ormUSl.ign
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