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<br />restriction which may prevent or impede the execution of this agreement or performance <br />of any obligation of Durango hereunder. <br />ARTICLE VIII <br />EVE:TTS OF DEFAULT <br />S.1 Default by Arness. The occurence of any of the following shall constitute <br />Events of Default by Arness hereunder: <br />s. Any representation or warranty contained this agreement thereof was <br />untrue in any material respect, or if Arness fails to perform any such representation <br />or warranty. <br />8.2 Default by Durango. The occurrence of any of the following shall constitute <br />Events of Default by Durango hereunder: <br />e. Any representation or warranty of Durango contained in Section 7.2 <br />hereof was untrue in any material respect. <br />b. Durango shall fail to deliver when due any payment of any Advance <br />Payment or Production Royalty payable to Arness hereunder, and, such failure shall <br />continue for a period of thirty (30) ays after notice thereof is delivered by Arness to <br />Durango. <br />c. Durango shall fail to deliver any financial report or statement to <br />Arness in accordance with the requirements of this agreement and such failure shall <br />continue for a period of thirty (30) days after notice thereof is delivered by Arness to <br />Durango. <br />d. Durango shall fail to pay or perform any obligation of Arness assumed <br />by it hereunder with respect to the Property when such payment or performance is <br />• 10 <br />