2011-03-14_REVISION - M1977493 ‎(47)‎

• Permit No: M1977493
• IBM Index Class Name: REVISION
• Doc Date: 3/14/2011
• Doc Name: Exhibit List, Exs. 34 to 38
• From: Climax
• To: MLRB
• Type & Sequence: AM6
• Media Type: D
• Archive: No

CM0001189
E
security agreement. (c) Upon the failure by Secured Party or any other
applicant to diligently pursue approval of a 1041 permit by Summit County in
accordance with the terms of the Agreement, Secured Party shall take all steps
and execute all documents necessary to release the Collateral from the
encumbrance of this security agreement.
10. Events of Default. The occurrence of any of the following events shall
constitute,an event. of default under this agreement (a) failure to pay any of
the Obligations when due; (b) failure to perform or observe any other material.
covenant contained in this agreement or.the Note; (c) any warranty,
representation or statement of Debtor in this agreement proves to have been
false in any material respect when made or furnished; or (d) dissolution,
termination of 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.
i1. Remedies_ (a) Upon the occurrence of any event of default and at any
time thereafter Secured Party shall have, in addition to all other rights and
remedies, the remedies of a secured party under the Uniform Commercial Code
("UCC") as then in effect in Colorado, regardless of whether the UCC applies
to the security transactions covered by this agreement, including without
limitation the right to accelerate the maturity of the Obligations, without
notice or demand, and to take possession of the Collateral and any proceeds
thereof wherever located. If notice is required; Secured Party shall give to
Debtor at least 15 days' prior written notice of the time and place of any
public sale of the Collateral or of the time after which any private sale or
any other intended disposition is to be made. (b) If Secured Party in good
faith believes that the Securities Act.of 1933 or any other state or.federal
law prohibi.ts.or restricts the customary manner of sale or distribution of any
of the Collateral, Secured Party may sell such Collateral privately or in any
other manner deemed advisable by Secured Party at such price or prices as
Secured Party determines in its sole discretion. Debtor recognizes that such
prohibition or restriction may cause the Collateral to have less value than it
otherwise would have and that, consequently, such sale or disposition by
Secured Party may result in a lower sales price than if the sale were
otherwise held. (c) As a supplementary or additional remedy, Secured Party
shall also be entitled, without notice or demand and to the extent permitted
by law: (i).to exercise or continue to exercise all of the rights granted to
Secured Party in paragraph 8 or (ii) to have a receiver appointed to take
charge of all or any part of the Collateral, exercising all of.the rights
granted to Secured Party in paragraph 8. (d) Secured Party may also cause any
of the Collateral to be transferred to or registered in its name or the name
of its nominee and, whether or not transferred or registered, may exercise or
cause to be exercised all voting powers with respect to such Collateral as if
the absolute owner thereof. For this purpose Secured Party is hereby
irrevocably appointed Debtor's attorney-in-fact. (e) To the extent allowed by
law, Debtor shall pay Secured Party all expenses of retaking, holding,
preparing for sale, selling and the like, including reasonable attorneys' fees
and legal expenses, and such costs shall be paid out of the proceeds of
•
G-3