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3.05 SALE OR DISPOSITION OF COLLATERAL. Debtor will not voluntarily or <br />involuntarily sell, transfer, or otherwise dispose of any item of Collateral <br />without the prior written consent of Lender. <br />3.06 DEBTOR'S BUSINESS. Debtor's business is and will be conducted in <br />accordance with applicable laws and regulations. <br />SECTION 4: DEFAULT; REMEDIES <br />4.01 EVENTS OF DEFAULT. Time is of the essence in this Agreement and any of <br />the following shall constitute an event of default hereunder: <br />a. Any failure to pay when due the full amount of any payment of principal, <br />interest, expenses or any other obligations to pay money under the Loan <br />Agreement, Note, Deed of Trust or any document executed in connection therewith; <br />b. Any failure to fully and punctually perform, or any breach of, any <br />covenant, promise, warranty, obligation or undertaking under the Loan Agreement, <br />the Note, Deed of Trust or any document executed in connection therewith; <br />c. Any seizure of, levy upon or attachment of any material part of the <br />Collateral; or <br />d. Lender shall reasonably deem itself insecure. <br />4.02 REMEDIES. On the occurrence of an event of default hereunder, Lender shall <br />have all remedies of a secured creditor under the California Uniform <br />Commercial Code and as otherwise provided by law and, without limiting the <br />generality of the foregoing, shall be entitled as follows: <br />a. The entire amount of the indebtedness secured hereby shall, at the <br />election of Lender, become immediately due and payable; <br />b. Debtor agrees to put Lender in possession of the Collateral upon demand; <br />c. Lender is authorized to enter any premises where the Collateral (or <br />records thereof) is situated and to take possession of the Collateral (or records <br />thereof) without notice or demand and without legal proceedings; <br />d. At the request of Lender, Debtor will assemble the Collateral (and <br />records thereof) and make available to Lender at a place designated by Lender <br />which is reasonable and convenient to both parties; and Lender may notify account <br />and contract obligors as provided by this Agreement and pursue collection or, at <br />Lender's option, may sell all or any part of the Collateral and apply the pro- <br />ceeds thereof against any indebtedness or obligations secured hereby whether <br />material or not; <br />e. If this Agreement or any obligation secured hereby is referred to an <br />attorney for collection or realization, Debtor shall pay to Lender all costs of <br />collection and realization (including, without limitation, a reasonable sum for <br />attorneys' fees, expenses of title search, all court costs and all other legal <br />expenses) incurred thereby and such sums are also secured hereby; <br />f. Debtor agrees that a period of ten (10) days from the time notice is <br />sent to Debtor shall be a reasonable period of notification of sale or other <br />disposition of the Collateral by or for Lender. Any notice or other <br />Page 3 <br />