13. Events of default

Each of the following shall be an "Event of Default" under this Agreement:

13.1 If any of Obligor's (defined herein as including Debtor and any and all other persons liable, either absolutely or contingently, in connection with this Agreement, including endorsers, sureties, guarantors and owners of any property securing any sums due in connection with this Agreement) statements, representations, warranties, or signatures contained in this Agreement, or in any document issued in connection with this Agreement, or contained in any application, exhibit, statement, certificate or other document supplied to Bank at any time was or is false, incorrect, incomplete or misleading.

13.2 The failure of Obligor to observe or perform any of Obligor's covenants and obligations under this Agreement or any other agreement Obligor has with Bank.

13.3 Any Obligor fails to observe or perform any obligation or covenant of any nature with Bank, whether or not arising in connection with this Agreement.

13.4 Any Obligor becomes insolvent or makes an assignment for the benefit of creditors, or any petition is filed by or against any Obligor under any provision of any state or federal law alleging that such Obligor is unable to pay debts as they mature, or under any provision of the Federal Bankruptcy Code.

13.5 Any attachment, levy or garnishment issues against any property of any Obligor.

13.6 Any judgement or tax lien is entered against any Obligor, which remains unsatisfied after 15 (fifteen) days.

13.7 A receiver, trustee, conservator other court officer is appointed over any Obligor or any of Obligor's property for any purpose.

13.8 The occurrence of any change in the financial condition or affairs of any Obligor that, in the sole reasonable judgement of Bank, is materially adverse.

13.9 Without the prior written consent of Bank, any Obligor which is a corporation or partnership dissolves, merges, consolidates, reorganizes, terminates its existence, sells or transfers all or substantially all of its assets out of the ordinary course of business, or suffers to occur or permits a substantial change, as determined by Bank in its sole reasonable judgement, in its ownership, control or management.

13.10 The death, incarceration or legal incompetency of any Obligor if such Obligor is a natural person or, if Obligor is a partnership, the death, incarceration or legal incompetency of any general partner.

13.11 Any Obligor fails to promptly furnish to Bank such financial and other information as Bank may require at any time and form from time to time.

13.12 Debtor borrows money from any source other than Bank, whether or not subordinate in payment to the sums due in connection with this Agreement, without Bank's prior written consent.

14. Bank's rights upon default

Upon or after the occurrence of any Event of Default, Bank may exercise any or all of the following rights and remedies, without notice and at its option. Bank's rights and remedies shall be cumulative and not alternative, and the exercise of any right or remedy shall not constitute a waiver of Bank's other rights and remedies, nor exhaust Bank's ability to again exercise the same or any other right or remedy. Bank may exercise any or all of its rights or remedies from time to time as often as Bank deems necessary or desirable.

14.1 Notwithstanding any commitment to make further loans or advances contained in any other agreement between Debtor and Bank, Bank may refuse to make any further loans and advances to Debtor.

14.2 Bank may declare all liabilities and obligations of Debtor to be immediately due and payable.

14.3 Bank may exercise any and all rights, privileges and remedies available to Bank pursuant to law or pursuant to any instrument, agreement or document executed or delivered to Bank in connection with this Agreement, or otherwise.

14.4 Bank may advance sums to cure any Event of Default and add the sums advanced due in connection with this Agreement. Such cure by Bank shall not waive or excuse such Event of Default.

14.5 Bank may require Obligor to pay all of Bank's costs of collection and cure, which are expended or incurred by Bank in connection with Obligor's default, including Bank's reasonable attorney's fees and court costs, including but not limited to, those incurred in bankruptcy or insolvency proceedings, and any subsequent proceedings or appeals from any judgement or order entered therein.