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(b) Existing liens , security interest , and encumbrances . <br /> Except for the security interest granted herein Omega will keep <br /> the collateral free and clear of liens , security interests , or <br /> encumbrances , and will not assign, sell , mortgage, lease , transfer , <br /> pledge , grant a security interest in, encumber or otherwise dispose <br /> of or abandon any part of all of the collateral without the prior <br /> written consent of the City, except for the sale from time to <br /> time in the ordinary course of business of the undersigned of <br /> such items of collateral as may constitute all or any part of <br /> the business inventory of Omega. Omega will make due and timely <br /> payment of all obligations and indebtedness secured and Omega <br /> shall fully comply with all terms and provisions of all security <br /> instruments representing such security interests . Any default <br /> by Omega under or with respect to any such security instrument <br /> or obligations secured thereby shall constitute an event of <br /> default under this Agreement . <br /> (c) Taxes , compliance with laws . Omega will make due and <br /> timely payment or deposit of all taxes , assessments , or contributions <br /> required by law which may be lawfully levied or assessed with <br /> respect to any of the collateral and will execute and deliver <br /> to the City, on demand, appropriate certificates attesting to <br /> the timely payment or deposit of all such taxes , assessments <br /> or contributions . Omega will use the collateral for lawful <br /> purposes only , and with all reasonable care and caution, and <br /> in conformity with all applicable laws , ordinances and regulations . <br /> At its own cost and expense Omega will keep the collateral in <br /> first class order , repair and condition ordinary wear and tear <br /> excepted. <br /> (d) Inspection. The City or its designee shall at all times <br /> have free access to and the right of inspection of any part or <br /> all of the collateral and any records of Omega (and the right <br /> to make extracts from such records) , and Omega shall deliver <br /> to the City the originals or true copies of such papers and <br /> instruments relating to any or all of the collateral the City <br /> may request at any time . <br /> (e) Collateral to remain personal property. The collateral <br /> is now and shall be and remain personal property, notwithstanding <br /> -4- <br />