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<br />, , <br />" <br /> <br />b. the making or fumishing of any warranty. representation or statement to SECURED PARTY by or on <br />behalf of DEBTOR which proves to have been false in any material respect when made or <br />fumished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />m<ilking of any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination of existence, insolver1CY, business failure, appointment of a receiver of any <br />part of the property of, assignment for the lJenefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or <br />surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may <br />declare all Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article g of the Colorado Uniform Commercial Code. SECURED PARTY may require <br />DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be designated by <br />SECUREO PARTY'which is reasonably convenient to both parties. Expenses of retaking, holding, preparing <br />for sale, selling or the like shall include SECURED PARTY'S reasonable attomey's fees and legal expenses. <br />In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said <br />action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue and personal jurisdiction ir1 said Court. <br /> <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an opportunity to <br />cure within thirty (30) days of receipt of such notice Defore the DEBTOR shall be considered in default for <br />purposes of this Security Agreement. No default shall be waived by SECURED PARTY except in writing, and <br />no waiver by SECURED PARTY of any default shall op@rate as a waiver of any other default or of the same <br />default on <il future occasion. The taking of this security agreement shall not waive or impair any other <br />security said SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness. <br />nor shall the taking of any such additional security waive or impair this security agreement; but said <br />SECURED PARTY shall retain its rights of set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns: and all <br />promises and duties of DEBTOR shall bind its heir~, executors or administrators or its successors or <br />assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this 1. :!/d day of November 1999. <br /> <br />ATTEST: <br />By W <br /> <br />,,""or PAli~ ....... <br />..-', "0 \ .....;.~" <br />( SEA L ) ,.., .' :..' """ 'f,A . <br />, ., '" .v. <br />'. -~--.,.~ {t\:. <br />--... : <br />\ : (): <br />1 ~ ,",- : <br />vi .-.J~ <br />"_,i .. .. <br />, " . <br />. . <br />." <br />. <br /> <br /> <br />By <br /> <br /> <br />. <br />. <br /> <br />. <br />