Laserfiche WebLink
<br />SECURED PARlY shall have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br /> <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <br /> <br />b. dissolution, termination of existence, insolvency, business failure, appointment of a <br />receiver of any part of the property of, assignment for the benefit of creditors by, or the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or <br />against DEBTOR; or <br /> <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARlY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARlY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARlY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARlY at a place to be designated by SECURED PARlY, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARlYS reasonable attorney's fees and legal expenses. <br /> <br />The SECURED PARlY shall give the DEBTOR written notice of 'any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARlY except in writing, and no waiver by SECURED PARlY of any default <br />shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security SECURED PARlY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement; but SECURED PARlY <br />shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to <br />enforce the terms and conditions set forth herein, said action shall only be brought in the District <br />Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br /> <br />All rights of SECURED PARlY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> <br />DEBTOR: Lower Arkansas Water <br />Management Association, a Colorado <br />nonprofit corporation <br /> <br />By <br /> <br /> <br />(SEAL) <br /> <br />Attest: <br /> <br />By <br /> <br /> <br />oL <br /> <br />Page 2 of 2 <br />