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, :, <br />:, <br />does not use the Co��rERa� for any purpose not permitted by the CoNrRa,cr. Upon default, <br />SECURE� PaRN shall have the immediate right to the possession of the Co��a,TERa�. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following <br />events or conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Cont�act evidencing the same; <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 insolvenc� law of, by or <br />against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURE� <br />PARrY by or on behalf of DEBroR which proves to have been false in any material <br />respect when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafter, SECUREp PaRrY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Comrnercial Code. <br />SECURE� PaRN may require DEBTOR to deliver oc make the Co��aTERa� available to SECURE� <br />PaRN at a place to be designated by SECURE� PARrY which is reasonably convenient to both <br />parties. <br />The SECUREO PaRN shal! give the DESroR wrii#en notice of any alleged defaul# <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 SECURE� PaRrY except in writing, and no waiver by SECURE� Pa�rY 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 SECURE� PARn <br />may have or hereafter acquire for the paymen� of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement bUt SECURED PARTY <br />shall retain its rights of set-off against DE�roR. In the �vent court action is deemed necessary <br />to enforce the terms and conditions set fortfi herein, said action shall only be brought in the <br />District Court for the City anti County of Denver, State of Colorado and DEBTOR consents to <br />venue and personal jurisdiction in said Court. � <br />All rights of SECURE� PaRrY hereunder shall inure to the benefit of its successors and <br />assigns; and a(I promises and duties of DEBTOR shall bind its successors or assigns. <br />Dated November 14, 2002. <br />SEAL <br />AZ <br />:� <br />DEBTOR Parker Water and Sanitation District, <br />acting by and through its Water Activity <br />Enterprise and its nitary Sewer Aetivity <br />Entert�e /,✓ _ <br />: <br />as <br />