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<br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL and use it in any lawful manner, and upon default <br />SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(al default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in <br />any note evidencing the same; <br /> <br />(bl the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR <br />which proves to have been false in any material respect when made or furnished; <br /> <br />{cl loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy <br />seizure or attachment thereof or thereon; <br /> <br />(dl death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of <br />the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any <br />bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may declare all <br />Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of <br />the Colorado Uniform Commercial Code. SECURED PARTY may require DEBTOR to assemble the collateral and deliver or make <br />it available to SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both parties. <br />Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees <br />and legal expenses. <br /> <br />No waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the saine default on a <br />future occasion. The taking of this security agreement iihall not waive or impair any other security said SECURED PARTY may <br />have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security <br />waive or impair this security agreement; but said 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 promises and duties <br />of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR. <br />their liabilities hereunder shall be joint and several. <br /> <br />Date this /13 day of <br /> <br />'If., Xl 'f' . <br />~ -, <br /> <br />,1994. <br /> <br />DEBTOR: TOWN OF MONUMENT <br /> <br />SECURED PARTY: STATE OF COLORADO for the use and <br />benefit of the Department of Natural <br />Resources, Colorado Water Conservation <br />__ Board () <br /> <br />Q -;o~rft <br /> <br />By: <br /> <br />~P7j;/~~7 <br />~~~itu~t'~~/ 1P~~'~7~,ure~ <br />nn eel e' . <br /> <br />Daries C. Lile, Director <br /> <br />ATTEST <br /> <br />(SEAL) <br /> <br />~@.~ <br />~1-U4- Q <br /> <br />C:IWP51 IDDCIA IT ACHlMONUMENT .$1 <br /> <br /> <br /> <br />