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<br />pu'-pose not permitted by the CONTRACT. Upon default, SECURED PARTY shall h:-:ive the immediate right to the <br />possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred <br />to herein or in any note evidencing the same; <br /> <br />b. the making or furnishing 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 />furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />making of any levy seizure or attachment thereof or thereon; <br /> <br />d. death, dissolution, termination of existence, insolvency, business failure, appointment of a receiver <br />of any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or in ency law of, by or against DEBTOR or any guarantor <br />or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time ems itself insecure, SECURED PARTY shall <br />have the remedies of a secured party under ado Uniform Commercial Code. SECURED <br />PARTY may require DEBTOR to deliver or ma e OL available to SECURED PARTY at a place to be <br />designated by SECURED PARTY which is reasona y c ient to both parties. Expenses of retaking, holding, <br />preparing for sale, selling or the like shall includ ED PARTY'S reasonable attorney's fees and legal <br />expenses. In the event court action is deemed to enforce the terms and conditions set forth herein, <br />said action shall only be brought in the District r the City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue and personal jurisdictio in 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 before 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 no <br />waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any other security said <br />SECURED PARTY 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 said SECURED PARTY shall retain its <br />rights of set-off against DEBTOR. <br /> <br />All rights Rt,~~<;:,yRED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises an~~~RN~/~R shall bind its heirs, executors or administrators or its successors or assigns. If <br />there be llJ.o)\ ~fltlnt'Q~~:;J their liabilities hereunder shall be joint and several. <br />.:: ~. . 0 <o'~... <br />~;Tted this 20th~.W~f June 2000. <br />=Ci. .C:J":. <br />i : SEAL io~ <br />Attest (\L) l ~ <br />~ ~ .. ~ .:: <br />iGJ ~~ .. ~ .:: <br />~,;!C'~ iiiI... ~~,~ <br />d") J',,;.~ E, \\,... -r . <br />By ~" 'Pn~ <br />Secretary <br /> <br /> <br />By <br /> <br /> <br />K <br /> <br />~ <br /> <br />resident <br />