C150161 Contract

• Contract/PO #: C150161
• Contractor Name: Greeley and Loveland Irrigation Company
• Contract Type: Loan
• Water District: 4
• County: Larimer
• Loan Projects - Doc Type: Contract Documents

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

DEBTOR: The Greeley and Loveland Irrigation
Company, a Colorado nonprofit corporation

~,.o (Rr
~ '. G <r
4-;5\~~~~ "-~,' '
"1 S EAJ,.!-
,:; ( 'fl' ,'(:,
__ " UJ.." \.li
... ,-
>'~ SED-'"
o

, f1 ;
[) "
;' .? 1
't>
"
<I'
:Jj. ............' -r
Attest" 'T,,/

BkO~~~';~Tr~;.Lr

6~rritJ~+~-
Davi ' . Bernhardt, President

Appendix 4 to Loan Contract C150161
Page 2 of 2