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<br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for any <br />purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have 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 events or <br />conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred to herein <br />or in any note evidencing the same; . <br /> <br />b. the making or fumishing of any warranty, representation or statement to SECURED PARTY by or on behalf of <br />DEBTOR which proves to have been false in any material respect when made or furnished; <br /> <br /> <br />e COLLATERAL, or the making of any <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance t <br />levy seizure or attachment thereof or thereon <br /> <br />d. death, dissolution(temiination or existence, insolv <br />part of the property.of, assignment for the benefi <br />under any ba-nkruptcy or insolvency law of, by oriagain <br /> <br />re, appointment of a receiver of any <br />the commencement of any proceeding <br />r any guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time there it deem itself insecure, SECURED PARTY may declare <br />all Obligations secured hereby jmm~~tely. due and p I have the remedies of a secured party under <br />Article 9 of the Colorado Uniform Cammercial Code. S TY may require DEBTOR to deliver or make the <br />COLLATERAL available to SECURED PARTY at to designated by SECURED PARTY which is reasonably <br />. convenient to both parties. Expenses of reta . ng, pr 'ng for sale, selling or the like shall include SECURED <br />PARTY'S reasonable attomey's fees and Ie . In e event court action is deemed necessary to enforce <br />the terms and conditions set forth herein, all only be brought in the District Court for the City and County <br />of Denver, State of Colorado, and DEBT~~nse e and personal jurisdiction in said Court. <br /> <br />No default shall be waived by SEcURED PAA-tvex . ptin.writing, and no waiver by SECURED PARTY of any default <br />shall operate asa waiver of any other default or of the same default on a future occasion. The taking of this security <br />agreement shall not waive or impair any other:seooiity said SECURED PARTY may have or hereafter acquire for the <br />payment of the above indebtedness, nor shall the' taking of any such additional security waive or impair this security <br />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 <br />and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more <br />than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this /0 ~ day of 1997 <br /> <br />~~ <br /> <br />DEBTOR: The Consolidated Extension Canal <br />Company <br /> <br /> <br />By: <br /> <br />(SEAL) <br /> <br />ATTEST <br /> <br />