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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <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 <br />the commencement of any proceeding under any bankruptcy or insolvency law of, by <br />or against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged <br />defaultand an opportunity to cure within thirty (30) days of receipt of such notice before the <br />DEBTOR shall be considered in default for purposes of this Security Agreement. No default <br />shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any <br />default shall operate as a waiver of any other default or of the same default on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security <br />SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, <br />nor shall the taking of any such additional security waive or impair this security agreement; but <br />SECURED PARTY shall retain its rights of set-off against DEBTOR. In the event court action is <br />deemed necessary to enforce the terms and conditions set forth herein, said action shall only <br />be brought in the District Court for the City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue and personal jurisdiction in said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> <br />Attest <br /> <br />": :~.,:'~~~~,~v'~' <br /> <br />DEBTOR: The Dolores Water Conservancy District, <br />acting by and through the Dolores Water <br />Conservancy District Water Activity Enterprise <br /> <br />By \k~, (iL'~ <br /> <br />Donald W. Schwindt, President <br /> <br />t j.'> ~~. ,; <br />.....'. <br /> <br />, ' <br />: .... t ~. <br />: <-;;-: <br />- Y';" _.""-, '.' ,,( <br />. ,SE'AL <br />" .. 1....i J .-....-' ". ~ ' <br /> <br />By <br /> <br /> <br />Page 2 of 2 <br />