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<br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following <br />events or conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Contract evidencing the same; <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 the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or <br />against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED PARTY <br />by or on behalf of DEBTOR which proves to have been false in any material respect when <br />made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY may declare all <br />Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may <br />require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br />designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of <br />retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable <br />attorney's fees and legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default <br />shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security SECURED PARTY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of <br />any such additional security waive or impair this security agreement; but SECURED PARTY shall <br />retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to <br />enforce the terms and conditions set forth herein, said action shall only be brought in the District <br />Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and <br />personal jurisdiction in said Court. <br /> <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 />DEBTOR: The Spring Dale Ditch Company, a Colorado <br />nonprofit corporation <br /> <br />CORPORATE <br />SEAL <br /> <br />BY~~~ <br />Leon Fritzie, reSident <br /> <br />ATTEST: <br /> <br /> <br />ecretary <br />