C150262 Contract

• Contract/PO #: C150262
• Contractor Name: Bennett, Town of
• Contract Type: Loan
• Water District: 0
• County: Adams
• County: Arapahoe
• 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 promises and duties of DEBTOR shall bind its successors or assigns.
_-'` o eENNEr .;\ DEBTOR: Town of Bennett, acting by and
~~'' through its Water Activity Enterprise
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SEAL'°:
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~;o ie` Sue Horn, Mayor
ATTEST: c~ ' ~ .
By ~.. _ _ ~
Tam Int mill, Town C
Appendix 4 to Loan Contract C150262
Page 2 of 2