Laserfiche WebLink
DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br />a. default in the payment or performance of any obligation, covenant or liability contained or <br />referred to herein or in any note evidencing the same; <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the Co~vaTEwa~, or the <br />making of any levy seizure or attachment thereof or thereon; <br />d. disso{ution, termination of existence, insplvency, business failure, appointment of a receiver of <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br />guarantor or surery for DEBTOR. <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY <br />may declare all Obligations secured hereby immediately due and payable and shall have the remedies <br />of a secured party under Article 9 of the Colorado Uniform Commercial Code. In addition, upon default, <br />SECURED PARrY shall have the right to transfer the COLI~4TERAL to and register the COL~oTERAL in the <br />name of the SECURED PARTY, and, whether or not so transferred and registered, to receive the income, <br />dividends and other distributions thereon and apply them to repayment of the loan. 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 />No default shall be waived by SECURE~ PaRTr except in writing, and no waiver by SECURED PARTY of <br />any default shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taking of this security agreement shall not waive or impair any other security said SECUREO PARn <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any <br />such additional security waive or impair this security agreement; but said SECURE~ PaRN shall retain its <br />rights of set-off against DEaTOR. In the event court action is deemed necessary to enforce the terms and <br />conditions set forth herein, said action sha11 only be brought in the District Court for the City and County <br />of Denver, State of Colorado, and DESTOR consents to venue and personal jurisdiction in said Court. <br />All rights of SECURE~ PaRnr hereunder shall inure to the benefit of its successors and assigns; and <br />all promises and duties of DEaTOR sha{I bind its heirs, executors or administrators or its successors or <br />assigns. If there be more than one DESTOR, their liabilities hereunder shall be joint and several. <br />Dated this ~~ day of /~~~ 1998. <br />DEBTOR: C. R. Evans <br />~. /~ ,, ~o <br />