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DEBTOR SHALL BE IN DEFAULT under this agreement upon any of <br />the following events or conditions: <br />a. default in the payment or performance of any obligation contained herein <br />or in the Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, business failure, <br />appointment of a receiver of any part of the property of, assignment for the <br />benefit of creditors by, or the commencement of any proceeding under any <br />bankruptcy or insolvency law of, by or against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to <br />SECURE� PaRnr by or on behalf of DEBroR which proves to have been <br />false in any material respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter SECURED PARTY Sh811 <br />have the remedies of a secured party under Article 9 of the Colorado Uniform <br />Commercial Code. SECURE� PaRN may require DEBTOR to deliver or make the <br />Co��aTEw4� available to SECURE� PaR�r at a place to be designated by SECURE� <br />PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECURED PARTY <br />reasonable attorney's fees and legal expenses. <br />The SECURE� PARn shall give the DEBTOR written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such notice <br />before the DESTOR shall be considered in default for purposes of this Security <br />Agreement. No default shall be waived by SECUREO PARN except in writing, and <br />no waiver by SECURE� PARrY of any default shall operate as a waiver of any other <br />default or of the same default on a future occasion. The taking of this security <br />agreement shall not waive or impair any other security SECURE� PaRrr may have <br />or hereafter acquire for the payment of the above indebtedness, nor shall the <br />taking of any such additional security waive or impair this security agreement; but <br />SECURE� PARrir shall retain its rights of set-off against DEBTOR. In the event court <br />action is deemed necessary to enforce the terms and conditions set forth herein, <br />said action shall only be brought in the District Court for the City and County of <br />Denver, State of Colorado, and DEBTOR consents to venue and personal <br />jurisdiction in said Court. <br />All rights Of SECURED PARTY hereunder shall inure to the benefit of its <br />successors and assigns; and all promises and duties of DEBTOR shall bind its <br />successof� �signs. <br />; °'; �,�,, � � �� . �'f ;`�•, DEBTOR: Town of Hillrose, acting by <br />,����?r°' �.'� ,�- and through its Water Activity Enterprise <br />:� S�� � - (� ` <br />� �-, ---,� -_ g J <br />, ��, � <br />' -' --' , Jamie Rie I, Mayor , <br />Al'7"ES : � <br />By . <br />� y Gofemboski, Town Clerk <br />Appendix 4 to Loan Contract C150254 <br />Page 2 of 2 <br />