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DEBTOR SHALL BE IN DEFAULT <br />following events or conditions: <br />a. default in the payment or performance <br />Promissory Note or Loan Contract; <br />under this agreement upon any of the <br />of any obligation contained herein or in the <br />b. dissolution, termination of existence, insolvency, business failure, appointment of a <br />receiver af 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 fumishing of any warranty, representation or statement to SECURED <br />PaR�r�r 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, SECURE� PARnr shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURE� PARrr may require DEBroR to deliver or make the Co��.aTERa� available to SECUREo <br />PARr�r at a place to be designated by SECUREO PaRnr, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall inGude <br />SECURE� PARTr's reasonable attomey's fees and legal expenses. <br />The SECURE� PAR�nr shall give the DEaTOR 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 SECURE� PaRnr except in writing, and no waiver by SECURE� PARnr of any default <br />shalf 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 SECUREO PaRTr <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking <br />of any such additional security waive or impair this security agreement bUt SECURED PARTY <br />shall 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 />All rights of SECUREO PaRN hereunder shall inure to the benefit of its successors and <br />assigns; and all promises and duties of DEBroR shall bind its successors or assigns. <br />�EAL <br />DEBTOR: Granby Ditch and Reservoir <br />C any, a Colorado ditch com any <br />By <br />George ulton, President <br />ATTEST: <br />By ��,�� �.� �.�� <br />Chuck Richards, Secretary <br />Appendix 4 to Loan Contract C154266 <br />Page 2 of 2 <br />