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u <br />DEBTOR SHALL BE IN DEFAULT <br />following events or conditions: <br />a. default in the payment or perFoRnance <br />Promissory Note or Loan Contract; <br />� <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 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 DESTOR; or <br />c. the making or fumishing of any warranty, representation or statement to SECURE� <br />PARr�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� PARnr may require DEBTOR to deliver or make the Cou.nTEw�►� available to SECUREo <br />PARnr at a place to be designated by SECURE� PARnr, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECUREO PARNs reasonable attorney's fees and legal expenses. <br />The SECURE� Pwtnr shall give the DESTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the DEST'oR <br />shall be considered in default for purposes of this Security Agreement. No default shall be <br />waived by SECURE� PARN except in writing, and no waiver by SECURE� PARN 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 SECUREO PaRnr <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; btlt 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 <br />District Court for the City and County of Denver, State of Colorado, and DEaTOtz consents to <br />venue and personal jurisdiction in said Court. <br />All rights of SECURE� PArtnr 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 />(SEAL) <br />ATTE . � � <br />� �� <br />By <br />Jo n W. roo, Secretary-Treasurer <br />Debtor: Bull Creek Reservoir Canal 8 <br />Power Company, a Colorado nonprofit <br />corporation <br />,, <br />gy _ !� � , �— ..- <br />�,%� Irvi � nson, President <br />� <br />Appendix 4 to Loan Contract C150240 <br />Page 2 of 2 <br />