C150240 contract docs - Laserfiche WebLink

Home Browse Search

• � To secure payment of the loan evidenced by the PROMissoRY NoTE payable in accordance Wlth tI1E TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in full, the DEBTOR grants to SECURED PARTY a security interest in the above described COLLATERAL. DEBTOR EXPRESSLY WARRANTS AND COVENANTS: 1. That except for the security interest granted hereby and any other security intenests described in Section 5 of the Loan Contract Project Summary, DEBTOR is the owner of the Co�wTERa� free from any adverse lien, security interest or encumbrances; and that DEBTOR will defend the Cou.nrEw�� against all claims and demands of all persons at any time claiming the same or any interest therein. 2. That the execution and delivery of this agreement by DESTOR will not violate any law or agreement governing DEBTOR or to which DESTOR is a party. 3. To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Co�u��w�►� and not to permit the same to be attached or replevined. 4. That by its acceptance of the benefits derived from Maker's acceptance of the loan money pursuant to the terms of the CoN�cT between Maker and Secured Party and by its representations herein, DESTOR shall be estopped from asserting for any reason that it is not authorized to grant a security interest in the Co��arEt�� pursuant to the terms of this agreement. 5. To pay all taxes and assessments of every nature which may be levied or assessed against th2 COLLATERAL. 6. That the DEBroR's articles of incorporation and by-laws do not prohibit any term or condition of this agreement. DEBTOR SHALL BE IN DEFAULT following events or conditions: a. default in the payment or pe�formance Promissory Note or Loan Contract; under this agreement upon any of the of any obligation contained herein or in the 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 SECUREo PARrY by or on behalf of DESTOR which proves to have been false in any material respe�t when made or furnished. UPON SUCH DEFAULT and at any time thereafter, SECURE� PnRN shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURE� PnRN may require DEBTOR to deliver or make the Co��aTERn� available to SECURE� PARn at a place to be designated by SECURE� PaRN, which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURE� PARNs reasonable attomey's fees and legal expenses. The SECURE� PARnr shall give the DEBTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of rer,eipt of such notice before the DEaTOR shall be considered in default for purposes of this Security Agreement. No default shal) be waived by SECURE� PAR�r�r except in writing, and no waiver by SECURE� PaRN 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 Appendix 5 to Loan Contract C150240 Page 2 of 3