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• , <br />To secure payment of the loan evidenced by the PROMissoRY NorE payable in accordance <br />Wlth th6 TERMS OF REPAYMENT, or until all principal, interest, and late charges, if any, are paid in <br />fU{I, th@ DEBTOR grants t0 SECURED PnRtY a S@CUfl�/ interest I� th@ above described <br />COLLATERAL. <br />DEBTOR EXPRESSLY WARRANTS AND COVENANTS: <br />2. <br />3. <br />4. <br />5. <br />That except for the security interest granted hereby and any other security interes#s <br />described in Section 5 of the Loan Contract Project Summ2ry, DEBTOR is the owner of the <br />Co�u�►�wu. free from any adverse lien, security interest or encumbrances; and that DEaTOR <br />will defend the Co�u�►�t�►� against all claims and demands of all persons at any time <br />claiming the same or any interest therein. <br />That the execufion and delivery of this agreement by DEeTOR will not violate any law or <br />agreement governing DEeTOR or to which DEBTOR is a party. <br />To not permit or allow any adverse lien, security interest or encumbrance whatsoever upon <br />the Cou�►�w�� and not to permit the same to be attached or replevined. <br />That by its acceptance of the benefits derived from Maker's acceptance of the loan money <br />pursuant to the terms of the CoKrRacT befinreen Maker and Secured Party and by its <br />representations herein, DEBTOR shall be estopped from assert�ng for any r�ason that it is <br />not authorized to grant a security interest in the Co�u►�wv. pursuant to the terms of this <br />agreement. <br />To pay all taxes and assessments of every nature which may be levied or assessed against <br />the Co�u�-rEw�. <br />6. That the DESroR's articles of incorporation and by-laws do not prohibit any term or <br />condition of this agreement. <br />DEBTOR SHALL BE IN DEFAULT <br />following events or conditions: <br />a. default in the payment or perfonnance <br />Promissory Note or Loan Contract; <br />under this agreement upon any of the <br />of any obligation cont�ined herein or in the <br />b. dis�olution, 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 />�ommencement of any proceeding under any bankrup#cy or insolvency law of, by or <br />against C1EBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECUrtE� <br />PnRnr by or on behalf of DEBroR which proves �o have been false in any material <br />respect when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafter, SECUREO 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 makQ the Coua�Rn� available to SECURE� <br />PaRnr at a place to be designated by SECURE� PARn, which is reasonably convenient to both <br />parties. Expenses of retaking, bolding, preparing for sale, selling or the like shall include <br />SECURE� P�►Rnr's reasohable attomey's fees and legal expenses. <br />The SECURE� PaRrY shall give the DES�'oR written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of teceipt of such notice before the DESTOR shall be <br />considered in def�u� for purposes of this Security Agreement. No default shall be waived by <br />SECURED PARTY @XCept I� Writlll9, and no waiver by SECURE� RARn� of any defautt shall operate <br />as a waiver of any otMer default or of the same default on a future occasion. The taking of this <br />Appendix 8 to Loan Contr�ct C150240 <br />Page 2 of 3 <br />