Laserfiche WebLink
� <br />COLLATERAL. <br />�J <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Contract evidencing the same; <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 <br />the commencement of any proceeding under any bankruptcy or insolvency law of, <br />by or against DESTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURE� <br />Pa,RN 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� PARN may declare all <br />Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article 9 of the Colorado Uniform Commercial Code SECURED PARTY <br />may require DEaTOR to deliver or make the Co��aTERa� available to SECURE� PaRn at a <br />place to be designated by SECURE� PARn which is reasonably convenient to both parties. <br />Expenses of retaking, holding, preparing for sale, selling or the like shall include SECUREo <br />PARTY reasonable attorney's fees and legal expenses. <br />The SECURED PARTY Sh811 gIV@ the DEBTOR WI'Ittef1 notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such notice before <br />the DEeTOR shall be considered in default for purposes of this Security Agreement. No <br />default shall be waived by SECURE� PARN except in writing and no waiver by SECURED <br />PaRnr of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any <br />other security SECURE� PaRn may have or hereafter acquire for the payment of the above <br />indebtedness, nor shall the taking of any such additional security waive or:impair this <br />security agreement; but SECUREO PaRN shall retain its rights of set-off against DEBTOR. In <br />the event court action is deemed necessary to enforce the terms and conditions set forth <br />herein, 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 jurisdiction in said <br />Cou rt. <br />All rights of SECURE� PaRN hereunder shall inure to the benefit of its successors <br />and assigns; and all promises and duties of DEeTOR shall bind its successors or assigns. <br />DEBTOR Kern Reservoir and Ditch Company, <br />a Colorado nonprofit corporation <br />SEAL <br />By G�(/ �/'�ri�'�'r-� l� /.�'t., <br />W. Way e Miller, President <br />ATT <br />, <br />. <br />B � <br />Julie hester, orporate Secretary <br />Page 2 of 2 <br />