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DEBTOR SHALL BE IN �fAULT <br />foilowing events or conditions: <br />a. default in the payment or performance <br />Promissory Note or Loan Contract; <br />under #his �rcement upon any of the <br />of any obligation contained herein or in the <br />b. dissolution, termination of existence, insolvency, business #ailure, a{�ointrnent of a <br />receiver of any part of the property of, assignment for the benefrt of creditors by, or the <br />commencement of any proceeding under any bank►uptcy or insolvency law of, by or <br />against DEBTOR; or <br />c. the making or fumishing of any warranty, representation or statement to SECURE� <br />PARN by or on behalf of DEeTOR which proves to have been faise in any material <br />respect when made or fumished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURE� PnRr�r shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURE� PnRN may require DE�roR to deliver or make the Cotu�TERa� available to SECURE� <br />PaR�nr 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 iike shall indude <br />SECURE� PaRrY's reasonable attomey's fees and legai expenses. <br />The SECURE� PaRn shall give the DESroR written notice of any alleged default and an <br />opportuniiy to cure within thirty (30} days of receipt of such notice before the DEBTOR shall be <br />considered in default for purposes of this Security Agreement. No de#au# shail be waived by <br />SECURED PARTY eXC@p� 111 WI'I�IIl9 and no waiver by SECURE� PnR�nr of any default shall operate <br />as a waiver of any other default or of the same default on a future occasion. The taking of this <br />security agreement shall not waive or impair any other security SECURE� PARnr may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement but SECURED PARTY Shall retain its <br />rights of set-off against DEBroR. In the event court action is deemed necessary to enforce the <br />terms and conditions set forth herein, said action shall only be brought in the District Court for <br />the City and County of Denver, State of Colorado, and DESTOrt consen#s to venue and personal <br />jurisdiction in said Court. <br />AI! rights of SECUREO PnRrr hereunder shall inure to the benef�t of its successors and <br />assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br />�BTOR: Trind�era irrigati� <br />Company, a Coiorado nonprofit <br />corporation <br />SEAL <br />ATTEST� <br />� <br />By <br />Robert E. Espinosa, Sectr ary-Treasurer <br />: / � / <br />-� �,, . � � � �� <br />- - - r. � - <br />Appendix 4 to Loan Contract C150303 <br />Page 2 of 2 <br />