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� <br />U <br />. <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following events or conditions: <br />a. defauft in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, busin�ss 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 DEBTOR; or <br />c. the making or fumishing of any warranty, representation or statement to SECUREo <br />PARN by or on behalf of DEgrott which proves to have been false in any material <br />respect when made or fumished. <br />UPON SUCH DEFAULT and at any �me thereafter, SECUttEO P�tnr shall have the <br />remedies of a secured party under Article 9 of the Cobrado Uniform Commeraal Code. <br />SECURE� PaR�rv may require DEBroR to deliver or make the Co�u��t� available to SECUREo <br />PARTY 8t a pla((� t0 b@ deS19t1ateC) by SECURED PARTY which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall indude <br />SECURE� PnrtNs reasonable attomey's fees and legal expenses. <br />The SECURE� PaRnr shall give the DEBTO�z written notice of any alleged default and an <br />opportunity to cure within thirty (30) days of receipt of such notice before the DESTOrt shall be <br />considered in default for purposes of this Security Agreement. No defauft shall be waived by <br />S�cuRE� PnRN except in writing, and no waiver by SECURE� PaRnr of any default shall operate <br />as a waiver of any other defautt or of the same defautt on a future occasion. The taking of this <br />securityy agreement shall not waive or impair any other security SECURE� Pnrt�rir may have or <br />hereafter aoquire 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 P�►RTY shall retain its <br />rights of set-off against DESTOR. In the event court action is deemed nec:essary 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 DE�TOR consents to venue and personal <br />jurisdiction in said Court. <br />All rights of SECURE� PnRrr 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 />DEBTOR: Trinchera IRigation <br />Company, a Colorado nonprofit <br />corporation <br />SEAL <br />Tracy S� Kester, President <br />ATTEST• , <br />gy ��-�a� <br />Robert E. Espinosa, S ctreta -Treasurer <br />Appendix 4 to Loan Contract C1503'16 <br />Page 2 of 2 <br />