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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 Loan Contract; <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 cornmencement of any proceeding under any bankruptcy or insolvency law of, by <br />or against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARN 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, SECUREO PaRrY shall have the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAI. available to SECURED <br />PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED PARTY's reasonable attorney's fees and legal expenses. <br />The SECURE� PARN shall give the DEBTOR written notice of any alleged default and an <br />opportunity 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 default shall be waived by <br />SECURED PARTY G'XCept in writing, and no waiver by SECURED PARTY of any default shall <br />operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security SECURE� PARN <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the <br />taking of any such additional security waive or impair this security agreement; bUt SECURED <br />PaRN shall retain its rights of set-off against DESTOR. In the event court action is deemed <br />necessary to enforce the terms and conditions set forth herein, said action shall only be <br />brought in the District Court for the City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue and personal jurisdiction in said Court. <br />All rights of SECURE� PARN 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 />�ttt!f'��s�:f�r.,., <br />�h�,�,• • " ., l� � {>er <br />�e•' 't � � t � �' � r l /�J r,,. �ji <br />\` ,,t •' ~' `e <br />�~ ` • • �/� <br />. � <br />:SEAL <br />�`' ?-` .� p � <br />e.� ' � ���, � s- <br />� <br />•,, <br />ATTE ��� �'• .. ,.....• �� .-,' <br />�. �: (.`'';a.r �,', <br />J ;'1 ` <br />By <br />Donn E. Engel, ecr tary <br />DEBTOR: WRCC, Inc., a Colorado <br />nonprofit corporation <br />� <br />' // _sr ��� � r <br />�� � <br />�- 7' •' • ' •- <br />r <br />Appendix 4 to Loan Contract C150302 <br />Page 2 of 2 <br />