Laserfiche WebLink
0 • <br />CONTRACT. Upon default, SECURED PARTY shall have the immediate right to the <br />possession of the COLLATERAL. <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 <br />the Promissory Note or Loan Contract; <br />b. dissolution, termination of existence, insolvency, business failure, appointment <br />of a receiver of any part of the property of, assignment for the benefit of <br />creditors by, or the commencement of any proceeding under any bankruptcy or <br />insolvency law of, by or against DEBTOR; or <br />c. the making or furnishing of any warranty, representation or statement to <br />SECURED PARTY by or on behalf of DEBTOR which proves to have been false in <br />any material respect when made or furnished. <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have <br />the remedies of a secured party under Article 9 of the Colorado Uniform Commercial <br />Code. SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL <br />available to SECURED PARTY at a place to be designated by SECURED PARTY, which is <br />reasonably convenient to both parties. Expenses of retaking, holding, preparing for <br />sale, selling or the like shall include SECURED PARTY's reasonable attorney's fees and <br />legal expenses. <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default <br />and an opportunity to cure within thirty (30) days of receipt of such notice before the <br />DEBTOR shall be considered in default for purposes of this Security Agreement. No <br />default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br />PARTY of any default shall operate as a waiver of any other default or of the same <br />default on a future occasion. The taking of this security agreement shall not waive or <br />impair any other security SECURED PARTY may have or hereafter acquire for the <br />payment of the above indebtedness, nor shall the taking of any such additional security <br />waive or impair this security agreement; but SECURED PARTY shall retain its rights of <br />set -off against DEBTOR. 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 <br />Court for the City and County of Denver, State of Colorado, and DEBTOR consents to <br />venue and personal jurisdiction in said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors <br />and assigns; and all ises and duties of DEBTOR shall bind its successors or <br />assigns. , c.cc <br />o W <br />N <br />Off•(,,.......: . <br />off• ' >jc �o DEBTOR: Town of Georgetown, acting by and <br />through i Wa n S er Activity Enterprise <br />SEAL SEA]L� <br />McHugh, Mayor <br />Appendix 4 to Loan Contract C150321 <br />Page 2 of/ 3 <br />