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DE TOR SHALL BE IN DEFAULT under this agreement upon any of the <br />following 3vents 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. diE solution, termination of existence, insolvency, business failure, appointment of a <br />re eiver of any part of the property of, assignment for the benefit of creditors by, or the <br />co n mencement of any proceeding under any bankruptcy or insolvency law of, by or <br />ag iinst DEBTOR; or <br />c. th making or furnishing of any warranty, representation or statement to SECURED <br />PA TY by or on behalf of DEBTOR which proves to have been false in any material <br />re ect when made or fumished. <br />UP N SUCH DEFAULT and at any time thereafter, SECURED PARTY shall have the <br />remedies f a secured party under Article 9 of the Colorado Uniform Commercial Code. <br />SECURED P kRTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br />parties. enses of retaking, holding, preparing for sale, selling or the like shall include <br />SECURED P TY's reasonable attorney's fees and legal expenses. <br />The SECURED PARTY 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 P TY except in writing, and no waiver by SECURED PARTY of any default shall operate <br />as a waivei of any other default or of the same default on a future occasion. The taking of this <br />security ag eement shall not waive or impair any other Security SECURED PARTY may have or <br />hereafter a quire for the payment of the above indebtedness, nor shall the taking of any such <br />additional ecurity waive or Impair this security agreement; but SECURED PARTY shall retain its <br />rights of s -off against DEBTOR. In the event court action is deemed necessary to enforce the <br />terms and onditions set forth herein, said action shall only be brought in the District Court for <br />the City an County of Denver, State of Colorado, and DEBTOR consents to venue and personal <br />jurisdiction n said Court. <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br />assigns; an all promises and duties of DEBTOR shall bind its successors or assigns. <br />DEBTOR: Last Chance Ditch <br />Company, a Colorado nonprofit <br />S AL <br />corporation <br />ATTEST: <br />N <br />James French, President <br />Appendix 4 to Loan Contract 0150318 <br />Page 2 of 2 <br />