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UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL, provided that DEBTOR keeps the <br />COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL for any <br />purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate right to the <br />possession of he COLLATERAL. <br />DEBTOR PHALL BE IN DEFAULT under this agreement upon the happening of any of the following events <br />or conditions: <br />(a) defa It in the payment or performance of any obligation, covenant or liability contained or referred <br />to h ein or in any note evidencing the same; <br />(b) the raking or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br />beha f of DEBTOR which proves to have been false in any material respect when made or furnished; <br />(c) loss theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making <br />of a y levy seizure or attachment thereof or thereon; <br />(d) deat i, dissolution, termination or existence, insolvency, business failure, appointment of a receiver <br />- of ar y part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any roceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor <br />or SL rety for DEBTOR. <br />UPON S JCH DEFAULT and at any time thereafter, or if it eerhsAtselt` rns&6re, SECURED PARTY may <br />declare all Ob igations secured hereby immediately due and pa tf;,id sh,�th'haw' the remedies of a secured <br />party under A ticle 9 of the Colorado Uniform Commercial Co .$VEVRED p; TY`. tay require DEBTOR to deliver <br />or make the OLLATERAL available to SECURED PARTY at a place a 1g as d ,by SECURED PARTY which is <br />reasonably c venient to both parties. Expenses of retaking, holding,,Ar�ep g for sale, selling or the like shall <br />include SECUF ED PARTY's reasonable attorney's fees and legal. expn the event court action is deemed <br />necessary to nforce the terms and conditions set forth herein, s n shall only be brought in the District <br />Court for the City and County of Denver, State of Colorado, and EBTOR consents to venue and personal <br />jurisdiction in said Court. <br />No defai ilt shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any <br />default shall operate as a waiver of any other default or of the same default on a future occasion. The taking <br />of this secur ty agreement shall not waive or impair any other security said SECURED PARTY may have or <br />hereafter ac uire for the payment of the above indebtedness, nor shall the taking of any such additional <br />security wai or impair this security agreement; but said SECURED PARTY shall retain its rights of set -off against <br />DEBTOR. <br />All righ dof SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises an uties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. <br />here <br />If t be m re than one DEBTOR, their liabilities hereunder shall be joint and several. <br />Dated <br />its 30 day of IC)G4o bet' , 1996. <br />DEBTOR: Mutual Mesa Lateral Enterprise <br />B ,,to 6640 <br />James Rooks, Manager <br />(SEAL) <br />ATTEST <br />By <br />Della Gams, Secretary <br />