C153682A PIF Contract - Laserfiche WebLink

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5. Promptly to notify Secured Party of any change in the location of the Collateral. 6. To`pay all taxes and assessments of every nature which may be levied or assessed against the Collateral 7. Not to permit or allow any adverse lien, security interest or encumbrance whatsoever upon the Collateral nd not to permit the same to be attached or replevined. 8. That the Collateral is in good condition, and that he will, at his own expense, keep the same in good con ition and from time to time, forthwith, replace and repair all such parts of the Collateral as may be broken, worn out, or damag without allowing any lien to be created upon the Collateral on account of such replacement or repairs, and that the Secured may examine and inspect the Collateral at any time, wherever located. 9. That he will not use the Collateral in violation of any applicable statutes, regulations or ordinances. 10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (incl ding so- called extended coverage), theft and such other casualties as the Secured Party may reasonably require, includin collision in the case of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such pe iods, and written by such companies or underwriters as the Secured Party may approve, losses in all cases to be pay le to the Secured Party and the Debtor as their interest may appear. All policies of insurance shall provide for at least ten ays' prior written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certifica s of such insurance or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paral raph. The Secured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cance ling such insurance and endorsing the Debtor's name on any drafts drawn by insurers of the Collateral. UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and u on default Secured Party shall have the immediate right to the possession of the Collateral. DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the followin events or conditions: (a) default in the payment or performance of any obligation, covenant or liability contained or referred to he n or in any note evidencing the same; (b) the making or furnishing of any warranty, representation or statement to Secured Party by or on beh of Debtor which proves to have been false in any material respect when made or furnished; (c) loss, theft, damage, destruction, sale or encumbrance to or of any of the Collateral, or the making of any evy seizure' or attachment thereof or thereon; (d) death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any b ptcy or insolvency laws of, by or against Debtor or any guarantor or surety for Debtor. UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, Secured Party ma declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Me 9 of the Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and deli v or make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable attorney's f s and legal expenses. No waiver by Secured Party of any default shall operate as a waiver of any other default or of the same de t on a future occasion. The taking of this security agreement shall not waive or impair any other security said Secured Pasty may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security ve or impair this security agreement; but said Secured Party may resort to any security it may have in the order it may dee proper, and notwithstanding any collateral security, Secured Party shall retain its rights of set -off against Debtor. All rights of Secured Party hereunder shall inure to the benefit of its successors and assigns; and all promise and duties of Debtor shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than on Debtor, their liabilities hereunder shall be joint and several. n N� Date this 2 day of August 19 94 Debtor: Caryl R. Carroll Secure * STATE OF COLORAD o the use e e 1 of C rado Conservation oard 'I( this security Agreement is intended to sent as a finane secured party as well as the debtor must sign.