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a. default by the Agricultural Ditch and Reservoir Company in the payment or performance of any <br /> obligation, covenant or liability contained or referred to herein or in any note evidencing the same; <br /> b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br /> behalf of DEBTORS which proves to have been false in any matrkes'p ct when made or furnished; <br /> c. loss,theft, damage, destruction, sale or encumbrance to or of f#fie CoLLATERI L, or the making of <br /> any levy seizure or attachment thereof or thereon; ' rt , -r ,;,> <br /> d. dissolution,termination of existence, insolvency, busine F, . , a•,e.', t-•-• 'a receiver of any part <br /> of the property of, assignment for the benefit of credito-:., ,. •• he !::± ' rife rnt' -any proceeding <br /> under any bankruptcy or insolvency law of, by or against D BT .'3 o' 4,2i 1 or surety for <br /> DEBTORS. <br /> UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY may declare all Obligations secured <br /> hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the <br /> Colorado Uniform Commercial Code. SECURED PARTY may require DEBTORS to deliver or make the <br /> 'COLLATERAL available to SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably <br /> convenient to both 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. In the event court action is deemed <br /> necessary to enforce the 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 venue and personal <br /> jurisdiction in said Court. . <br /> No default shall be waived by SECURED PARTY except in writing, and no waiirer 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 of <br /> this security agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter <br /> acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or <br /> impair this security agreement; but said SECURED PARTY shall retain its rights of set-off against DEBTORS. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br /> promises and duties of DEBTORS shall bind their successors or assigns. If there be more than one DEBTOR, <br /> their liabilities hereunder shall be joint and several. <br /> Executed this/7M day of,Ddc .ni b er 1997. <br /> DEBTOR 1:The Agricultural Ditch and Reservoir <br /> ATTEST(S E A L): Company,a Colorado n •rofit corporation <br /> i / <br /> By .�/. 14By: L I A' /' i mil <br /> G D.Theander,Asst.Secretary Walter S.Welton, President <br /> DEBTOR 2: The Golden, Canal and Reservoir <br /> ATTEST(SEAL): Company,a Colorado n•.profit corporation <br /> i / <br /> By By: %i•• .� I <br /> Ga D.Th ander,Asst. Secretary Walter S.Welton, President <br />