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DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br /> following events or conditions: <br /> a. default in the payment or performance of any obligation, covenant or liability contained or <br /> 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 <br /> on behalf of DEBTOR which proves to have been false in any material respect when made or <br /> furnished; <br /> c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br /> making of any levy seizure or attachment thereof or thereon; <br /> d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of <br /> any part of the property of, assignment for the benefit of creditors by, or the commencement of <br /> any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br /> guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY may declare all Obligations <br /> secured hereby immediately due and payable and shall have the remedies of a secured party under <br /> Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may require DEBTOR to deliver or <br /> make the COLLATERAL available to SECURED PARTY at a place to be designated by SECURED PARTY <br /> which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling <br /> or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. In the event <br /> court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall <br /> only be brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR <br /> consents to venue and personal jurisdiction in said Court. <br /> No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY <br /> of any default shall operate as a waiver of any other default or of the same default on a future occasion. <br /> The taking of this security agreement shall not waive or impair any other security said SECURED PARTY <br /> may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any <br /> such additional security waive or impair this security agreement; but said SECURED PARTY shall retain its <br /> rights of set-off against DEBTOR. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and <br /> all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or <br /> assigns. If there be more than one DEBTOR,their liabilities hereunder shall be joint and several. <br /> Executed this/774 day of P cd en 6d r t 1997. <br /> DEBTOR: The Agricultural Ditch and Reservoir <br /> Company, <br /> a Colorado ifprofi • .:tion <br /> / <br /> Walter S.Welton, President <br /> SEAL <br /> ATTEST: .44 <br /> By ( p <br /> a .Theander,Asst.SecretaryA. <br /> -tA "::'' i itht <br /> • ./ <br /> M• <br />