C150252 Paid in Full Contract - Laserfiche WebLink

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DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following events or conditions: a. default in the payment or performance of any obligation contained herein or in the Promissory Note or Loan Contract; b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR; or c. the making or furnishing of any warranty, represe r statement to SECURED PARTY by or on behalf of DEBTOR which proves t e in any material respect when made or furnished. UPON SUCH DEFAULT and at any time t , URED shall have the remedies of a secured party under Article 9 of t a• h ► . ommercial Code. SECURED PARTY may require DEBTOR to deliver or make th *„ i e to SECURED PARTY at a place to be designated by SECURED PARTY, which is re- enient to both parties. Expenses of retaking, holding, preparing for sale, selling or t - shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be considered in default for purposes of this Security Agreement. No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but SECURED PARTY shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. DEBTOR: Henrylyn Irrigation District, organized under the Irrigation District Law of 1905(C.R.S. 37-41-101 to— 160) SEAL By , K--.1). ' 4, Ken Boilers, President ATTE � By AFW,r,.,. "*P. , . 7, ,1L01411,0 Rodney :if mgartner,;%-cretary Appendix 4 to Loan Contract C150252 Page 2 of 2