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DEBTOR defaults, SECURED P,,„Y shall have the immediate right Lo the possession of the <br /> COLLATERAL. <br /> 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 sta 10 <br /> , t URED PARTY by <br /> or on behalf of DEBTOR which proves to have been false in an a I s, c when made <br /> or furnished; <br /> c. loss, theft, damage, destruction, sale or encumbrance t r n •.- COLLATERAL, or the <br /> making of any levy seizure or attachment thereof or ther <br /> d. dissolution, termination or existence, insolvency, business failure, app. - i r a receiver <br /> of any part of the property of, assignment for the benefit of creditors , or the <br /> commencement of any proceeding under any bankruptcy or insolvency law of, by or against <br /> DEBTOR or any guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY <br /> may declare all Obligations secured hereby immediately due and payable and shall have the remedies <br /> of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may <br /> require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br /> designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br /> holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees <br /> and legal expenses. In the event court action is deemed necessary to enforce the terms and <br /> conditions set forth herein, said action shall only be brought in the District Court for the City and <br /> County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br /> 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 <br /> occasion. The taking of this security agreement shall not waive or impair any other security said <br /> SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall <br /> the taking of any such additional security waive or impair this security agreement; but said SECURED <br /> PARTY shall retain its rights of set-off against DEBTOR. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; <br /> and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its <br /> successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and <br /> several. <br /> Executed this 4f day of November 1999. <br /> DEBTOR: The Loloff Lateral Ditch Company <br /> SEAL <br /> BY U`f/YJ a�2J,�t, <br /> Kevin Chesnut, President <br /> ATTEST:/�1,c <br /> By o ! " �-z,Y/ <br /> J{julie Chesnut, Corporate Secretary <br />