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7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations, <br /> ordinances, articles of incorporation or by-laws. <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 statement to SECURED PARTY by <br /> or on behalf of DEBTOR which proves to have been false in any material respect when made <br /> or 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 <br /> of any part of the property of, assignment for the benefit of creditors by, 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 <br /> remedies of a secured party under .''i ,-, ,a •f *redo Uniform Commercial Code. In addition, <br /> upon default, SECURED PARTY shall N-- ,1 e' .g . t transfer the COLLATERAL to and register the <br /> COLLATERAL in the name of the SEC ,'Y'' r'' • *, a '�•whether or not so transferred and registered, to <br /> receive the income, dividends and other distrib '• t on and apply them to repayment of the <br /> loan. Expenses of retaking, Y 10.1.2' pr ' f for: ale,,5ell'ng or the like shall include SECURED <br /> PARTY'S reasonable attorney's e. -its le e'Za4,-:,er _ 4 <br /> ,..�a. 9 <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. In the event court action is deemed necessary <br /> 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 <br /> personal jurisdiction in said Court. <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 /> Dated this I / day of 7/e.-'� 2000. <br /> DEBTOR: C. R. Evans <br />