C153797 Paid in Full Loan Compliance Confirmation

• Contract/PO #: C153797
• Contractor Name: Excelsior Irrigating Company
• Contract Type: Loan
• Loan Projects - Doc Type: Contract Documents

COLLATERAL and not to permit the same to be attached or replevined.
7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or
ordinances, articles of incorporation or by-laws.
DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following
events or conditions:
a. default in the payment or performance of any obligation, covenant or liability contained or
referred to herein or in the CONTRACT;
b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or
on behalf of DEBTOR which proves to have been false in any material respect when made or
furnished;
c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the
making of any levy, seizure or attachment thereof or thereon;
d. death, 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 any guarantor or surety for DEBTOR.
UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY
may declare all Obligations secured hereby immediately due and payable and shall have the remedies of
a secured party under Article 9 of the Colorado Uniform Commercial Code. In addition, upon default,
SECURED PARTY shall have the right to transfer the COLLATERAL to and register the COLLATERAL in the
name of SECURED PARTY, and, whether or not so transferred and registered, to receive the income,
dividends and other distributions thereon and apply them to r=e- rt G„ t13R 1. n. Expenses of retaking,
holding, preparing for sale, selling or the like shall include S INP.,Tit asonable attorney's fees
and legal expenses. .X... Ak
No default shall be waived by SECURED PARTY e ,• '+r iti °g. ' r e y SECURED PARTY of
any default shall operate as a waiver of any other de S I I . f t -, .a '5e e,:,ul A a future occasion.
The taking of this security agreement shall not waived • p `r ., -,,otl .1.--s §aid 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 said 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 heirs, executors or administrators or its successors or
assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several.
Executed this 24th day of March 1997.
DEBTOR: C. R. Evans