Laserfiche WebLink
• • <br /> does not use the COLLATERAL for any purpose not permitted by the CONTRACT. Upon default, <br /> SECURED PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the following <br /> events or conditions: <br /> a. default in the payment or performance of any obligation contained herein or in the <br /> Promissory Note or Contract evidencing the same; <br /> b. dissolution, termination of existence, insolvency, business failure, appointment of a <br /> receiver of any part of the property of, assignment for the benefit of creditors by, or <br /> the commencement of any proceeding under any bankruptcy or insolvency law of, by <br /> or against DEBTOR; or <br /> c. the making or furnishing of any warranty, representation or statement to SECURED <br /> PARTY by or on behalf of DEBTOR which proves'to have been false in any material <br /> respect when made or furnished. <br /> UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY may declare all <br /> Obligations secured hereby immediately due and payable and shall have the remedies of a <br /> secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY <br /> may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place <br /> to be designated by SECURED PARTY which is reasonably convenient to both parties. <br /> Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED <br /> PARTY'S reasonable attorney's fees and legal expenses. <br /> The SECURED PARTY shall give the DEBTOR written notice of any alleged <br /> default and an opportunity to cure within thirty (30) days of receipt of such notice before the <br /> DEBTOR shall be considered in default for purposes of this Security Agreement. No default <br /> shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any <br /> 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 <br /> SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, <br /> nor shall the taking of any such additional security waive or impair this security agreement; but <br /> SECURED PARTY shall retain its rights of set-off against DEBTOR. In the event court action is <br /> deemed necessary to enforce the terms and conditions set forth herein, said action shall only <br /> be brought in the District Court for the City and County of Denver, State of Colorado, and <br /> DEBTOR consents to venue and personal jurisdiction in said Court. <br /> All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and <br /> assigns; and all pp ..nd duties of DEBTOR shall bind its successors or assigns. <br /> DEBTOR: East Dillon Water District <br /> 1EAL. s>iii <br /> By <br /> ' ' Bruc- Farrell, President <br /> n <br /> Attest: <br /> • p <br /> By <br /> lS � <br /> Janice Geiss, Secretary <br />