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DEBTOR SHALL BE IN DEFAULT under this agreement upon any of the <br /> following events or conditions: <br /> a. default in the payment or performance of any obligation contained herein or in the <br /> Promissory Note or Loan Contract; <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 the <br /> commencement of any proceeding under any bankruptcy or insolvency law of, by or <br /> 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 shall have the <br /> remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. <br /> SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br /> PARTY at a place to be designated by SECURED PARTY, which is reasonably convenient to both <br /> parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include <br /> SECURED PARTY'S reasonable attorney's fees and legal expenses. <br /> The SECURED PARTY shall give the DEBTOR wr'i n•tic- of any alleged default <br /> and an opportunity to cure within thirty (30) days of receipt ' q" • vt•=1,•re the DEBTOR <br /> shall be considered in default for purposes of this Securit _gr e e . ; • a •efault shall be <br /> waived by SECURED PARTY except in writing, and no waiver by SECURED 'ARTY of any default <br /> shall operate as a waiver of any other default or of thewrile 4efa014oinz.p tur,e ocasion. The <br /> taking of this security agreement shall not waive or i alr riy o crit SE URED PARTY <br /> may have or hereafter acquire for the payment of the above`ihdebte n§ r)or,$WilLthe taking <br /> of any such additional security waive or impair this security agreement; but SECURED PARTY <br /> shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to <br /> 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 <br /> assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> DEBTOR: The Fulton Irrigating Ditch <br /> Company, a Colorado mutual ditch <br /> company nonprofit corporation <br /> ,' .( $ E.AL y. <br /> Cecil W. King, Presi nt <br /> Attest , <br /> Brice Steele, Corporate Secretary <br /> Page 2 of 2 <br />