Laserfiche WebLink
DEBTOR defaults, SECURED PARTY shall have the immediate right to 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 <br /> or 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 <br /> by or on behalf of DEBTOR which proves to have been false in any material respect when <br /> made or furnished; <br /> C. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or <br /> the making of any levy seizure or attachment thereof or thereon; <br /> d. dissolution, termination or 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 any guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED <br /> PARTY may declare all Obligations secured hereby immediately due and payable and shall have <br /> the 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 PARTY <br /> at a place 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 PARTY'S <br /> reasonable attorney's fees and legal expenses. 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 /> No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br /> PARTY of any default shall operate as a waiver of any other default or of the same default on a <br /> future occasion. The taking of this security agreement shall not waive or impair any other <br /> security said SECURED PARTY may have or hereafter acquire for the payment of the above <br /> indebtedness, nor shall the taking of any such additional security waive or impair this security <br /> agreement; but said SECURED 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 <br /> assigns; and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or <br /> its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be <br /> joint and several. ; <br /> Executed this 2 day of pc-A. j 1 q q , <br /> DEBTOR: The New Cache La Poudre Irrigation <br /> Company <br /> SEAL / <br /> By: / <br /> ike Hungen.erg, Pre- :ent <br /> ATTEST: <br /> By <br /> Kenton Brunner, Corporate Secretary <br />