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the immediate right to the possession of the 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 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 or <br /> on behalf of DEBTOR which proves to have been false in any material respect when made or <br /> 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 of <br /> any part of the property of, assignment for the benefit of creditors by, or the commencement of <br /> any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br /> guarantor or surety for DEBTOR. <br /> UPON SUCH DEFAULT and at any time thereafter, or if itdeems itself insecure, SECURED PARTY <br /> may declare all Obligations secured hereby immediately due and payable and shall have the remedies of <br /> a secured party under Article 9 of the Colorado Uniform Commercial,code. 'SECURED PARTY may require <br /> DEBTOR to deliver or make the COLLATERAL available to SECU tED PAMMTY at,a place to be designated by <br /> SECURED PARTY which is reasonably convenient to both parties: Expenses of retaking, holding, preparing <br /> for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br /> In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said <br /> action shall only 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 /> 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 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 the <br /> taking of any such additional security waive or impair this security agreement; but said SECURED PARTY <br /> 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 assigns; <br /> and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors <br /> or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> Dated this 41k,day of /V -v-c-,ja.c�J 1998. <br /> DEBTOR: The Greeley and Loveland Irrigation <br /> Company, a Colorado nonprofit corporation <br /> SEAL <br /> David Bernhardt , President <br /> ATTEST <br /> By <br /> Ron F. Brinkman, Secretary <br />