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<br />) <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred <br />to herein or in the CONTRACT; <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on <br />behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br /> <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 /> <br />d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any <br />part of the property of, assignment for the benefit of creditors by, or the commencement of any <br />proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor or <br />surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may <br />declare all 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. In addition, upon default, <br />SECURED PARTY shall have the right to transfer the COLLATERAL to and register the COLLATERAL in the <br />name of SECURED PARTY, and, whether or .not so transferred and registered, to receive the income, <br />dividends and other distributions thereon and apply them to repayment of the loan. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and <br />legal expenses. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of <br />any default shall operate as a waiver of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security said SECURED PARTY may <br />have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of <br />set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms and conditions <br />set forth herein, said action shall only be brought in the District Court for the City and County of Denver, <br />State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. <br />If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Executed this /S-Eday of August 1997. <br /> <br /> <br />Arkansas Water Management <br /> <br />By: <br /> <br />SEAL. <br /> <br /> <br />By <br />