PROJ00303 - Laserfiche WebLink

Home Browse Search

5. -~ .,"\ ~ Promptly 10 noiify Secured Party of any change in the location of tl'(' Collateral. ~-) 6. To pay all taxes and assessments of every nature which may be levied or assessed against the Collateral. 7, ". Not to permit or allow -any adverse lien. security interest or encumbrance whatsoever upon the Collateral and not to . ~nnit the sa.ine to be anached or replevined. ,g.That the Collateral is in 200d condition. and that he will. at his own expense. keep the same in 200d condition and ~ -.. ... !rom time to time. fonhwith. replace and repair all such pans of the Collaternl as may be broken. worn out. or damaged withou! allowing any lien to be created upon the Collaleral on account of such replacement or repairs. and that the Secured Party may examine and inspect the Collateral at any time. wherever located. 9. That he will not use the Collateral in violation of any applicable statutes. regulations or ordinances. 10. The Debtor will keep the Collateral at all times insured against risks of loss or damage by fire (including so- -.called extended coverage), thefl and such other casualties as the Secured Party may reasonably require, including collision in the case of any motor vehicle. allm such amounts. under such forms of policies. upon such terms, for such periods, and written by such companies or underwriters as the Secured Party may approve. losses in all cases to be payable to the n_, -:'-ecured' Fa-rr'y'ana the 1YeOIOr as llieiflnterest mii}' appeaf."A1Ipollc.es ofmsul".rnce snallprovltlnonrleasnen-days'prior written notice of cancellation 10 the Secured ParlY; and the Debtor shall furnish the Secured P-drlY with certificales of such insurance or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paragraph. The Secured Party may aCLas attorney for the Debtor in making. adjusting. and settling claims unrier or cancelling -such insurance and endorsing the Debtors name on any drafts drawn by insurers of the Collateral. . ~NTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon default Secured PaIiy, shall have the immediate right to the possession of the CollaIeral. > .',.-,' : DEBTOR SHAll. BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: ~ . , (a) default in the payment or performance of any obligation, covenant or Ih\bilil)' contained or~f=d to herein or in :my note evidencing the same; . (b) the making or furnishing of any warranty, representation or statement to Secured Party by or on behalf of Debtor which proves 10 have been false in any material respect when made or furnished; (c) loss, theft. damage. desttUction, sale or encumbrance to orof any of the Collateral, orthe making of any levy seizure or anacluri~nt thereof or thereon; (d) 'aeath, dissolution, termination or existence, insolvency. business failure, appointment of a receiver of any pM of the property of.' assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency laws of, by or against Debtor or any guarantor or surety for Debtor. UPO~ SUCH DEFAULT and at any time thereafter. or if it deems itself insecure. Secured Party may declare all Obligations seCured hereby immediately due and payable and shall have the remedies of a secured party under Aniele 9 of the Colorado Uniform Commeteial Code. Secured Party may require Debtor to assemble the Collateral and deliver or make it available 10 Secured Party al a place to be designated by Secured Party which is reasonably convenient to both panies. Expenses of retaking, holding, preparing for sale, selling or the like shall include Secured Party's reasonable anorney's fees and legal expenses. No waiver by Secured Party of any default shall operate as a waiver of any other default or of the same default on a future occasion. The taking of this security agreement shall not waive or impair any other security said Secured Party may ,have or hereafter acquire for the payment of the above indebledness, .nor shall the taking of any such additional security ",aiv~ 01' impair this security agreement; but said Secured Party may reson to any security it may have in the order it may deem proper, and notwithstanding any collateral security, Secured Party shall retain its rights of set-off against Debtor. All rights of Secured Party hereunder shall inure to the benefit ofits successors and assigns; and all promises and duties of Debtor shall bind his heirs, executors or administrators or his or its successors or assigns. If there be more than one Debtor. their liabilities hereunder shall b<;:joint and several. ' , Date this J / clay oftMu1.-~ ,19 9 () . , : . : '. T>1~Je,P:UStJ4; (!t"vSol../f)jf:T6tJ />; (1-01>'>1'-9,.};/ COLORADO WATER 1--)};:I;~a~ h~-~' secure:n;~IOZJ~:-'(" .' cdi,J 1? Jt4 Ic1ttJJ/YvVk<ZI ..lIO/' -If W1 Sealrny A~nl is llllelldcclIO!\eN:. ~ a frnancin!l Slll~me::l !<<III'C'd parl)I ~ well lI.'Ilhe delllOl' mun ~ll!".