C153606 Contract - Laserfiche WebLink

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5. Promptly to noti!. ered Party of any change in the location of the ~,..dternl. 6. To pay all taxes and assessments of eve!)' nature which may be levied or assessed against the Collaternl. 7. Not to pennit or allow any adverse lien. security interest or encumbrnnce whatsoever upon the Collaternl and not to pennit the same to be attached or replevined. 8. That the Collaternl is in good condition, and that he will, at his own expense, keep the same in good condition and from time to time. forthwith. replace and repair all such pans of the Collaternl as may be broken. wom out. or damaged without allowing any lien to be created upon the Collaternl on account of such replacement or repairs. and that the Secured Party may examine and inspect the Collaternl at any rime. wherever located. 9. That he will not use the Collateral in violation of any applicable statutes. regulations or ordinances. 10. The Deblor will keep the Collateral at all times insured against risks of loss or damage by fire (inclUding so- called extended coverage), theft and such other casualties as the Secured Party may reasonably require, including collision in the case of any motor vehicle, all in such amounts. under such forms ofpoJicies, 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 Secured Party and the Debtor as their interest may appear. All policies ofinsurance shall provide for at least ten days' prior written notice of cancellation to the Secured Party; and the Debtor shall furnish the Secured Party with certificates of such insurance or other evidence satisfactory to the Secured Party as to compliance with the provisions of this paragraph. The Secured Party may act as attorney for the Debtor in making, adjusting and settling claims under or cancelling such insurance and endorsing the Debtor's name on any drafts drawn by itlSurers of the Collateral. UNTIL DEFAULT Debtor may have possession of the Collateral and use it in any lawful manner, and upon default Secured Party shall have the immediate right to the possession of the Collateral. DES10R 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 liability contained or referred to herein or in any note evidencing the same; (b) the making or furnishing of any w.uT'dIlty. represenlJltion or statement to Secured Party by or on behalf of Debtor which proves to have been false in any material respect when made Or furnished; (c) loss. theft, damage. destruction, sale or encumbrnnce to or of any of the Collateral. or the making of any levy seizure or atmchment thereof or thereon: (d) death, dissolution. termination or existence. insolvency. business failure. appointment of a receiver of any pan 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. UPON 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 Anicle 9 of the Colorado Uniform Commercial Code. Secured Party may require Debtor to assemble the Collateral and deliver or make it available to Secured Party at 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 attorney'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 laking of this security agreemem shall not waive or impair any other security said Secured ?-.u1y may have or ' hereafter acquire for the payment of the above indebtedness. nor shall lhe taking of any such additional securiry wdive or impair this security agreement; but said Secured Party may resort to any securiry it may have in [he order it may deem proper. and notwithstanding any collateral security. Secured Party shall relJlin its rights of set-off against Debtor. All rights of Secured Party hereunder shall inure to the benefit of its successor> and assigns: and all promises and duties of Deblor shall bind his heirs. execulol'S or administrd!ors or his or its successors or assigns. If there be more than one Debtor. their liabilities hereunder shall be joint and several. Date this 14th <by of February .19 92 Debtor: '"e7f ~gDt .1G6'.J)oJJ<<j W wa-f2k ~~~l1..,.r"",J,:N..."~...."!;n v