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PROJC00053
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PROJC00053
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Last modified
11/19/2009 11:17:49 AM
Creation date
10/6/2006 12:02:19 AM
Metadata
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Loan Projects
Contract/PO #
C153706
Contractor Name
Lower Arkansas Water Management Association
Contract Type
Loan
Water District
67
County
Prowers
Bill Number
SB 96-124
Loan Projects - Doc Type
Contract Documents
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<br />9. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations or ordinances. <br />10. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire (including so-called <br />extended coverage), theft and such other casualties as the SECURED PARTY may reasonably require, including collision in the case <br />of any motor vehicle, all in such amounts, under such forms of policies, upon such terms, for such periods, and written by such <br />companies or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the SECURED PARTY and the <br />DEBTOR as their interest may appear. All policies of insurance shall provide for at least ten days' prior written notice of cancellation <br />to the SECURED PARTY; and the DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence <br />satisfactory to the SECURED PARTY as to compliance with the provisions of this paragraph. The SECURED PARTY may act as attorney <br />for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR'S name on any <br />drafts drawn by insurers of the COLLATERAL. <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL and use it in any lawful manner, and upon default SECURED <br />PARTY shall have 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 following events or conditions: <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any <br />note evidencing the same; <br />Ib) the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR which <br />proves to have been false in any material respect when made or furnished; <br />(c) loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure <br />or attachment thereof or thereon; <br />(d) death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the <br />property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy <br />or insolvency law of, by or 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 PARTY may declare all Obligations <br />secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado <br />Uniform Commercial Code. SECURED PARTY may require DEeroR to assemble the collateral and deliver or make it available to <br />SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall InCIUdB SECURED PARTY'S reasonable attorney's fees and legal expenses. <br />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 <br />occasion. The taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security 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 assigns; and all promises and duties <br />of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their <br />liabilities hereunder shall be joint and several. <br />Dated this 1--~~- day of October, 1995. <br />DEBTOR: Lower Arkansas Water Management <br />Association <br />By: <br />William Grasm;,~ic, President <br />(SEAL) <br />ATTEST ~ ~- (,~--~ <br />SECURED PARTY: STATE OF COLORADO for the <br />use and benefit of the Department of Natural <br />Resources, Col rad Water Con ervation Board <br />By: <br />Daries C. Lile, Director <br /> <br />
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