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<br />DEBTOR defaults, SECURED PAriTY shall have the immediate right to the possession of the <br />COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the <br />following events or conditions: <br /> <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 /> <br />b. the making or furnishing of any warranty, repreientation or statement to SECURED PARTY by <br />or on behalf of DEBTOR which proves to have been false in any material respect when made <br />or 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 or existence, insolvency, business failure, appointment of a receiver <br />of any part of the property of, assignment for the benefit of creditors by, or the <br />commencement of any proceeding under any bankruptcy or insolvency law of, by or against <br />DEBTOR or any guarantor or surety for DEBTOR. . . <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY <br />may declare all Obligations secured hereby immediately due and payable and shall have the remedies <br />of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may <br />require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place to be <br />designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, <br />holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees <br />and legal expenses. In the event court action is deemed necessary to enforce the terms and <br />conditions set forth herein, said action shall only be brought in the District Court for the City and <br />County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br />Court. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY <br />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 <br />the taking of any such additional security waive or impair this security agreement; but said SECURED <br />PARTY shall retain its rights of set-off against DEBTOR. <br /> <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 <br />successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and <br />several. <br /> <br />Executed this d(f day of November 1999. <br /> <br />DEBTOR: The Loloff Lateral Ditch Company <br /> <br />SEAL <br /> <br />BY~ZH:~ C~~~/ <br /> <br />Kevin Chesnut, President <br /> <br />ATTEST: ) <br />I . c 1 <br />By ,'At' ~I' I//OI)// <br />/.Julie Chesnut, Corporate Secretary <br />