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<br />7. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, <br />regulations, ordinances, articles of incorporation or bylaws. <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 <br />or referred to herein or in any note evidencing the same; <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, <br />or the making of any levy seizure or attachment thereof or thereon; <br /> <br />d. dissolution, termination. of existence, insolvency, business failure. appointment of a <br />receiver 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 <br />against 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 <br />PARTY may declare all Obligations secured hereby immediately due and payable and shall have <br />the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. In <br />addition, upon default, SECURED PARTY shall have the right to transfer the COLLATERAL to and <br />register the COLLATERAL in the name of the SECURED PARTY, and, whether or not so transferred <br />and registered, to receive the income, dividends and other distributions thereon and apply them <br />to repayment of the loan. Expenses of retaking, holding, preparing for sale, selling or the like <br />shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br />PARTY of any default shall operate as a waiver of any other default or of the same default on a <br />future occasion. The taking of this security agreement shall not waive or impair any other <br />security said SECURED PARTY may have or hereafter acquire for the payment of the above <br />indebtedness, nor shall the taking of any such additional security waive or impair this security <br />agreement; but said SECURED PARTY shall retain its rights of set-off against DEBTOR. In the <br />event court action is deemed necessary to enforce the terms and conditions set forth herein, <br />said action shall only be brought in the District Court for the City and County of Denver, State of <br />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 <br />assigns; and all promises and duties of DEBTOR shall.bind its heirs, executors or administrators <br />or its successors or assigns. l.f there be more than one DEBTOR, their liabilities hereunder shall <br />be joint and several. <br /> <br />Dated this ----1L day of <br /> <br />A~l <br /> <br />2000 <br /> <br />DEBTOR: Columbine Ranches Property Owner's <br />Association iJ () <br /> <br />(SEAL) By k{'~ <br />ATrEST' ~ ~ Ben Pacheco, President <br /> <br /> <br />.,~. -~~~< / <br />