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<br />".~ <br />/ -.1 <br /> <br />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />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 of existence, insolvency, business failure, appointment of a receiver of <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br />guarantor or surety for DEBTOR. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may <br />declare all Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article 9 of the Colorado Uniform Commercial Code. In addition, upon default, <br />SECURED PARTY shall have the right to transfer the COLLATERAL to and register the COLLATERAL in the <br />name of the SECURED PARTY, and, whether or not so transferred and registered, to receive the income, <br />dividends and other distributions thereon and apply them to repayment of the loan. Expenses of retaking, <br />holding, preparing for sale, selling or the iike shall inciude SECURED PARTY'S reasonable attorney's fees <br />and legal expenses. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of <br />any default shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taking of this security agreement shall not waive or impair any other security said SECURED PARTY <br />may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any <br />such additional security waive or impair this security agreement; but said SECURED PARTY shall retain its <br />rights of set-off against DEBTOR. 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 County of <br />Denver, State of 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 assigns; and all <br />promises and duties of DEBTOR"shall bind its heirs, executors or administrators or its successors or <br />assigns, If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this ~.5~day of January 2001 <br /> <br />DEBTOR: Columbine Ranches Property Owner's <br />Association <br /> <br />(8 EAL) <br />ATTEST <br /> <br />By <br /> <br />~~ <br /> <br />Ben Pacheco, President <br /> <br />8\~~ <br /> <br /> <br />~ <br /> <br />. &C?: <br />Corporate S etary <br />