C150155 Contract - Laserfiche WebLink

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a. default in the payment or performance of any obligation contained herein or in the Promissory Note or Contract evidencing the same; b. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of any part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR; or c. the making or furnishing of any warranty, representation or statement to SECURED PARIY by or on behalf of DEBTOR which proves to have been false in any material respect when made or furnished. UPON SUCH DEFAULT and at any time thereafter, SECURED PARIY may declare all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED PARIY . may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARIY at a place to be designated by SECURED PARIY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECURED PARIY'S reasonable attorney's fees and legal expenses. The SECURED PARIY shall give the DEBTOR written notice of any alleged default and an opportunity to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be considered in default for purposes of this Security Agreement. No default shall be waived by SECURED PARIY except in writing, and no waiver by SECURED PARIY of any default shall operate as a waiver of any other default or of the same default on a future occasion.' The taking of this security agreement shall not waive or impair any other security SECURED PARIY may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair this security agreement; but SECURED PARIY shall retain its rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. All rights of SECURED PARIY hereunder shall inure to the benefit of its successors and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. DEBTOR: The Rio Grande and Piedra Valley Ditch Company, a Colorado nonprofit corporation SEAL ATTEST: By LJ~M.~e-,'~ William M. McNeil, Presi ent .. By Michael J. Schae Page 2 of 2