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<br />. " <br />. , <br /> <br />not use the COLLATERAL for any purpose not permitted by the CONTRACT. 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 <br />following events or conditions: <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 />b. the making or furnishing of any warranty, representation or statement to SECURED PARTY <br />by or on behalf of DEBTOR which proves to have been false in any material respect when <br />made or furnished: <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or <br />the making of any levy seizure or attacHment thereof or thereon; <br />d. dissolution, terminatiml 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 />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. <br />SECURED PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED <br />PARTY at a place to be designated by SECURED PARTY which is reasonably convenient to both <br />parties. Expenses of retaking, holding, preparing for sale, selling or the like shall include SECUREO <br />PARTY'S reasonable attorney's fees and legal expenses. In the event court action is deemed <br />necessary to enforce the terms and conditions set forth herein, said action shall only be brought in <br />the District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to <br />venue and personal jurisdiction in said Court. <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by <br />SECURED PARTY of any default shall operate as a waiver of any other default or of the same <br />default on a future occasion. The taking of this security agreement shall not waive or impair any <br />other 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. <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 or <br />its successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be <br />joint and several. <br />Dated this fr; <br /> <br />day of ]);NJ~U <br /> <br />:fOe, ~ . <br /> <br />DEBTOR: Leroux Creek Water Users <br />Associatio <br /> <br />By <br /> <br /> <br />SEAL <br /> <br />ATTEST: <br /> <br />By <br /> <br /> <br />/' ;<<- <br /> <br />ry <br />