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<br />for the DEBTOR in making, adjusting and settling claims under or canceling such insurance and endorsing the DEBTOR'S name on any <br />drafts drawn by insurers of the COLLATERAl. <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL and use it in any lawful manner, and upon default SECURED <br />PARTY shall have the immediate right to the possession of the COLLATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or conditions: <br /> <br />(a) default in the payment or performance of any obligation, covenant or liability contained or referred to herein or in any <br />note evidencing the same; <br /> <br />(b) the making or furnishing of any warranty, representation or statement to SECURED PARTY by or on behalf of DEBTOR which <br />proves to have been false in any material respect when made or furnished; <br /> <br />(c) loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of any levy seizure <br />or attachment thereof or thereon; <br /> <br />(dl death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part of the <br />property of, assignment for the benefit of creditors by, or the commencement of any proceeding under any bankruptcy <br />or insolvency law of, by or 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 PARTY may declare all Obligations <br />secured hereby immediately due and payable and shall have the remedies of a secured party under Articie 9 of the Colorado <br />Uniform Commercial Code. SECURED PARTY may require DEBTOR to assemble the collateral and deliver or make it available to <br />SECURED PARTY at a place to be 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 and legal expenses. <br /> <br />No waiver by SECURED PARTY 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 SECURED PARTY may have or <br />hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional security waive or impair <br />this security agreement; but said SECURED 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; and all promises and duties <br />of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more than one DEBTOR, their <br />liabilities hereunder shall be joint and several. <br /> <br />Dated thisd-E,~day Of~, 1996. <br /> <br />DEBTOR: Town of Johnstown Water <br />Activity Enterprise <br /> <br />fly "y;t~ ^75. YY7/J A~ <br />i 't::~..,-;' .}POi1:;flS J. Martinez, Ma r <br />. o::::::a"'_::".:~..'.O<'.<( ...:...... <br />i 2\~I'\' <br />~; . -l?! <br />-"'~..:. '" ..-\. . <br />By"".... ~~ <br />Diana Steele, Town Clerk <br /> <br />SECURED PARTY: STATE OF COLORADO for <br />the use and benefit of the Department of <br />Natural Resources, Colorado Water <br />COO'''"'';OO 80"" . ~ <br /> <br />~Ad~C g <br /> <br />o it' ~es C. Lile, P.E., DirectOr _ <br /> <br />~ <br /> <br />DEBTOR: Town of Johnstown <br /> <br />B~:1~~;'~~; ;.,~ <br /> <br />/...'1,. . .... <br />-..: . .. .I~. <br />.I),!t~!1;.~'eall... . <br />~.~1''''~''~;[-;~'' ~ <br />. ~"'~ '.- ..~ .,. <br />~ r =:::. _' _ CUJl.. <br />":.v,,,~~~'PJana Steele, Town Clerk <br />". <br />