Laserfiche WebLink
<br />examine and inspect the COLLATERAL at any time, wherever located. <br /> <br />6. That the DEBTOR will not use the COLLATERAL in violation of any applicable statutes, regulations <br />or ordinances. <br /> <br />7. The DEBTOR will keep the COLLATERAL at all times insured against risks of loss or damage by fire <br />(including so-called extended coverage), theft and such other casualties as the SECURED PARTY <br />may reasonably require, including collision in the case of any motor vehicle, all in such amounts, <br />under such forms of policies, upon such terms, for such periods, and written by such companies <br />or underwriters as the SECURED PARTY may approve, losses in all cases to be payable to the <br />SECURED PARTY and the DEBTOR as their interest may appear, All policies of insurance shall <br />provide for at least ten days' prior written notice of cancellation to the SECURED PARTY; and the <br />DEBTOR shall furnish the SECURED PARTY with certificates of such insurance or other evidence <br />satisfactory to the SECURED PARTY as to compliance with the provisions of this paragraph. The <br />SECURED PARTY may act as attorney for the DEBTOR in making, adjusting and settling claims <br />under or canceling such insurance and endorsing the DEBTOR'S name on any drafts drawn by <br />insurers of the COLLATERAL, <br /> <br />UNTIL DEFAULT DEBTOR may have possession of the COLLATERAL and use it in any lawful <br />manner, and upon default SECURED PARTY shall have the immediate right to the possession of the <br />COLLATERAL. <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 or <br />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 PARTY by <br />or on behalf of DEBTOR which proves to have been false in any material respect when made <br />or furnished; <br /> <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 /> <br />(d) death, dissolution, termination or 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 against <br />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 the <br />remedies of a secured party under Article 9 of the Colorado Uniform Commercial Code. SECURED <br />PARTY may require DEBTOR to assemble the collateral and deliver or make it 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 SECURED <br />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 <br />the same default on a future occasion. The taking of this security agreement shall not waive or <br />impair any other security said SECURED PARTY rnay have or hereafter acquire for the payment of the <br />above 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 /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; <br />