Laserfiche WebLink
<br />COLlATERAL in an account separate from other revenues of DEBTOR and does not use the COLlATERAL for any <br />purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate right to the <br />possession of the CoLlATERAL. <br /> <br />DEBTOR SHALL BE IN DEFAULT under this agreement upon the happening of any of the following events or <br />conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred to herein <br />or in any 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 <br />DEBTOR which 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 <br />levy seizure or attachment thereof or thereon <br /> <br />d. death, dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any <br />part of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding <br />under any bankruptcy 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 <br />all Obligations secured hereby immediately due and payable and shall have the remedies of a secured party under <br />Article 9 of the Colorado Uniform Commercial Code. SECURED PARTY may require DEBTOR to deliver or make the <br />COLlATERAL available to SECURED PARTY at a place to be designated by SECURED PARTY which is reasonably <br />convenient to both 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. In the event court action is deemed necessary to enforce <br />the terms and conditions set forth herein, said action shall only be brought in the District Court for the City and County <br />of Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said Court. <br /> <br />No default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED PARTY of any default <br />shall operate as a waiver of any other default or of the same defauit on a future occasion. The taking of this security <br />agreement shall not waive or impair any other security said SECURED PARTY may have or hereafter acquire for the <br />payment of the 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; and all promises <br />and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. If there be more <br />than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Dated this 10ft.... day of 1997 <br /> <br />~~ <br /> <br />DEBTOR: The Consolidated Extension Canal <br />Company <br /> <br />By: <br /> <br /> <br />(SEAL) <br /> <br />ATTEST <br /> <br />