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<br />-' <br /> <br />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 <br />events or conditions: <br /> <br />a. default in the payment or performance of any obligation, covenant or liability contained or referred to <br />herein or in any note evidencing the same; <br /> <br />b. the making or fumishing of any warranty, representation or statement to SECURED PARTY by or on behalf <br />of DEBTOR which proves to have been false in any material respect when made or fumished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the making of <br />any levy seizure or attachment thereof or thereon; <br />, <br /> <br />d. dissolution, termination or existence, insolvency, business failure, appointment of a receiver of any part <br />of the property of, assignment for the benefit of creditors by, or the commencement of any proceeding under <br />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 <br />declare all Obligations secured hereby immediately due and payable and shall have the remedies of a <br />secured party under Article 9 of the Colorado Unifonn Commercial Code. SECURED PARTY may require <br />DEBTOR to deliver or make the. COLLATERAL available to SECURED PARTY at a place to be designated by <br />SECURED PARTY which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for <br />sale, selling or the like shall include SECURED PARTY'S reasonable attomey's fees and legal expenses. In the <br />event court action is deemed necessary to enforce the terms and conditions set forth herein, said action shall <br />only be brought in the District Court for the City and County of Denver, State of Colorado, and DEBTOR <br />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 <br />any default shall operate as a waivElf of any other default or of the same default on a future occasion. The <br />taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have <br />or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such additional <br />security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of set-off <br />against DEBTOR. <br /> <br />Colorado <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and all <br />promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or assigns. <br />If there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Executed this g!J< day of October 1997. <br /> <br />Debtor: Arkansas Groundwater Users Association, a <br />non-profit corporation <br /> <br />Ct~ <br /> <br />By <br /> <br />C. R. Evans, President <br /> <br />SEAL <br /> <br />ATTEST: <br /> <br />By o/I~d {.)J4 <br />Corporate Secretary <br />