Laserfiche WebLink
<br />the COLLATERAL in an account separate from other revenues of DEBTOR and does not use the COLLATERAL <br />for any purpose not permitted by the CONTRACT. Upon default, SECURED PARTY shall have the immediate <br />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 <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 or <br />on behalf of DEBTOR which proves to have been false in any material respect when made or <br />furnished; <br /> <br />c. loss, theft, damage, destruction, sale or encumbrance to or of any of the COLLATERAL, or the <br />making of any levy seizure or attachment thereof or thereon; <br /> <br />d. death, dissolution, termination 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 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 PARTY <br />may 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 Uniform 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 <br />for sale, selling or the like shall include SECURED PARTY'S reasonable attorney's fees and legal expenses. In <br />the event court action is deemed necessarY to enforce the terrns and conditions set forth t]erein, said action <br />shall 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 <br />of any default shall operate as a waiver of any other default or of the same default on a future occasion. <br />The taking of this security agreement shall not waive or impair any other security said SECURED PARTY may <br />have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any such <br />additional security waive or impair this security agreement; but said SECURED PARTY shall retain its rights of <br />set-off against DEBTOR. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors and assigns; and <br />all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its successors or <br />assigns. If there be more than one DEBTOR, their liabililies hereunder shall be joint and several. <br /> <br />Executed this /6n. day of 2000. <br /> <br />171eut/. <br /> <br />DEBTOR: The Town of Morrison <br />, <br /> <br /> <br />By <br /> <br />(SEAL) <br /> <br />ATTE <br /> <br />By <br /> <br />