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C150108 Contract
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C150108 Contract
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Last modified
7/25/2013 10:38:43 AM
Creation date
10/6/2006 12:19:27 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C150108
Contractor Name
Delta Canal Company, The
Contract Type
Loan
Water District
40
County
Delta
Bill Number
MC3
Loan Projects - Doc Type
Contract Documents
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<br />. <br /> <br />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 any of the <br />following events or conditions: <br /> <br />a. default in the payment or performance of any obligation contained herein or in the <br />Promissory Note or Contract evidencing the same; <br /> <br />b. 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 <br />the commencement of any proceeding under any bankruptcy or insolvency law of, <br />by or against DEBTOR; or <br /> <br />c. the making or furnishing of any warranty, representation or statement to SECURED <br />PARTY by or on behalf of DEBTOR which proves to have been false in any material <br />respect when made or furnished. <br /> <br />UPON SUCH DEFAULT and at any time thereafter, SECURED PARTY may declare all <br />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 <br />may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a <br />place to be designated by SECURED PARTY which is reasonably convenient to both parties. <br />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 />The SECURED PARTY shall give the DEBTOR written notice of any alleged <br />default and an opportunity to cure within thirty (30) days of receipt of such notice before <br />the DEBTOR shall be considered in default for purposes of this Security Agreement. No <br />default shall be waived by SECURED PARTY except in writing, and no waiver by SECURED <br />PARTY of any default shall operate as a waiver of any other default or of the same default <br />on a future occasion. The taking of this security agreement shall not waive or impair any <br />other security SECURED PARTY may have or hereafter acquire for the payment of the above <br />indebtedness, nor shall the taking of any such additional security waive or impair this <br />security agreement; but SECURED PARTY shall retain its rights of set-off against DEBTOR. In <br />the event court action is deemed necessary to enforce the terms and conditions set forth <br />herein, said action shall only be brought in the District Court for the eity and County of <br />Denver, State of Colorado, and DEBTOR consents to venue and personal jurisdiction in said <br />Court. <br /> <br />All rights of SECURED PARTY hereunder shall inure to the benefit of its successors <br />and assigns; and all promises and duties of DEBTOR shall bind its successors or assigns. <br /> <br />Di::B_TQR: TI:1E2 pelt9 C1WflL C.omp?QY, a . <br />Colorad onprofit corp tion <br /> <br />By <br /> <br /> <br />SEAL <br /> <br />" <br /> <br /> <br />B . .>>vvu.L,..- <br />Corporate Secretary <br /> <br /> <br /> <br />Page 2 of2 <br />
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