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PROJC01294
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PROJC01294
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Last modified
5/28/2013 8:44:33 AM
Creation date
10/6/2006 12:20:13 AM
Metadata
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Template:
Loan Projects
Contract/PO #
C153793
Contractor Name
Buffalo Mutual Irrigation Company
Contract Type
Loan
Water District
67
County
Prowers
Bill Number
SB 97-008
Loan Projects - Doc Type
Contract Documents
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<br />payments due under the contract, as amended, in an account separate from other revenues of <br />DEBTOR and does not use said revenues for any purpose not permitted by the CONTRACT. If DEBTOR <br />defaults, SECURED PARTY shall have 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 <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 fumishing 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 fumished; <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. dissolution, termination or existence, insolvency, business failure, appointment of a receiver <br />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 <br />remedies of a secured party under Article g of the Colorado Uniform Commercial Code. SECURED <br />PARTY may require DEBTOR to deliver or make the COLLATERAL available to SECURED PARTY at a place <br />to be designated by SECURED PARTY which is reasonably convenient to both parties. Expenses of <br />retaking, holding, preparing for sale, selling or the like shall include SECURED PARTY'S reasonable <br />attorney's fees and legal expenses. In the event court action is deemed necessary to enforce the <br />terms and conditions set forth herein, said action shall only be brought in the District Court for the City <br />and County of Denver, State of Colorado, and DEBTOR consents to venue and personal juriSdiction in <br />said Court. <br /> <br />No 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 on a future <br />occasion. The taking of this security agreement shall not waive or impair any other security said <br />SECURED PARTY may have or hereafter acquire for the payment of the above indebtedness, nor shall <br />the taking of any such additional security waive or impair this security agreement; but said SECURED <br />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 />and all promises and duties of DEBTOR shall bind its heirs, executors or administrators or its <br />successors or assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and <br />several. , /I <br /> <br />8<,~'" ~i, ...LL do, of 7'" '" - 1998. <br /> <br />,SEM) <br /> <br />DEBTOR: The Buffalo Mutual Irrigation <br />Company, a Colorado nonprofit corporation <br />" <br />-,..0 ~ <br />By: ~ <br /> <br /> <br />'L <br />dward 11. Bates, President <br /> <br />/ <br /> <br />ATT:::ST: <br /> <br />By '_ ,J1 <br />Rbdney D(}hompson, Corporate <br /> <br /> <br />,~ <br /> <br />~ <br />ecretary <br />
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