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<br />~'. <br />'.) <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 fumishing 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 />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 of existence, insolvency, business failure, apPOintment of a receiver of <br />any part of the property of, assignment for the benefit of creditors by, or the commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any <br />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 <br />a 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 attomey's fees and legal expenses. <br />In the event court action is deemed necessary to enforce the terms and conditions set forth herein, said <br />action shall only be brought in the District Court for the City and County of Denver, State of Colorado, and <br />DEBTOR consents to venue and personal jurisdiction in said Court. <br /> <br />The SECURED PARTY shall give the DEBTOR written notice of any alleged default and an opportunity <br />to cure within thirty (30) days of receipt of such notice before the DEBTOR shall be considered in default <br />for purposes of this Security Agreement. No default shall be waived by SECURED PARTY except in writing, <br />and no waiver by SECURED PARTY of any default shall operate as a waiver of any other default or of the <br />same default on a future occasion. The taking of this security agreement shall not waive or impair any <br />other security said 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 security agreement; <br />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 <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 liabilities hereunder shall be joint and several. <br /> <br />Dated this -L2.... day of ~/?E / 2000. <br /> <br />DEBTOR: Ute Water Activity Enterprise <br /> <br />By <br /> <br />~~~~ <br />, Robert Elsberry, Presi <br /> <br />(SEAL) <br /> <br />~TTE~~", ~ <br />Ja e Stafford, tary <br />