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<br />a. default in the payment or performance of any obligation, covenant or liability contained or referred <br />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 on <br />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. death, dissolution, termination of 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 commencement of <br />any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any guarantor <br />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 secured <br />party under Article g of the Colorado Uniform Commercial Code. SECURED PARTY may require DEBTOR to <br />deliver or make the COLLATERAL available to SECURED PARTY at a place to be designated by SECURED PARTY <br />which is reasonably convenient to both parties. Expenses of retaking, holding, preparing for sale, selling or the <br />like shall include SECURED PARTY'S reasonable attomey's fees and legal expenses. In the event court action is <br />deemed necessary to enforce the terms and conditions set forth herein, said action shall only be brought in the <br />District Court for the City and County of Denver, State of Colorado, and DEBTOR consents to, venue and <br />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 waiver of any other default or of the same default on a Mure occasion. The <br />taking of this security agreement shall not waive or impair any other security said SECURED PARTY may have or <br />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 />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. If <br />there be more than one DEBTOR, their liabilities hereunder shall be joint and several. <br /> <br />Executed this 8th day of December 1998. <br /> <br />(S EAL) <br /> <br /> <br />"~ <br /> <br />sc.~ <br />BORROWER: Town of Georgetown Water and <br />At.~,,,\"(,, Enterprise_ <br /> <br />Attest <br /> <br />By <br /> <br />By <br /> <br />