PROJC01666

• Contract/PO #: C153738
• Contractor Name: Georgetown, Town of
• Contract Type: Loan
• Water District: 6
• County: Clear Creek
• Bill Number: SB 96-153
• Loan Projects - Doc Type: Contract Documents

events or conditions:
a. default in the payment or performance of any obligation, covenant or liabi{ity contained or
referred to herein or in any note evidencing the same;
b. the making or furnishing of any warranty, representation or statement to SECURED PARTY by or
on behalf of DEaTOR which proves to have been false in any material respect when made or
furnished;
c. loss, theft, damage, destruction, sale or encumbrance to or of any of the Cot~TEFta~, or the
making of any levy seizure or attachment thereof or thereon;
d. dissolution, termination of existence, insolvency, business failure, appointment of a receiver of
any part of the property of, assignment for the benefit of creditors by, or the commencement of
any proceeding under any bankruptcy or insolvency law of, by or against DEBTOR or any
guarantor or surety for DEaTOR.
UPON SUCH DEFAULT and at any time thereafter, or if it deems itself insecure, SECURED PARTY may
declare all Obligations secured hereby immediately due and payable and sha{I have the remedies of a
secured parry under Article 9 of the Colorado Uniform Commercial Code. In addition, upon default,
SECURED PARTY shall have the right to transfer the COLLATERAL to and register the COLLATERAL in the
name of the SECURED PARTY, and, whether or not so transferred and registered, to receive the income,
dividends and other distributions thereon and apply them to repayment of the loan. Expenses of retaking,
holding, preparing for sale, selling or the like shall include SECURE~ PARN's reasonable attorney's fees
and legal expenses.
No default shall be waived by SECURE~ PaRN except in writing, and no waiver by SECURED PARTY of
any default shall operate as a waiver of any other default or of the same default on a future occasion.
The taking of this security agreement shall not waive or impair any other security said SECURE~ PaR-nr
may have or hereafter acquire for the payment of the above indebtedness, nor shall the taking of any
such additional security waive or impair this security agreement; but said SECUREO P,4RN shall retain its
rights of set-off against DEBTOR. In the event court action is deemed necessary to enforce the terms and
conditions set forth herein, said action shall cnly b~ brou~ht in the District Court for the City and County of
Denver, State of Colorado, and DEaTOR consents to venue and personal jurisdiction in said Court.
All rights of SECURE~ PARN hereunder shall inure to the benefit of its successors and assigns; and all
promises and duties of DEeTOR shall bind its heirs, executors or administrators or its successors or
assigns. If there be more than one DEBTOR, their liabilities hereunder shall be joint and several.
Dated this 4th day of J~uARY.~ i9a9
Attest: ( S E A L) BoRROwER: Town of Georgetown Water and
Sewer Activity Enterprise
By By
Me an, Wa rs, Secre ary Janet Hill Claus, Poli e Judge