HomeMy WebLinkAbout2484°~ ~~ 28 P~cE353
BOCK
.~ ]ndebsedtass aha0 U~sdlaleb ~~ ~ aid payapys,~~~~(~'~~.ttpoa the appointment of a ra-
oeivar or ltqutdalor. vhethsr voiiatary or involuntary. be the rty.or upon the tiliaa of a
penti«t by or against the utdaniyted uadsr the provisioat of air sane itaso~lvettcy Lw or utdes this provbloat of the Hadt-
rupecy Act of 1888. as anteodsd. or upoa the tttaltittg by the undetstl~ed of an assi~uttettt tot the beosRt of its eredimn.
Payes V authorised a daolare aU or atq~ part of the lodebtsdnsss itamedtately due and payable upoa the happenittg at any of
tba fWiowtt~ events: (1) FatLrs to pay aay part d the lodabtsd<tas~s when dust (9) noapsrWrtctattes by the ttndsnigned
of any agreanent with. or any ooodttion iatposed by. Pages widt reaped >b the Indeboedtsesss (3) Pay'ee's disoavery of the
undersigned's failure in any application of dtettnderslgnedto Pages m discktae any tact deemed by Payee to be material or
of the ma~kittg therein or in any of the saW agreetrteats. or to say affidavit or other docutttmts submined in ooanectioa wilt
said application or the itdebtedness, of aay misrepresmtutoaby. on behsN of. or for the benefit of the tttderslgned; (4) the
reorganization (other than a reorganisatloa pursuant eo aay o[ the provisions of the Bankrupocy Act of 1888• as atnaded) or
ttterger or oaasolidatlon of the uadenigtted (or thentakittg of any sareamnt thereby) without the prbr written ootLSatt of
Payees (S) tba ttndenigoed's failure dttb- m aooatat. to Payee's satistaetion. at such time or tithes as Payee Wray require.
for airy of the Collaosrai. or proceeds thereof, coming lam the control of rite undenigtted; or (6) the tattitutiaa of any suit
affecting the undenigtted deemed by Payee m affect adversely its interest hereunder la the ColLterai or otherwise. Pay
ee's 6ilure m exercise its rights order this paragraph shall not ooastttute a waiver thereof.
Upon the ttonpayntent of the Indebtedness.or arrypart thereof. when due. whether by acoebsation or otherwise. Payee is
empowered m sell. assign. and deliver the wbb or nay part of theC.olLoeralatptblicorprivatesala.without detttand. adver-
tdsetttent or notice of the rims or pLceof sob or of any adjourtttnent thereof.whichareherebyeu+resslywaived.Afterdaduct-
ing all expenses incidental m or arising from such sob or sobs. Payee may apply the resides of the proceeds thereof m the
payment of the Indebt4edness. as it shall deem proper. returning the excess. iI atty. m the uttden[gne+d. Tb undersigned
herby waives m the toll extent permittedbyLw all right of redemption or appraisetnent whether beforeoraftersale.At any
such sob payee rttay beooate the purchaser of the whole or any part of rho Collateral free from any right ~ redemption so
far as permitted by Lw. Without limiti~ oraffectLtg such power of sob. Payee is further etnpowered~upa- the ronpayment
of the indebtedness. or any pattthereof.whendue. m collect or cause m be oollec~ed or otherwise m be converted inm tttaney
all or airy part of the Collateral. in the name of Payee or the undersigned or otMrwists.bysuicorotherwise.andm surrender.
oornpromise, rebase. renew. extend. exchatt®e. or sttbatituoeatry teem of the Collateral is transactiaLS with the uttdersigtted
or any third party. irrespective of any assignment thereof by the ttodersi®ted. and without prior nottoe m or consent of the
utdersigtted or any assignee. Whttttever any item of the t..ollateral shall not bepaidwhmdue.orotherwise shall be in default.
whether or not the indeboedttess. or arty part thereof. has beoam due. Payee shall have the same rights aid powers with
respect m such item of the Collateral as an granted in respect thereof in this paragraph in case of nottpayrttatt of the In-
deboedttess. or airy part thereof. what due. Nate of the rights. remedies. privileges. or powers of Payee expressly provided
br herein shall be exclusive. but each of them shall be cumulative with and in additiontoevery other right. remedy. privi-
bge. and power tto++ or hereafter existing in favor of Payee. whether at Lw in equity, by statute or otherwise,
The undersigned agroes m take all neoessarysoepato admdttisLer. supervise. preserve. and protect the ColLteral: and
regardless of any action taken by Payee. there shall be ro duty upon Payee in this respect. Theundersigpedshall pay all ex-
penses ~f any nature, whether ittcttrred in or art of court. and whether itxatrred before or after this Noteshall beoatte due
at its maturity dace or otherwise. including butnot limited m reasonable atoocney's kes and costs. which Payee may deem
necxssary or proper in correction with the satisfactim of the indebtednessortheadtttintstration,supervision.preservation.
protection (incbtding. but not limited m, the tnainoatattce of adequate insttraroe) of or the tealit:ation upon the Collateral
Payee is authorized m pay at any time and from tithe m time any or all of such expenses. add the armtutt of such payment m
the atttaunt of the Itdebtedttess. aid charge Interest theroan at the rate specified herein wilt respect mthe principal arttount
of this Noce.
The security righm of Payee and its assigns hereunder shall not be itttpairea by Payee's sale,hypothec:ttanor rehypodte-
catian of airy rote of the undersigned or airy item of the ColLoeral. or by any irtdttlgettce. inchtding but not limited m (a) any
renewal, extension. or modification which Payee may grant with respect m the I[tdeboedness or any part thereof. or (b) any
surrender. eompranise. rebase. renewal. extension exchange. or substitutloa which Payee may grant in respect of the Col-
lateral. or (c) any indulgence granted in respect of airy endorser. guaranms. or surety. Tltepurcltaser.assigttee.transkree.
or pledgee of this Noce. the ColLteral. air tptaraaty. and airy other docutt-eat (or any of thrm).sold.assigned. traa4krred.
pledged. or rep1edged. shall forthwith becoate vestted with and entitbd m exercise all the powers and rights given by this
Note and all applications of the undersigned m Payee. ss if said purchaser. assignee. trattskree. or pbdgee were origimlly
named as Payee in this Noce aid in said applicatim or applicatlotts.
MITl~if !~ soal of tM oosps~tion awd tM si~to of t~to td~tlY antAo~'isod
o!liot>rso.
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AIIIRIMA l~ lEOR! ~I~Cip III.
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None.--Corporaoe applicants must execvteNooe.inoorporate ttattta. byciulyaut3torizedofflcer.andsealtnust be aftixed and
duty attesood:,partnershipapplicants tratstexecuoeNooain8rm n4ttte. together with slgttature of a general partner.
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