HomeMy WebLinkAbout0674 The Indebtedness shall irruitiedlately become dua and payable. widx~uc uocice or dernand, upai the appoinunenc of a re-
ceiver or liquidaoor. whetMr voluntary or invc~lunnry. for tt~e ucxiersi~ne~i or for any uf ics property~or upon thc filing of a
peutian by or agaiast the underslgned wider ths provLsi~x~.c of any StaUe tnsolvency law or under the provisions of the Bank-
rupo~y Act of 1898. as amcndod~ or upon the making by the undersignai of an assi~ur~rsnt for the 6enefit of tcs credioors.
payx is autbrlxed oo declsre all or any part of the l.odeDcadc~ess immediauly due and payable upon the happening of any of
che fallowing ev~ts: (1) Fathire oo pay anY parc of the Indebae~dness when due; (2) nonperfnrmance by the w~ders~gned
of any agrxriyenc with. or any caidicion Imposed by. Payce wich respect to che Indebtedness; (3) Payee's discovery of che
u?dersigned's failure in any applIcatiun of theundersignecito Payee to disclose any fact deemeci by Payee tu be material or
uf the making therein or in any of the said agrtenxnts. or in arry atfidavit ur othec ducuments subniicted in connection with
said applica[iun or the indeb[eciness. of any rtuarepresencatiunby, on behalf of. or for the benefit uf the iindersigned; (4) the
reorganizatian (other than a reorgauiizrtion pursuant oo any ot the provisions of the Bankrupuy Act of 1898~ as amended) or
inerger or coas~olidation of the undersigneci (or the making of any agrcement therefor) wittaut the prlor writnen consent of
Payee; (5) the undersi~ed's tailure duly to accou[it, oo Payee's satisfactim. at such tune or tin~es as Payee may require,
for any of the Collaural~ or praceeds thereof, corrung inw the contral of the undersigned; or (6) the insticution of any suit
affecting the undersigned deemed by Payee to affect advarsely ics inttrest hereunder in the Collaural or otherwise. Pay-
ee's fatLire to exercise its rights under this paragraph st~all not caistin~te a waiver thereof.
Upon the nanpayment uf the lndeb~edness~ora~rpartthereo[.when due, whether by acceleracia~ or otherNise, Payee is
empowered to sell. assig~i, and deliver the whoLe or any part of theCol3aoeralatpublicorprivatesale.wi.hout demand, adver-
tisement or notice of the time or placeof sale or of any adjournti~it thereof~whichareherebyexpresslywaived,Afterdeduct-
ing all expenses incidental Do or arising from such sale or sales~ Payee may apply the tesidue of the proceeds thereof to the
payrr~it of the Indebtedness~ as !t shall deem proper. retvrning the excess~ if any. co the undersigned. The undersig~ied
hercby waives to the full txtent permitted by law all right of redemption or appsaisertbent whecher before or after sale. At any
such sa1e payee may become the purchaser of the whole or any part of ~he Co1L~?teral free frum any right of redemption so
far as permitted by law. Without linuring oraffectutg such power of sale, ?ayee is further empuwered, upon the nanpayment
of the Indebtedness~ or any parttheceof.whendue. to collect or cause to be collected or otherwise w tie converted inta money
all or any pact of the Co1laLeral. t~~ the name of Payee or rhe i~dersigned or otherwise,bysuitorotherwise~andto surrender.
compromise~ release. renew. excend, exct~ange. or substicutcany ioem uf the Collateral i~~ cransactiais with the undersigne.~i
ur any third party, irrespective of any assigrunent thereof by the und~rsigned~ and withuut prior notice w or consent of the
undersigned or any assignee. Whenever any i[em of the Collateral shall not bepaidwhendue,oroth.~rwise shall be in default.
whether or noc the indebtedness. or any parc chereof, has become due, Fayee stall have the saiY~e righis and powers with
respect to such item of tt~e Collateral as are granLed 'ui respec[ [hereof ir. this paragraph in case of nonpayrr~enc of the L~-
debte~ness. or any part thereaf. when due. None of the rights, :emedies, privileges, or powers of Payee expressly provided
for herein shall be exclusive, b~at each of them shall be cumulative wiLh and inadditiontoevery ocher right, reme~iy, privi-
leg~, and puwer now or hereafcer existing in favor of Payee, whether at law in ~quity, by stacute ur ~>therwise.
The widersic~ned agrees to take all necessarysteps co adn~iis[er, super:~ise, p.eserve, and protect the Collateral; and
regardless of any actian taken by f=ayee, there shaII be no duty upon Payee ui ttus respect. Tt~eundersignerlshall pay all ex-
penses ef any nature, whether incurred in or out of court, and whetY~er uicurred before or after L'us tiotes~~all become due
at it, ~naturity date or ott~erwise. including butnot li;:~ited w reasonable atuorney's fees and costs, which Payee may deem
necessary or proper in co;.r.ectivn with die satisfactian of the L~debtednessortt~eadministratio?t,supervision,preservation,
protection (uicludinK, but not limited to, the maintenance of adeyuate insurant;el of ot the cealization upon the Collateral.
payee is authorizeJ w pay at any tiRie and from time to time any or all of such e~cpenses, add the amount of such payment ta
the. amount of ti~ Indebteciness, and ci~arge intQrest thereon at ct~ rate specified hereui with respec€ tot.~e principal amount
of t3iis Note.
'ttie security rights af Payee and its assigns hereunder shall nut be impaireci ty Payee's sale, hypo~heca[ionur rehypothe-
cation of arry note of the undersi~ed or any item of d~e Collateral, or by any indulgei~ce, including but not limitecl to (a) ariy
reiiewal, extensi~t, or ,iiodificauon Which Payee may grant witn respect tu die L~debte.zir~ess or any part thereof, or (b) aii-y
surren~ier, compro~nise, release, renewal,ex~nsion,exchange, or substitu[iai which Pa}~ee tray grant ui respect of the Col-
lateral, ur (c) any u~dulg~:nce granted in respeci of any endorser. gua:ar.wr, or surety.Thepurchaser,assi~iee,transferee,
t~r ple.c;gee of diis tiote, rhe Collateral, any guarar~ty, and any ottier doc.~urrie.~it (or any of them),sold,assig,ned, transferred,
plesged, or repledge.~i~ shall forthwith becorr~ vesteci with and ~ititlecl to exercise all ~he ~wers and rights given by t}~is
Note aiid all appiications of tt~e undersig?~ Ao Payee, as if said purchasor, assigr.ee, trarsferee, or ple~igee were originally
named as Payee in this Nate and in said application or applications,
~~br Mal at '~ir Oaa~oar+~cl~lea ~d t~ d~r aa' t~ uu~~risrd a!"~.
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N~te.--Corporate applican~: must exe4ute:.ote,incorp~race narTie, bydulyautl,oriaedefficer,andseal~nust h,e affixeJ and
duly attested;partnershipapplica~its mustex~cutr Note inf`rrn na~~~e, togeth.er •Ni[i~ si~° pire of a general parmcr.
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