HomeMy WebLinkAbout0461 i
;
. z
4
' ~ i
i ' '
~
; the Obligations. ~
L
'z At its option, Secured Party may discharge ta~ces, liens ~
i
or secarity interests ar other encumbtances at any tiime levied or ~
,
placed on the C~llaterel, may pay ~or insurarice on the Coll.ateral
4
and may pay for the maintenance and preservation of ~he Cvll.ateral
Debtor agrees to reimburse Secured Party on detnand for any paym~ent
made, or any expense incurred by Secured Party pursuant to the
~ foregoing authoriz~tian.
POSSESSION. Until default Debtor may have p~ssession
of the Collateral and use it in any lawful manner not incon~istent
with this agieement and not inconsistent with any policy of in»
surance there on.
EVENTS OF DEFAULT. Debtor shall be in de£ault under
this agreement upon ~he happening of any of the following events
or conditions;
1. defauZt in the pa3r~ent or performance of ar~y
obligation, co~enant or liability contained or re£erred to herein
or in any n~te evidencing the same;
z. any ~raarranty, representation or statement made or
furnished to Secured Party by ~r on behalf of Deb~or pr~ves to
~ have been false in any material respect when made or furnished;
3. any event which results in the acceleration of the
maturity of the indebtedneas af Debtor to others under any inden..
ture, agreement or undertaking;
4. Inss, theft, damage, destruction, sale or encumbranc
to or of any of the Collateral, or the making of any levy, seizure
or attachment thereof or thereon;
5. death, dissalution, terminati.on of existence, in-
solvency, business failure, appoin~ment of a receiver oF any part
~ of the pr~perty of, assi.gnment for the benefit af creditvrs by,
or the com~ence~ent of any proceeding under any bankruptcy ar
insolvency laws by or against, Debtac ~r any guarantnr or surety i
t Debtor,
~ REMEDIES. Upon such default and at any time thereafter
~ CHARLET E BECM
° ATTORNEY AT I.AW z
~~G,~ ~o„hr, Secured party may declare all Obligafiions secured hereby immediate x
~ANK ¦LDO.
FQRT rllRC[, Fi.ORi~A
a~x ~.2~ ~6~ ~