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the Obl.igations.
At i.ts option, Secured Party may discharge taxes, liens
~ or security interests or other encumbtances at any time levied or
placed an the Collateral, may pay for insurance on the Collateral
and may pay for the maintenance and preservation of the CollateraL
Debtor agrees to reimburse Secured party on demand for any payment
made, or any expense incurred by Secured Party pursuant to the
~ foregoirig sutl~oriz~tian.
POSSESSION. Until default D~btor may have pc~ssession
of the Collateral and use it in any lawful manner n~t inconsistent
with this agteement and nnt inconsistent with any policy o£ in»
surance thereon.
EVENTS OF DEFAULT. Debtor shall be in default under
this agreement upon the happening of any of the following events
or conditians:
1. default in the payment or performance of any
obligatipn, covenant or liabili~y contained or referred to herein
nr in any note evidencing the same;
2. any warranty, representation or state~nt made or
f urnished to Secured Party by or on behalf of Debtor proves to
ha~,~e been false in any material respect when made or furnished;
3. any event which results in the acceleration of the
maturity of the indebtedness of Debtor to others under any inden.~
ture, agreement or undertaking;
4. loss, thef t, damage, destruc~ion, s~1e or encumbr~'!'ic
to or of any of the Collateral, or the making of any 3.evy, seizure
or a~tachment thereof or there~n;
5. death, dissolution, termination of existence, in--
solvency, business failure, appointment af ~ receiver o~ any part
~ of the proper~y of, assignment for the benefifi of creditors by,
I
or the commencement of any proceeding under any bankruptcy or
; insalvency laws by ar against, Debtor or any guarantor or surety f
Debtor.
~ REMED.IES. Upon sueh default and at any ~ime theresfter
~ CH~?Rt.ES E. BE~HT
~ ATTORNEY A7 LAW
~ yT. LUGE COUNTY Secured party may declare all Obligations secur~d hereby immediate
~ BANK BLDO.
FORT r1ERC[. lrLORIDA
' a~x 12? .4S1 0 ~
# . _ _ . _ ~fl~ i2$ . 93 ~