HomeMy WebLinkAbout1911 td) Debtor will sign and execute alone or with '
Secured Party any Financinq Statement or other document or procure :
any docwa?ent, and pay all connected costs, necessary to protect '
the security interest under this Security Agreement aga3nst the ~
riqhts or interests of third persons, and ~
(e~ Debtor will reimburse Secured Party for ;
all costs, includinq reasonable attorneys' feeB, incurred for any '
action to remedy a default which Secured Party elects pursuant
to Paraqraph VI hereof.
IV. Secured Part 's Obli ations: Secured Party shall pay ;
to Debtor sinnu aneous wi e execution of thie Security Aqreement ;
by the parties hereto the funds representing the proceeds of the j
mortgaqe loan being made to Debtor by Secured Party under that {
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certain mortqaqe and promissory note of even date herewith. ~
V. Default: Misrepresentation or misstatement in connection #
with non-caa-
pT~ance with or non-performance of any of Debtor's
obligations or Agreements under this Security Agreement or any
default under that certain real estate mortgage executed by Debtor
in favor of Secured Party of even date herewith, or the note secured
thereby, shall constitute default under this Security Aqreement.
In addition, D~ shall be in default if bankruptcy or insolvency
proceedinqs are instituted by or against the Debtor. Upon the ;
occurrence of any such default, or at any time thereafter, Secured
Party may, at its option, declare all liabilities secured hereby,
or any of them (notwithstandinq any provisions of this Security
Agreement) immediately due and payable without demand or notice '
of any kind and the same thereupon shall iimaediately become and ~
be due and payable without demand or notice, but with such adjustments, ?
if any, with respect to interest or other charges as may be provided
, for in the aforementioned promissory note or other aqreements between
Debtor and Secured Party.
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~ VI. Secured Party's Rights and Remedies: ;
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~ A. Ri ht to Assi : Secured Party may assign this Security
. ` ~ o Agreement , an
~
-~r ; (1) If Secured Party does assign this Security Agreement,
z the Assignee shall be entitled to the performance of all of Debtor's
Q•~ ~ obliqations and agreements under this Security Agreement, and the
= a Assignee shall be entitled to all the riqhts and remedies of Secured
~Party under this Security Agreement, and
_ (2) Debtor will assert no claims or defenses it
may have against Secured Party against the Assignee except those
granted in this Security Aqreement.
B. Other Rights and Remedies:
(l~ Secured Party may, at its option, discharge taxes,
liens or security i.nterest or other encumbrances at any time levied
or placed on the~Collateral, may pay for insur3nce on the Collateral,
and may pay for the maintenance and preservation of the Collateral,
and Debtor aqrees to reimburse Secured Party on demand for any
payment made or any expense incurred by Secured Party pursuant
to the foreqoinq authorization, which payments and expenses shall
be secured by the security intended to be afforded by this Security
Aqreement.
(2) Debtor will assert no claims or defense~ it may .
have against Secured Party or against the Assignee of Secured Party
except those qranted in this Security Agreement.
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ANOERSON, RUSH, DEAN 6 IOWMOES AttORN[7! AMO COYNlCILORf AT t/N/ ORlANDO, ~lOR7~A
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