HomeMy WebLinkAbout0790 _ . . . . _ _ • ' ~l
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Datow~r wW d~hnd tb~ Collateral aqainat t~ daims and demands d all p~noos at anr tim~ claiminq th~ aams a~ ant ialpia tharei~.
S. ~i0 tL~aseieq S~Mt~m~nt ow~rinq anp ColLtsral or anT pro~wds thersot is on 51s in an7 puWie ottie~: HarowK authoriss~ S~eurd Parl~
to fib~. in ~u~isditlioo~ wb~rs tDis autDaisation ~rill bs qi~~n ~ltecl. a Finaacinq SW~st~nt siga~d oolp by th~ S~cv»d Part! dMaibing tlM Co!-
lateral in ths s~ms mann~r as it is d~scdbsd her~in: and hom time to tim~ at tM »quau ot S~cvred Putp. ~rcuN oo~ or soor~ ttnandnq Shtsseals
and sueh o1b~ docum~~ts (and paY W~ eost ot filinq or r~oordL?q Ws same ia all puWic oHioss desmsd n~c~ssatt or d~airabls by Ws S~eur~d
Party) a~l do ~udt oth~r acb and thinqs. ail as th~ Secu~d PartT maT request b~ ~dablLh and mamqln a~alid sw.vrl7 ialerost in t6e Co~laleral
tireo d all othst li~ns and claims whabo~~ss) to ncut+ tb~ paYm~at o( ih~ Wbilities. ~q. wYLout lia[taNoo. d~pwit wils S~cured PartT aay c~-
tificatN d tL3~ iasuabl~ with r~spsct b anY at t6s Collat~ral and nutation th~reoa d th~ secvrit~ L?Mrost D~r~unda.
6. Barower will not permit any liens or sacuritp intsreds o1h or tLaa Sec~~nd Patt!'s s~uitT in~eratl b aquh b an7 0[ tbe Collateral:
(b) psrmit anY d ~he ColLteral to bs kvied upon uad~ tbs l~qai procs~s: (d =e11. traasNr. bas~: a: athe~wiM dispoq of anp d th~ Collateral or ant
iatereN therein. ot dhr so 1o do withonf tne prior writlea coos~nt ot S~cvnd Par~y: (d1 permlt anylhbo~q b bs don~ that ma? imptir ths ~alue oi anT i
o! the Collaterd or the aecvritp intended to bs aftorded bY this agreomsnt: or (e) p~rmit tDe Coilateral w bs or b~aom~ a 8:turs (and U is espressly ~
co~enant~d. warranted and aqrNd. that the CdlaNral. and sverT part Wered. whether aNUed to aar iwltlr or aot. ~ha11 M and remain peiso~al
prop~rti). or b become an acasssion to oth~r qoods or propeitp. ' • .
7. Bor~owet will at aU tlmei keep th~ Collateral iasursd ~ amounb not leas than the luil insurable ~alue th~reoi. aga6W loM. da~saq~. tbelt. and
~uch dL~r risks a Secund Puti mat. nquire ia ~uch ootspaaiA'~nd under sueh polki~a and in such Iorm. aad tor auch p~riods. as shall bs satistscto~~
~o s~r.a p,~y. ~?a ~.n~n ~o.;a., bT f~ew York Standud o~ u~ se~a,.a ~ao...~?~ +~e tio.. ~,~a pro~a. F.r~w.
thereunder a6a11 be payabl~ b Secutsd Putp u its inMrad ma~ appear (and Secured PartY maY ~PP~T ~l P+~ d such ioauanee which may be
recei~sd by Sscured Pa~tp bwud payment d the liabilities, whether dus or not due, in sueb otder d applicatjoo as S~c~ud Party maY d~lerminel and !
each such po13c~ shall provide !or 10 daps wrltten minimum canceUation notice to Socured Party: and ~tch sueb polk7 ahall. it Secured Party so reques~s.
be d~posild with S~c~ued Pury: and S~e~u~d Par!! map act a~ atlornep !ur Bc~rrowor in obtaininq. adjustinq. settlinq. and canc~llinq such ilsuranae and ~
indorsinq anp draNs: (b) at all times keep the Collateral fre~ lrom anp adveisa fien. securitt i~lerest. ac s~a~sbraaas and in good ord~s aod repair and will ~
not wasw ot dYStroy fh6 Collat~ral a~ auy pari thernot.
8. (tl Dorro~w~r ~?iU aot use tha Co1laMral or permit tha same to bs used in ~iolation d anY statute or ardinana~: and Secvred Party may
ezamins aad inspeet the Ccllateral at mp time, wAerever bcated. (b) Borrower will pay prompdY wh~ due all tases and assessmenb upon the Coi-
~al a for i1s ase a op~ratioe a upon 1~is aqieemeat or npo~ an~ aoES o~ nates or o1~r writtnq e~id~sc6~g t~e ~eR ar a~ of them. ;
9. At ib option. Secured Fami may di+chaiqe tazes. liens or secvritp interew or othsr eacumbranees at an~ time le~ied or placed ou the ~
Collateral. maY W7 lor insurance oa the Collateral. and maY PaY lor the maia~enanos aad prs~enatim ot th~ Co1laMral. Darorrer agress b reimburaa
Secured Part7 on demand ta any payment mad~. or anp e:penss ineur=ed. by Secured Pariy. pursuaat to iLe loreqoinq auWori:ataa. Until default.
Borrower mar 6a~s pocse:siou o[ Collateral and uss it in anp lawlu! manner not inoonsistent with this usemeat and not inaoasistent with an~ '
Po~Y d 'wsuranos theraoa. !
10. Borrower ahaU be 3n detault uader this agreement upon the happening of any oE tha bllo~rinq e~ents or oouditimr. iailure or omission b
pay whea due any liabiliry (or anp installment t}?ereo! oc interest thereon), ot detault m the papment or perEoimancee d any obligation, ooveaanL
aqreem~nb or liabililp conlained or relerred to hetein: (b) anY warranty. representatioo. or statemeat msde or lumished b Sscured PaAy bp or oa
behalf o[ any Hottowrer pto~es b have been ialse in anp material rapect when made or lumished: (c) b~s. theK ~ substan4a! damaqe. deswdim. ;
' sale, w ancvmbrance to or of an~ d the Cdlaleral, or the makinq ol any lerp. seisure, or attachment thereof ar the:eon: (d) anp Obliqor (which ;
; term. u used benin. shall mean each Borrower and each whss paitp primarily or secondarilp or oontiagenBy liable on any d the liabiliGes) bnoomes ~
j iasolvsnt or unabls to pap debts as they a?ature or makes an assiqnmeat for the benefit d aeditors. or aap procesdinq is instituted bp or against ~
~ anY Obliqor allegiaq that sueh Obtigor is insol~ent or unable to pay debb as they mature: (e) eatrp d any judqment aqajast anq Obliqa: lD deatL
~ of any Obligor who is a aatural person. or ot anp parmer ~ any Obliq~ wrLich is a partaership: (g) disaolution. merqer or ecnsdidation. or transler
ot a subWntial part of ths propert~ d any Obliga which is a corporation or a Qartaeiship: (W appo:ntment o[ a»cei~er f~ the Collateral or any
thereof er tor aay pcoperty in which any Borrower has an inter~t.
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~ lt. Upun the oecuneacs d anr such delauH o~ at any time thereatter, or wheae~er tbe Secured Pury (aels inaecure for anp reason what-
soe~sr. Seeured Putr map. at its option. declare all liabilities secured hQrebq. or any o[ them (notwithsta~inq anp pro~isions tbereotl. immediatelp
s due and papabN witha~t dem~nd ot notiee d ani kind and the sams Ihereupon s6all immed'utelp become and be dns and p~pable without demand ~
or notics (but with such adiustmsab. ii aay. with raspsct to intersst or clher chuqes as mar be provided tor ia the promissory nole or other writinq
avideaeinq such liability). and Securd Party s6a11 ha~e acd may e:erc~se lrom time b tims any and all rights and remedies ci a Secured Party y
undsr ths Ua~form Commercial Code and any and all riqbls and remedies av~ilabls 1o it under any other appKcabL Itw: aad upoa requsst or demand
ot S~cvr~d partT, Borrow~r s}iall, at i1s ~:penss. asaembls the CoUateral and maka it avaliab~ Io the Secvrad PartT at a oon~enieat place scespubls
to S~c~u~d Fartlr; aad Dortowrr shall prcmp117 pa~ aU oosts d Secvrsd Party ot oollection d any aad all the liabilifjes, and eaforoement ol righb
hersund~r. includinq reasonabls anornsys' tees and legal espenses and e:penses o! anp repairs b any ot tLe CoUateni and e~enses oI anp repairs
~o anq nakr a otha prop~rtp b whid~ an! ot tLe Cdlateral may be aHi:ad. Anp notics of sale. dispositioo or WLer intended action br Secured
Partp, aent b Borrower at U?~ addrw oE Bormw~ sp~ci6~d abo~~ or at ur olher addrese ahown o0 1h~ r~oo~ds d S~eund Putt, at Isaat li~e da~s .
priar b sucb action. shaU ooastitut~ rwooabl~ notin !o Borrowsr. Fsp~nssa d reuki~?q. hoidinq. prepuing Jor sals. s~llimq. or tb~ li~e. sball
indud~ ¢ecvr~d Part~'i rwonaW~ attocn~yi Js~s aad Mqal e~enaes. llnp s:cesa ~ swplus d prcceeds oi wT disposition d tnY of 1De Cd-
latsral m~y b~ applird by Seeur~d Partp wvud ps~mtat d sucb o[ tha liabili~. aad in suc6 ord~r d application. a S~eund Pamr ma~ trom liaw
t0 ftm~ EMtf_ . ~ ~ ~
l2. !io wai~~ py S~cusod Paity d anl d~lauh a~all op~raw u a wai~u d any ot~r d~tanlt ar o[ tL~ ~aa~ d~tautt oe a tutur~ ocrasioo. Na
d~ley or oei~ioa aa t6~ part of S~cur~d Putr in u~rcjsinq anY riqbt ot r~aedy shall op~rats a a wai~er tb~nof. aad ao aiaql~ a~ pat1W ~zfrci~e by ~
~ S~cv»d Putt d aar riqht ot rsm~dr s6all pndud~ aay at~r or hutb~r e~cW th~reof ar 1M ~rc~ ai anY ath~r riqht or r~m~dl. Tio~ '
ia oE tb~ w~oc~ d d~is sqsMm~n~ T6e pro~isions d thfe aqr~vent a» cumulatir~ and in addition b th~ pewisioe~ d aaT aoM Mcuted bT this
~ aqr~~ut. aud S~cut~d par1T shall La~~ all th~ ben~tib. rigAts and rsm~diss d and under anr noN Mcuc~d Mr~. II moce Ihaa on~ partT
~ aball wcvt~ thi~ aq»~m~n1. tb~ lerm "Bo~mw~' shall isean aU paTtia sigoinq this aqrNm~ai aod ~seL d t4~w. aad ail aucL patti~s sbail b~ -
jointl~ aod s~nwU~ a~bliqaqd aod Lab4 h~e+wdK. ~ siaqular pra~o~w wh~o uMd 6~rMn. sball indud~ t~ plural and tA~ s~uter sbap iael~
mascvlio~ and fsfsia~. 8 this aqr~em~'t is aot daqd wh~n ~s~cut~d bt tbs Bonow~r. t6t S~cund PaAp is authori~d. without natio~ b iM :
Bortor~i. b daM fLi~ aqrNaMat. 7~i~ aqr~ast aaW b~~ ld~eflt~ Y af fb~ daN of thh aqtNS~ni All trighb d SM.1~nd p~Tfp`Mfidodq tii~ i
inur~ b th~ b~s~BA d~ suacwon and asai~~os: snd all LaWWi~s d Dono+?~r ~hall bmd tL~ hws. ~~cvlas. adstr~i~trafas. wod~a~~ o~
eath Dorrow~r. • ~
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13. 7hls aqn~en~ has bNw d~~K~d io t~e 8tai~ at Flariia md ~La11 b~ aoostrwd fs acoe~dano~ ~ri~h UN laws d Y1oti~+.^VYMt~t postl"~e:
each pro~ision af thi~ agrNmwt s4a11 b~ inb~M~d ia suth saan~t as W b~ aad ~alid uad~r appiic~bN law. W1.11 aeT pt~psiou d fhis
aqrMant ahail b~ prol?ibiad b7 a~ is~alidP~ plicabl~ la~+~{W P~o~i~ioa shall ~
h b tb~ ~sNnt d wdi~cdlibitios:'or :ios{tl~.:
wit~o~ la~alidatinq tM remaied~r ol sueb or 1~ ritiaas d tbls L ? c~ ' -J , 4' =
ilf WITIiE86 WtIERDOF'. ~his aqnss~t ~as b»a dul~ ~s~cvbd a~ d ~ JV ' ' : Il~Y:
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