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Home My WebLink About2386Fln. Dec. stamps 1A the.~mount of ?.65 af~ised to original'nate Ap01T10MAL rlOyl><IONf Pretlrer Wasnatia sad Cove:tants of Debtor. Debtor hereby warrants sad coveaaats that - (f) Except. for the security interest ~raated hereby Debtor is the owner of the Collateral free from any adverse lien, security interest of encumbrance; and Debtor will defend the Collateral against aU claims and demands of all persons at any time claiming the same or any interest therein) (g) No Financing Statement covering nay Collateral oc nay proceeds thereof is oa file is any public o$ce and at the request of Scarred Party, Bebwt will join with Secured Patty is executing one or more F'uunciag Statements pursuant to the Uniform Commercial Code is form utisfaaory to Secured Pasty and will pay the cost of filing the same or filing or recording this agreement in all public o~ca wherever filing or recording is deemed by Secured Party to be necessary o: desirable; (h) Debtor wil! not sell or offer to sell os otherwise transfer the Collateral or nay interest therein without the written consent of Secured Patty; (i) Debtor will have and maintain ituuraace at all times with respect to all Collateral against risks of fire (including so-called eztended coverage), theft and such other risks as Secured Patty may require, and is the use of motor vehicles, collision, containing such terms, in such form, for such periods and written by such companies ss tnay be satisfactory to Secured Party, such insurance to be payable to Secured Pasty and Debtor as their interests may appear; all policies of insurance shall provide for ten days' written minimum caaeelladon notice to Secured Party; Debtor 'shall furnish Secured Party with certifiotes or other evidence satisfactory to Secured Party of compliance with the foregoing insurance provisiotu; and Secured Party may act as attorney fot Debtor in obtaining, adjusting, settling and cancelling such insurance and endorsing nay drafts; (j) Debtor will keep the Collateral fret from say adverse lien, sentriq- interest or encumbrance and is good order and repair and will not waste or destroy the Collateral os any part thereof; Debtor will not use the Collateral in violation of any statute or ordinance; and Scarred Party may ezamiae and inspect the Collateral at nay citnq wherever looted; (k). Debtor will pay promptly when due all taxes and auessmeats upon the Collateral or for its use os operation or upon this agreement or upon any note or notes evidencing the Obligadons. Additional Rights of Parties. At its option, Secured Party may discharge taxes, liens or security interests or other encumbrances at nay time lrriod or placed on 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 anq expense incurred by Secured Party pursuant to the foregoing authorization. Until default _ Debtor may have pottessioa of the Collateral and use it is nay lawful manner not inooasisteat with this agreement and not inconsistent with any polity of insurance thenoa. Events of Default. Debtor shall be is default under this agreement upon the happening of any of the following events or conditions: (a) Default is the payment or performance of any obligation, covenant of liability contained or referred to herein or in any note evidencing the same; (b) Any warranty, represeatatioa or statement made or furnished to Secured Party by or on behalf of Debtor proves co have been false in any material respect when made or furnished; (c) Loss, theft, substantial damage, destruction, sale or encumbrance to os of nay of the Collateral, or the making of nay levy, seizure or attachment thereof or thereon; (d) Death, dissolution, termination of existence, insolvency, busiacss faQure, appointment of a receiver of nay part of the property of, assignment for the benefit of creditors by, or the commeacemeat of any proceeding under any bankruptcy or insolvency laws by or against, Debtor or nay guarantor or surety for Debwr. Remediu. Upon such default and at any time thereafter Secured Party may declare all Obligations secured hereby immediately due and payable sad shall have the remedies of a secured party under the Uniform Commerdal Code. Secured Party may require Debtor to assemble the Collateral and make it available to Secured Party at a place to be designated by Secured Party which is reasonably convenient to both parties. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Secured Party will give Debtor reasonable notice of the time sad place of any public salt thereof or of the time after which nay private sale or any other intended disposition thereof is to be made. The requirements of reasonably notice shall be met if such notice is mailed, postage prepaid, to the address of Debtor shown at the beginning of this agreement at least five days before the tithe of the sale or disposition. Expenses of retaking, holding, preparing for sale, selling os the like shall include Secured Party's reasonable attorney's fees and legal expea:es. GeaeraL No waiver by Secured Party of any default shall operate as a waiver of any other default or of the same default on a future occasion. AU rights of Secured Party hereunder shall inure to the benefit of its successors and assigw; and all obligations of Debtor shall bind his heirs, executors or administrators os his of its successors or assigns. If there be more than one Debtor, their obligations hereunder shall be joint atul several. This agreement ~' shall become effective whey it is signed by Debtor. ~ pI o ~ =1~ILE~ AN® RECORD, ~ s ~ p' ST.RECORD VERIF ~OtA. ~ tt ~ w -- _ 1 2U ~ ~ - c p b G - ~ 4 ROG R ?OITRAS - ELERK C1RCU17 COURT t- . .. - .. ~ ~~ ~: ~s ~ ~.' ~ ~ . aooK 179 ~~2384