HomeMy WebLinkAbout2150 liabilities, whethes due or not due, 1n euch order of application
as it may detenaine. $ach policy shall provide for 10 days'
written ainimuu cauoellation notice to Secured Party and, if
Secured Party so request~, sha~l be depositsd with Secured Party.
Secured Party 'ay act as attorney for Debtor in obtaininq, adjust-
inq, settlinq, and cancelinq the insurat~ce and indorsinq any drafta.
Debtor at all times Mill keep the collateral lree ~raa aAy adverse
lien, security interest or encumbrance and in qood order and repati
and vill not vaste or destroy the coZlater.al or any part of it.
6. Debtor will not uee the collat~ral or perait it to be
used in violation of any statute or ordinance. Secnred Party a~ay
eYaa~ine and iaspect the collateral at any time, vherever located.
'Debtor will pay praaptly vhen due all tauces and assesesienta upoa
th~ collateral or for its use or operation or upon this aqree~r.~nt
or upon any note or notes or other writinq evidencinq the liabilities,
or any of them, secured by this aqree,ent.
~ 7. ~it its option, Secured Party may discharge taxes, liens
or security interesta or other encumbrances at any tia~ levied or
plaoed on the collateral, Whether subordinante in priority to its
security interest or not, may pay for insuranve on the collateral,
and may pay for the mafntenance and p~eserv~ation of the collateral.
Debtor aqrees to reimburse Secured Party on demand for any payaent
made, or any expense incurred, by Secured Party, pursuant to this
authorization and all such payment by Secured Party shall beax
interest at the rate of 10 per oent per annum. Until default,
Debtor may have possea~ion of collateral and use it in any la~ful
manner not inconsistent with this agreement and not inconsistent
with any policy of insurance on it.
8. Debtor shall be in default under this aqreement upon
the happening of any of the follc~+~inq event or conditions:
(a) failure or omission to pay when due any liability or Debtor -
to Secured Party (or any installment thereot or-interest thereon),
or default in the payment or performance of any obligation, covenant,
aqreement, or liability contained or referred to in this aqreement;
ib) any warranty, representation, or statement made or furnished
to Secured Party by or on behalf of any Debtor was false in any
material respect when made or furnished; (c) loss, theft, substantial
damage, destruction, sale, or encumbrance to or of any of the
~ collateral, or the mak~ng of any levy, seizure, or attachment of or
' on any of the collateral; id) any Obliqor (which term shall mean
~ each Debtor and esch other party pri~arily, secondarily or contin-
gently liable on any of the liabilities secured by this agreement)
~ becomes insolvent or unable to pay debts as they mature or makes
an assignment for the benefit of creditors, or.any proceeding is
instituted by or against any Obligor alleging that such ObZigor is
insolve;~t or un~tie to pay debts as they mature and such proceeding
remains undismissed for 30 days; (e) death of any Obligor Who is
a natural person or of any partner of any Obliqoz that is a-
partnership; (f) dissolution, merqer or consolidation, or transfer
of a substantial part of the propety, of any Obligor that is a ~
corporation or a partnership; (g) appointment of a receiver for all
oz any part of the collateral: provided hoaever, 30 days grace is hereby
granted to cure defaults. ' reasonabl
9. Upon the occurrence of any defanlt or at any time
thereafter, or whenever the Secured Party/deems itself insecure, ;
Secured Party may, at its option,- declare all 3iahilities secured
by this agreement, or any of them (notaithatanding any of their
provisions) i~nmediately due and payable wfthout demand or notice
of any kind and they thereupon shall beco~oe due and payable ;
immediately without demand or notice (but ~?ith auch adjustments, if =
any, vrith respect to intereat or othsr charqes as may be pravided ;
for in the promissory note or other writing evidenciaq the liabiliiies ~
secured), and Secured Psrty shall have and ~ay ezercise fro~a time ;
to time any and all riqhts and tem~ies of a Sec+ired Party under
the Unfform Commercial Code of Florida and any and all rights and
remedies available to it under any other app2iczble law; and upon ;
request or denand of Secnred Party, Debtor shall, at its expense, '
assemble the collateral and vake it available to the Secured Party ;
at a convenient place acveptable to Secured Party; and Debtor shall ;
pay pronptly all costs and expenaea of Secured Party of collection
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