HomeMy WebLinkAbout1698 " !f this a rerment i• securit • fo~ a luan co be used to a a att •~r all uf the !
; B ) P y P purchase p~ice .~t [he collateral; to use the ~
~ ptuceeds o( the loaa t.+ pay the purchase prire, filing fees and insuraoce pcemiums, ll~e Secuted Part~• however~ may pay ~
che proceeds darectl~ to chr seller o( che collaceral. ,
To immediately not~fy the Secuted Party i~ wrritin~t of a~y change in ot disc~ntinwnce of nehtor'srlace or placec !
6uainess anJ/or residence.
'll~at iE ~!?e coltaceral has beea attached to or is to be attachod to reat estate. a descrtpiioo of the rcal escate and the
! name and address o( ~he recoid oRner is set focth in the schedule herein; if the said collatecal is atcarhed to teal estate
~ prior to the petEectio~ of the security interest ~anted hereby. Debtor ~r~ll on demand of the Secured Parcy fumish the Iatter
~ ruh a disclaimer or disclaimets. signed by ai~ persons havina an interest in the ceal estate,ofanyinterestinthecollsteral
whicb is prior co Secured Pa~ty's in~erest. !
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THE PAR 17ES FURTHER AGREE ~
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Notes, if at~y~ e:ecuted in conaectiun w•ith this agreemrnt~ ate sepatate instruments and may be negouated by Jrcured
Party withou~ releasing Debcor, the collateral. or any guaraa~or or co-maker. Debcor consen~s co any etitensio~ of ~ime of
j ~ paymrnt. If tbere be moce chan one De~tor. guarantor or rn~?alcer of this agreemeat or of aotes secuted hereby. che obliga•
uoo of all shall be primaty. joiat and se~eral.
! f'aiver of oracquiescence io any default by the Debcor,oc failure of the Secured Paety co i~sist uFon strict pertormancc
by the Debtor of any warcanties ot aareemeats ~n this security ag~eement. shaU not cuastitute a wa~vec of any subsequrnt
or other defaul~ o• failure.
~I I~toticcs oo either pany s6all be in writing and shall be delive[ed petsonally ot by mail addresseal to rhe pany at the
i; add~ess herein set (orth or otherwise designated in writing.
`j The Unifoim Commetcial Code shall govem che rights. duties and re~edies of the parties a~d anp peurisions herein
declated invalid undet any law sha~l not invalidate aay other pmvision or this agreement.
The followina shall constitute a default by Dcbtur:
~ ~ Failute to pay the principal ot any installment of principal or of intetest un the indebtcdaess or any ~otes whea due.
i, Eailure by Debtor to cumply w•ith or oerform an~• ptuvisioo of this agreemena
False ot m~sleading reptcsen[ations or p•arranues made or giv~n by Debtot in connection w•ith this agreement.
Subjectioa of the collatetat to levy of ezecution ot othet judicial ptocess.
Commencemrnt of anp inwlve~cp proceeding by ot against rhe Debtor or of any guataneor ot or suttty for the Debtot's
' oblig ations.
Dea!h of the Debmt or of any Guarantoroi or surety foc the Debtot's obli~atio~s.
An~• reduccion in che value o[ the coliateral or an~ act of the lleb~ur which imperils the prospect oi full pecfoimaoce or
satisfaction of the Debtor's obligations herein. i
i lJpon any default of the Debtor and at the option of the Secured Party, the obiigationc secured by t'~is agretment shall ~
~ immediately become due an~ payable ia full withuuc nuuce ot demand and the Setured Patty shall have all the rights~ tem-
' edies and pricileges with respect to tepossession, retention and ~ale of che collaieral and disposieion of the ptoceeds as
are accorded to aSecured Pany by theapplicable sections of the Unifotm Commeccial Code tespecting "Uefault", in effect
~ as of thc date of this Secutity Agteement.
' Upon any default, the Secuted Party's reasonable a~tomey's fe~s and the legal and othet ezpenses fot pursuing~
seatching foq receiving. taking, keeping. stoting. advettising, and selling the collateral shall be chatgeable to the Debtoc.
The Debtot shaii remain liable for any deficiency resulting feom a sale of the collatetal and shall pay any such de-
ficieocy fortbwith on demand.
lf the Debtor shall default in ~he perfotmance of any of the provisions of this agreement on che Deb[~t's patt to be pet~
fotmcd, Secured Patty may per[ocro same for the Debtor's account and any monies ezpended in so doiag shall be chargeable
writh interest to the Uebtot and added m the [ndebtedness secuted hereby.
" In conjunction w~ith, addition to or substitutioo Eor thos~ rights~ Secured Party, a~ his discretioa. may: (1) onttr upon
Debtor's premises peaceably by Secured Party's own means or wit6 legal process and talce possessin~ uf the collateral, or
render it unusable. or dispose of the collacera! on the Debcor's premises and the Debtor aK:~es not co cesist or ine~rfere;
(2) require Debtot to assembie che collateral and malce it available to the Secured Party ae a place co be designated by the
~ Sccured Partp, reasonably convenient to bot6 panies (Debtor agrees chat the Secuced Patty's a~ress as set f~rch above is
i! a place reasonzbly convcnient for such asscmbling);(3) unless the collateral is perishable or direatens to decline speedily
i in r•alue or is of a tppe customarily sold on a recognized maricec. Secured Party will give Debtor reasonable notice of the
;i time aod plac~ of anypublic sale thereof oc of the time after whichany private sale or any ot6et intended disposition there-
~i of is to b~ made. The requirements of reasonabic notice wiU be met if suc6 notice is maile.i. poseage ptepaid~ to the ad-
dress of t6e Debtor shoan above~ a~ least three days before the time of sale oc disposition.
Secured Party may assi~n this agreemcnt and if assigned the assignee s6a11 be entitled. upon notifying the Debtor. to
~ ~ petfotmance of all of Debtor s ob(igauons and agrcements 6ereunder and the assignee shall be entitled co a11 of the rights
i and remedies o~ theSecured Narty hereunder.Debtor will assert no claims or de(eases Debeor may have a~ainst the Secured
Party against the assignee.
Ij Ibe Secured Parcy is hereby aut6orized to file a Financing Statemmt.
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