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4. Borrow~r will defend tA~ Col~ateral against tht tlaims and demands of all persons at any tim~ claiming the sam~ or any i~t~r~st tA~nin.
S. No Finsncina Statem~nt coveri~g any Cotlater~l or any proceeds thereof is on file in sny puWic otfice: Bwrowe~ suthoriies Secured PaRy to C~I~.
~n ju~isdictions wAer~ this authori:stion w~ll be given effect, s ii~sncin` Stst~m~nt signW onlY by tAe Secured PaRy descridn` the Collat~rsl in th~ same
mann~? as it is d~zcritied henin; and Irom t~me to time at th~ rpusst of Secured PaRy, eiecute one or more Finsncins Stat~m~nts and suth oth~r docu-
rnent: (~nd pay lh~ tost ot f~lint w record~ng the same in atl publie offic~s deemed necessary w d~si?able Ay tha Secur~d OaRy) and do sucA otMr xts and
th~n`s, sll ss tM S~tur~d PaRy may rpuest to establish and maiMain a valid setunty inter~st in the Collateral tfrc~ nf all atAer li~ns snd claims whatso-
ever) to sacur~ tM Oaym~nt of th~ liabilittes. includins, witAOUt limitation. d~posit with Secu?ed Psrty of any c~Kificates of titl~ issuaDl~ with respect to a~y ot
cna Collaterat and notation thereon ol the seturity intenst he~eunder.
6. Borrower wi11 not (a) perm+t any liens or seeurity inter~sts (olh~r tAan Secured Party's security interest) to attach to a~y of tM Collateral: (b) pe?mit
+ny of the Co1lat~nl to b~ levied upon under a~y legsl process: (c) sell. transfer, lease, or otMrvris~ dispos~ of any of tM Col~ateral or any interest th~rein. or
offe~ so to do, witAOUt th~ prior written consent of S~eund PaAy: p~?mit anything to Ds done thst may impair th~ vslu~ of sny of th~ Collsteral or tn~
secunty int~nde0 to be sfforded by this agraement: or permit th~ Collateral to be o~ becom~ a fiatu.e (and it is ~apr~ssly cownant~d, war?anted and
,g~eed, tAat th~ Collst~~al, snd ~wry paR th~roof, wh~th~r aHi:W to sny r~~lty or not, shall be and remain pe~sonal prop~Ry), or to Wca*~~ an xc~ssion
to other goods or proplRy.
7. Bo~rower will (a) at stl times kep th~ Collat~nl insund s~ai~st loss, damaQ~. tMR. and such oth~~ risks ss S~cur~d Party may rpuin in such
~mounts and eompani~s and under such polities and in sucA torm, and for such periods, as sAsll be sstisfactw~r to S~cund PaRy. snd eseh sueh policy shall
pruv~dc that bss thereunder a~A proee~ds D~YaWe thereu~Mr shsll b~ psysbl~ to Sacured Party ss its int~rest msy appsar (and S~tund Party msy apply
,ny procecds ot such insura~ce whicA msy b~ r~c~ived Dy S~cuhd Party toward payme~t of tAt lisbiliti~s, wh~ther du~ o? nd dw. in such oM~r ol applica-
t~on as Secur~d PsRy may det~rmins) and esch sucA policy shall prarid~ /or 10 days' written minimum canc~llation notic~ to Sacured PsRY. a^d ~sch such
pof~cy sAall. if SscurW PaRy so r~Owsts, b~ depos~t~d with Secund PaRy: and S~cured PaRy msy xt ss sttom~y for Borrow~r in obtsinin~, sdlustint, seKling,
and cancNling such insu?snc~ and indorsint sny drafts: (b) st all Nm~s k~p tM Col~stersl irk from sny adwrs~ li~n, s~curity int~rast, w~ntumErant~ and
in good aMer and repsir and will not wast~ or d~stroy tM Caltat~rsl a any paR tMrwf.
8. (a) BOrrower will not us~ th~ Collstenl o~ p~m~it tA~ sam~ t0 b~ ua~d In violatio~ ot a~y statute or ordinaou: snd S~cur~d Pa?ty may ~smin~ and
~nspect tM Co1lat~nl at sny time, whtrw~? located. (D) Borrow~r wip paY P?omPt~Y wh~n du~ all ta:~s snd assessm~nts upon tha Co~~ateral w tw its use or
operation or upon this asnement w upon any not~ o~ notas w otMr writins evid~ncins tM liabilities, or s~y of tht~n.
9. At its optioo. Sacund PaRy msy discharge tu~s, li~ns w s~curity fnt~nsts w othe~ a+cumbrsnc~s st any tirtN Isvi~d or plsc~d o~ tM Collatenl.
may pay for inwrsnc~ on tAe Collstersl, snd may pay tor tM msintN+snc~ and p?u~rvation of th~ Collsteral. Bor~owa~ s~?KS to reimbun~ Secured Party on
demand iw any parm~nt mad~. or any e:pcns~ incutr~d. Dy S~eund PsRy. pursuant to tM toresoins autho~ization. Until d~fsult, Borrower may haw pos-
~ession of Cdlatenl artd us~ it in anr lawful manner not inconsistart witA this sg~meet snd not inca~ststa~t with aoy policy of inwra~c~ tMnon-
10. Borrower shsll b~ in defauR under this sgrNment upo~ tM Aspp~nint of sny ot th~ tollowin~ twnts or conditions: failu~ or amission to pay when
due any liability (u any inztsllment tAereof or inNhst tAer~). u? d~fauR In tM paym~nt or P~rtomu~t~ o~ any oWisation. cov~nan~ asreeme~f, or liability
contained or re(erred to herein; (E) any warranty, reprasentation, w statun~nt mad~ or tumishM to S~curod PaRy py or on b~ha~f ot sny Bwrower proves to
have been false in sny material respect wh~n msd~ or fumish~d; (e) loss, tMf~ suDstantial dama~e, destnxtion, ssle, o~ ~ncumbrance to w ot snY o( tha
Ccliateral. w tM makins o1 any Iwy. sei:un, w sitseAment tMr~M or tMnon: (d) sny OWisw (which term, ss us~d Mrtin. shall rrwan eaeh Borrowe~ snd
each other paRy prima?ily w secondarily or continsently lisbt~ on sny of tM liabilities) b~comts insolvent w unsble to psy d~bts ss tMy matun or makes an
assignment for tl+~ benefit of creditors, or sny proceedin~ is institubd py or s~ainst any OWi`or alleaint thst such OWisw is insolwat w unable to pay dsbts
as tAey msturt: (e) entry of sny judsm~nt a~ainst any Obli=or, (n d~sth oi any Obliaor who is a natursl person, or of any partn~r of any OWi`or which is s
partnership; dissolution. m~rger or consolidation, or tnnsfN ot a substaMisl paR of tM prop~Ay M anY OWi~or whlch is s cwporation o? a psRn~~ship;
;n> appointment of a receivar for tha Collateral w sny th~rwf or for any property irt which any Borrowei hss any tMenst.
11. Upon tAe occurn~ca ot sny such Mfault or at ~ny tirrN tMnsR~r, w when~+r~r tM S~cund Party tesls insecun fw any rpson whstsotwr, 5~-
i cured PaRy may. st its optian. daclsn aIl liattilitias s~cund M?tby. or any of th~m (notwithstsndins any provisions tMreof). imm~diatNy dw and paYabN
i w~thout demand or notic~ of sny kind snd tM sam~ tMnupon sha0 imm~diatNy b~co~n~ and bs dw snd payaW~ witlwut d~mand w notic~ (but with such
adjustm~nts. ff any, with rtspect to intertst or othe? charsts ss msr D~ provid~d fo~ in tM promissorr not~ or oth~r writins ~vid~ncirt~ sueh liability), and
` Secur~d Psrty sha11 have snd msy sxertisa (rom tim~ to time sny a~fd atl ri~hts and remedi~s of s S~cund PaRy undtr tM Unifom~ Commtr~isl Cod~ and
~ any and all tishts and remadi~s availabl~ to it und~r any otM? sppliubla Isw; and upon ~aquest o~ d~mand of S~cured Ps~ty. Bwrow~~ shsil. tt its e:p~nse.
assemb{e tM Collateral snd make it availaWa to th~ Secund PsRy at a eonwni~nt ptace xceptsbl~ to Secured PaRy; snd Bonow~r shall PromP~~Y WY a~t
i costs ot Secured Party of coll~ction of sny and aIl the Iisbilities, aod ~ntorc~m~nt of rishts Mnunder, intludinQ roasonsW~ attorn~ys' iNS snd le~al ~:p~nsts
; and e:penses oi sny rcpairs to sny of the Collat~nl and ~xp«+s~s of sny npsin to sny nafty or other prop~Rr lo rrhich any ot tlw Cotlabrsl may b~ aHixed.
~ Any notice ot sat~. disposition or dher iMsad~d actio~ b~r S~cur~d r'aRy, s~nt to Borrow~r at tM address M Borrower speciTi~d sbov~ or at any dh~r sdd?ess
~ snown on the ncords of Secund Party, st lust five dsys prior to such actia+, shsU constitute reasonaW~ notice to Borrower. E~cpensas oi retakins, hddin~,
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preparins tor sale, sclling, or the like, shall includ~ Secured PaRys nasonabl~ sttomeys' t~es and tegal ~xpenses_ My exctss w surplus of procwds of any
s d~sposition ot any of tAe Couatenl may be applied by S~cur~d Party towsrd payrr~eot oi such of tM tiabittias, and in such order ot applicstion, ss S~cured
y PaRy may i?om time to tim~ ehct. -
~ 12. No waiver by Secured Psrty of any detault shall operat~ ss a wsiwr of any otAer deisult w of the same defsutt on s futur~ occ~sion. No dNaY w
~ cm~ssion on ths part M Secured Psrty in e~cercislns any ritht or rem~dy shall operste as a waiwr the?eoi, anA no sintla o. wrt~ai ex~rcise by Secured PaRy
o~ any riQht or remedy shall preclud~ any other or fuRh~? e=ercise therwf w the exercise oi any dhcr right or remedy. Tim~ Is of the ess~nc~ ot this as?ee-
Tent. The p?ovisions ot this agreement ar~ cumulstiw snd in addition to tM provisions of any nots s~cured by thls a[rs~msnt and Secund Party shall Mw
? a:; the be~efits, riEhts and remedies of snd und~r anY note secured Mr~b~r. li mon tAan one psRy sAall acecut~ this asreemeM, tM term "Borrorer" shall
~ ~-ean att parties signins this agrtsment snd esch ot them, and sll such paRies shall be joint~y and sev~rally oblisatcd a~d lisble Mnunder. The sir?Qular pro-
~ r.oun, whsn uscd herein, shall includ~ tAe plunl and the n~uter shsll include masculine snd feminine. If this asr~em~nt is not dat~d wh~n a:ecubd bY th~ Bor-
.o«er, the Secured Party is aulhorized, witAout notice to the Borrorrer, to date this sgreement. This agraement shsll becom~ etisctiw as of tM dat~ of this
~ agreement. All .ights oi Secured Psrty h~reund~r shsll inun to the bsn~fit of its successon and sssigns: and all liabifiti~s oi Borrower shsll DinO tht h~i?s.
~ e<ecuton. administrators, sucussors and assi~ns of each Borrow~r.
~ 13. This agreement has been delivered in tM Stste oi Florids and shall be construed in accordance with the Isrvs ot Fbrida. VYh~rewr possiWe. exh
~ n•ovision o! this agreement shalt Ee interpratcd in sueh manner as to be effective and valid under appticable law, but if any Drovision of this s~rsement shsll
~ ce prohibited Dy or invatid u~der app~icaDle law. such pro~ision shall b~ in~ffective to the txtent of such prohibtian or invslidity. without invalidsting tM n-
~na~nder oi such provision or the ?emainin~ Drovisio~s of this a6reem~nt.
~ IN WITNESS WHEREOf, this asreement hss be~n duly ~x~cuted as of the lsth day of ~tober Ig 71,
~ ~ ~f '~i''
" S;gneA. sesled and delive~~d 'v~G~ _~~!~//7~~V (SEAL)
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= Borrorrtr
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[S~cund Psrty r~d s?~+ only ff asrMma?t is to N ussd u a Flnaocing
i Ststert~nt.]
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~iVt)Itti Tt) A\U SL'f3SCRIl~t;O be f ore me th i s 15th iia~~ of nctober ~ j~~7'.
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b wJfAl1Y PUPUC. tTATE OF FLORIDA AT ~
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_ ~f~ aMiDY4M PHpU W. D~EYi[LHORIT
- ~~~K 1~9 P,?~F 1270