HomeMy WebLinkAbout5240 7. At its option, S~xurcd Party may discharge ta~cs, Gcns or u:curity intercsts or other encumbran~rs at an'y time levicd or
~~~~d ~r thc 4~nll~~cral; whelher subnrd~nate in ~riority to its xcurity intc~cst or not, may pay for insurancc on tF1e coUatcral,
and nuy pay for the maintrnancr and pres~:rvat~on of the coUatrral. l~btor agrees to re~mburx J~:cun:a 'rany on oemand Cur any
payment made, or any expense incumd, by Secu~eJ Party, purwant to ihis authorintion and a!! wch payments by Secured Party
shall beu intcrest at the nte of 10 per c.nt per annum. Until default, Debtot may have possession of collate~al and use it in any
lawful manner not inconsistent with this agreement and not inconsistent with any {wlicy of inwrance on it.
8. Debtor shall be in dcfault undcr this agreemcnt upon the happcnir~ of any of the following events or conditiuns: (a}
faiture or omission to pay when duc any liability oi Debtor to Secuerd Puty (or any installment thercof or interest thereon), o~
default in the payment or performance of any obligation. covenant, agrcement, or IiabiGty contained or referreJ to ~n th~s
agrcement; (b) any wuranty, represcntation. or statemcnt made or furnished to Secured Party by or on betulf of any D~;btor was
f•rlse in any material respect when made or furnished; Ic) loss, theR, subsuntial damage. desiruction, sale, or encumbrance to or
of any of the coltateral, or the rt~?king of any Irvy, seizure, or attachment of or on any of the coltaterai; (d) any Obtigor (which
term shal! m~;an each Debtor and each other party primatily. secondarily or contingenUy liable on any of the liabilities secured by
this a~recmrnt) becomes insolvent or unable to pay debts as they maturc or makes an uvgnment for the benefit o( cmlitors, or
any procecding is instituted by or against any Oblibor alleging th~t such OWigor is insolvent or unable to pay debts u they rt~ture
and such proceeding remains undismissed for 30 days; (e) death o[ any Obligor who is a natuni pcrson or of any partner of any
Obligor that is a partnership; (n dissolution, merger or consotidation. or trans(er of a substantial part of the Qmperiy, of any
Obli~or ihat is a corpontion or a putnership; (g) appointment of a receiver [or all or any put of the oollatenl.
9. Upon the occurrence of any deiauit or ai any time thereafter, or whenerer the Secured Party deems itsclf insecure,
Secured 1'arty may, at its option. declare all IiabiGties secured by this agreement, or any of them (notwithstanding any of their
provisions) immediately due and payabk without demand or notice of any kind and they therrupon shall become due and
payable immediately without demand or notice (but with such adjustments, if any, with res~+ect to interest or other charges as
may b~; ptuvided for in the promissory note or other writing evidcncing the IiabiGties ucured), and Secured Parly shail hav+e ano
may exercise from time to time any and all rights and remedies of a Securcd Puty under the Uniiorm Commercial Code of
Florida and any and all rights and remedies availabk lo it under any other applicable law; and upon tequest or demand of Securcd
Party, D~:btor shall, at iu expe.nse, assembte the coUatcrat and make it available to 1he Secured Party at a convenient place
acceptable to Secured Puty; and Debtor shaU pay prompdy all costs and expenses of Secured Party of colfection of any and ali of
the liabilities, and eaforccment of rights wder this agncment, induding reasonabk attomeys' fees equal to 10 per cent of the
principal sum or such lu~er amount as may be rcuonable and just and alco those costs, expcnses and attomeys' fees incurced in
appeUate prooeeding and expenses of any repairs to any of the collatcnl and exnenses of any repairs to any rcalty or other
property to wFtich any of the colL~terai may be af6xed. Secured Pury and iis agents are authorized to enter into or onto any
premises where the coqateral nuy be located for the purpose of taking possestion of it. Any notice of sale, disposition or other
intended action by Secured Party, mailed to Debtot at the addtess s~+ecified abore or at any other address to K•hich acbtor hu
requested in writing ihat notiaes be sent. at least fire days prior to the action, shall constitute rcuonable notice to Uebtor.
10. No ~vaiv~r by-Secured Party o! any default shaU operrte u a wtiver of any other default ot of the same dciault on a
futurc oceuion. No delay or onu,uion on !he part of Secured Party in eaercising any right or remedy st?all opcratc as a waircr
thereof, and no single or putial exercise by Secured Puty of any right or remedy shall pceclude any other or turther exercix
ti~errof or thc exercise of uiy otl~er right or rcmedy. Time is of thc essence of this agreemcnt. The provisions of thu agn emcnt
ue cumutative and in addition to the provisions of any note secwcd bq this ag~cment. if morr than orK party executes tl~is -
agreement, the term "Brbtoi ' shaU mcan all pariies sigr.ing this agreement and each of them, and all those partics shall be jointly
and severally obligated and liable. The singuiu pconoun slwli include the plural and the neuter shall includcs masculine and
femin~ne. IC this agreert?ent is not dated a•ticn executcd by the Dcbtor, tiie Secured Puty is authorizcd, without notice to the
Debtor, to date this apJeement. This asreerrx,nt shall become efCective as of its date. AU of the rights, duties and IiabiLties of die
putics shall bind and inure to the beneGt of thcin c~irs, gantces, pcrsonal rcpresentatives, successoa and assigns_
11. This agreement hu been delivered in the State of I•lorida and shall be construed in accordance with the laws of Florida.
K'henever passible, each pro~•ision ot this agreement shall bc interpreted to be efCective and vatid under applicable law. If any
provision of this agrccment is prohibited by or invalid under appticabk law, thc provision shall bc incffective only to thc eatcnt of
the prohibition or invalidity, without inralidating the remaindcr of thc prorision or ihe remairu~g provisions of this agmmen?.
l2. This agrecment secures the paymcnt of the note dcscribcd in this agrcement whether tf~e whole amount 1~as becn
advanced to Debtor at the date of this ap,n:cment or at a later date. This agcement secures the paynxnt of any olher artwunt or
amounts that may be added to the ob~gation and indcbtcdncss under lhe terms of this agrcement and any amount or amounts
duc or to become due by reason of any e~tension or reneaal of lhe note. This agreement securzs all future advances madc by
Secured Puty to Debtor (or any of them, ii more than one) and any and all othcr debls, liabilities and obtigations (prim~ry,
secondary, direct, continitent. sole, joint or several) now due or owing or to become due or ouing or that may be contracied or
aoquired, ot Debtor (or any of them, i[ morc than one) to Secured Party, provided, howevet, that the futurc advances b~; made
within 20 years from ihe date of this agreemcnt, u?d that the total unpaid balance secured by this agreement at any one timc shaU
-,~-o
not excced 5 pius intercst thercon at the nte thcn agrecd upon, purswnt to F.S. 697.04. I~othing
wnttined ?n this ageement shall be deemed an obligation on the paR of Secured Party to make any future ~dvances.
13, lf tbe collatctal includes a motor a^~hiclc the following provisions chall bc applirable: Debtor chall kccp thc motor
~chick at the address(es1 stated above Nhen not in use. (kbtor shalt not without Secured Party's writ[en consertt remove itic
motor vetticle from thc Statc of rlorida, or pcrmit another to kecp posses9on of it for a Reriod in excess of 24 hours_ In thc cvent
of repossession by Secured Party, Dcbtor auihonzes Sccored Pany to take into Secured Party's custody any personal propcrty
found in or on the rehicle and to hold it until claimed by Debtor and if 1he property is not claimed within a reasonabk time by
Debtor. Secured Party is authorized to dispose of it. Debtor agrees to indemnify and hold humteu Secured Party from dunages
and liability resulting from reposseuion i! Debtor refuses voluntuiiy to surrender the property after default.
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