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Home My WebLink About2425 !f t6is aateemeot is secudty (or a loan to be used to pay a psrt or ali o( the pu~ahase ptice ot che collatecal; to use che ~ooceeda of cbe loaa topa y the pucc6ase price, fili~g (ees aad iasurance ptc:+~iums. 'Ibe S~cured Pacty la.veve~, may p~y the pcoceeds directly co the sellet of ~he collace?al. ~ To immed'ately aotify tbe Secured Paay ia ~rcitia~ of aay ch~age in o~ discoatinu~nce of Debtoc spl~ce ot places of busiaess and~ot residmce. 'lbst if the collateral h~s beea •tached to oc is to be attached to re~l estate. a descriptioq of the real estue ~ad the a~me aad address of the recotd o~raet is set fotth in the schedule hecein; if the said coll~tenl ~s stt~ehed to teal estate pcior co the petfectioa of the security iacecrst s~~ntcd hetebY. Debtor will oa demand ot che Secured P~rry tumish the l~c~er vicA a disclaimer o~ disclaime~s~ si~ed by aU peraoas haviaa aa iaterest in the real escate.ofaayinterestintbeeoll~teral ~rhich is prio~ m Secuced Party's inceteat. ~ THE PARTIES FUR7NER AGREE -Notes, if ~oy, e:ccuted io rnnnecuoa wich this aaceemeat. are sepatue iastrumeacs aad may be ae6otiated by Se~vred Pacty ~rit6out celeasiaa Debtor, tbe colletecal, ot eny auarantot or co~maker. Debcoc consents [o any e:ceasion of time of paymeat. [f there be a?oce t6aa one Debto~. suuwoor or co~maker of this aareement or of ao[ea secured hereby. the oblisa- tioa of ~ll s6a11 be primary, joint and se~ecal. w'ai~er of ocacq3iescrnce ia aay default by the Debcor.or Eailute of cbe Secured P~ity co insis~ u~on suict peclo~mance by tbe Oebtot oE aay ~vatcantiea ot aareemea~s ~a this secvrity agreemeat. sh~ll aot coasatute a ~raiver of aay subsequwc or ochu defaulc oc failure. Notites oo either puty shall be ia wriciaa aad shaU be delivered persoaally or by mail addcesaed co the psitq at the address herein set foceb ot otherw~ise desiaaated ia wrriting. Tbe Unitom~ Commercial Gode sl~all go~em tbe cights, ducies and remedies of che parties and any pro~isions hereia declued ~islid under sny la.r s6all aoc ~avalidace aay ochec pm~isioa or d~is aareemeac. 'The followiaa shall rnnstitute a default by Debtor: Failure co paq chc principal or any installment of pdncipal or oE interest on the iodebtedaess oc aay aotes ~rhen due. Failure by Debtor oo comply wi~h or perfocm aaY pro~ision of c6is sgreemeaa False ot mtsleadina reptesmtacions or wacranues made or given by Debtot in connecdon with this agreement. Subjection of the collatctal co le~y o[ ezecution or other judicial process. ~ Commmcemmt of aay iasolvency proceediag by or agaiast the Deboot or of aay guuaooor of or surety Eot the Deboor s obli ations. ~eath of the Debtor or of aay Guarantoroi or surety for the Debtot's obli$adoos. Any reduction in tbe value of the collateral oc any acc of tht Debmt wh:ch imperils the prospect oE full perEotmance ot sacisfaction of the Debtor's obligations 6ereia. • Upoa aoy defaulc of the Debmr aad at che opdon of the Secured Party. the obligaeioas secuced by this agteement shall immediately bernme due and payable in tull without notice or dcmaad aad the Secured Paay s6all have all thr rights. tem- edies ,nd pn~ileges aich respec~ co repossession. recencion and sale of d~e collatecal and disposicioa of clie Qmceeds as are acrnrded to aSecuced Patty by t6eapplicable aections of the Unifotm Commercial Code respecting "Defaulc', in-effecc as oE ~he dace of chis Security Agreemenc. Upoa any default, the Secured Party's reasonable actomey's fees and che legal aad other ezpmses fot putsuiag~ searchioa for, recei~i~a. takin$, keeping, storiog. advercising, and selling t6e collateral shall be c6argeable to tbe Debwr. T~e Debtoc shall remain hable for aay de6ciency resultiag frnm a sale of•the rnlla~eral and shall pay any suc6 dr ficirncy forthwich on deaisnd. - If the Debtor s6a11 default in the performance of aay of the piovisions of this agreemrn~ on the Debtor's part to be pet~ fo~med, Secured Party may perfo~ same fot d~e Debtor's account aad any monies e:peaded ia so doing s6a11 be c6~rgeable ~ri~b interest to the Deboor aad added to the Indebcedaess secured hereby. In rnnjuncdoa with~ addition to or substitutioa for those dgbcs, Secured Party. at his discretion. may: (1) entet upon Debtor's pcemises peaceably by Secured Pacty's own meaas or ~rith le$al pmcess and take possession of the coilateral. or reader it unusable, or dispose of tLe collateral oa the Debtor's premises aad the Debtor agrees aot to resist or intedere; (2) require Debcor to assembte the collateral aad malce it svailable m the Secuced Pacty at a place to be designated by t6e Secured Parcy, reasonably convenieat to bot6 parties (Debtor agrees thac the Secured Patty's address as set forth above is a piace reasonably con~enient for suc6 assembling);(3) unless the collateral is peds6able or threatens to decline speedily ia value or is of a type customarily sold on a recognized matket, 3ecured Paccy wiU give Debcor reasonable notice of t6e cime and place of anypublic sale theteof or of the time afcer whichaay private sale or any ot6er intended disposiaon theto- of is co be made. T6e requirements of reasonable aotice will be met if suc6 nocice is mailed, postaae prepaid, to the ad• dress of t6e Debtoc shown abo~e. at leasc ehree da~rs beEore ~he time of sale or disposition. Secuced Party may assi$n t6is aareement and ~f assigaed the assignee shall be encitled. upoo notifying the Debo~r. to perfocmance of all of Debcor s obligaaons aod aareemmts 6eceunder and the assianee shall be mcitled to all of the rig6ts and rea?edies of t6eSecured Party 6ereunder.Debcot will assert ao claims or defenses Debmr may have against the Secuced Patty agaiasc t6e assignee. TLe Secured Parcy is hereby authorized co file a Financing Satemmt. ~ . ~ E . . . ~ ' ' . ' . . ~ . ` J . 1 • ' • ' • J . ~ • . . 6 ~ ~ • i • • ~ ' • • ~ • • • • • • • f ~ ~ ~ ~ I ~0~2~~ ~2424 ` , - ~ T^~ : y a