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Home My WebLink About1829 8. Borroa~r ~rill not sell. uanster. lease. or othecwise d'upose ol any of Ihs CoUateral or anY iaterest therein. or offer w b do. ~vtth~~y tL~ prior wrcitten coasent ot Secvred Pariy. . 9. Horrowrer ~viU at all times keep the CoUateral insured in amounts not lass thaa th~ tuU insurable ~alus t6ereof, aqainst ba. damags. lheft and auch other risb as Secured Puty ooay iequire ia auch companies and under such policiss and in such torm, and !os ~ueb peiiods, a~ shall bs satistactory to Secured Puty, and each sucb policy ahall pronide, by New York Standud oc Union Standard' eadorssment, that loas thereunder and proceeds payable lhereunder shaD be payable to Secured Partp as its intereat map appear tand Secured Puty maY aPP1Y ~Y P~s ot such inaur- ance which may be reeeived bp Secuced Paciy toward payment o1 t6e Obligations, w6ether or not due, in such order d apptication as Secured Party may determine) and each such policq ~haU pwvide !or 10 dayi written minunum cancellatian aotice to Secured Partp: md each such policp. it Secured Pacty so raquesta. bs deposited ~vlth Secured Party: aad Secured Party map ad as attomep br Horrower in obtaining, adjustinq. setUinq. and cancelling sueh iasurance and endo~sinq any dca[ts. !0. Borrower shall at aq times teep the Collateral tree from any adverss lien. sscurity interest or eacvmbrance and in good order aad repatr and wrill not wraste or destwq Ihe Collatera! or aay part thereol: aad Horro~rer will aot uss tha Collateral in ~iolation d any wtuts or ordinmos: and Seaired Pattp map e:amine and inapect the Coilateral a1 anp Ume. w6erever loealed. 11. Borrowrer ~viU pap prompUy when due all t~es and asseumsnts upon the Cdlateral or tor [ts uss or operation or upou this aqreement or upon anp note or notea evideacinq the Obligatioas, or anp o! them. • 12. At its option, Seeured Party map discharqe ta:es, tiens or secvritT intaresb or dher encumbrances at any tims le~ied or placed on the Collateral, may pap for insurance on the Collateral, and may pay tor the maintenancO and pre~enation ot We CoUateral. Bonower agceea to rei:nburse Secured Pariy cn demand for anp paymeat made, or any eapensa incutred. by Secured Pariy, pursuant to fhe loreqoinq autborisation. L?ntil de}ault. Horrowrer may have posaesaion oi the Collateral and use it in any lawlul manner not iacoosistent with this agreement and nol inrnnsisteat with aay poliCp ct inswanCe the~eon. - . 13_ Horrower ahaU be in default under thb aqreemeat upoa 1ha happeninq o! any o[ ths toUowrinq e~ents or conditiom: (a! tailure or omir sion to pay whea due any Obliqation (or anp installmeat thereof or iatereat theraonJ, a deiault ia the payment or pedormance oE anp obliqation. covenan4 aqreement, or tiabilitp ccntau?ed or referred fo herein: (b) any warrantp. representation, or statement made or fumished to Secured Fariy by or on behalf of ano Bonower proves to have been false in any materialrespect when made or furniahed: (ci loss, theft. substantfal damaqe, des- truction, sale. or encumbrance to or of any of the Collateral. or t~e maldng of anp ls~rY, seisure. or ariachm~nt thereot ar thereon: (cD a~ 6b:iqor 'Khich term, as uaed 6erein. sh~ll mean each Bonower and each olher pa~tp primarilp or seoondarilp or oontingeaUy Iiable on any d the Obliqaticm) ~ecomes insolvent or unable b pap debts as they mature or malces an assiqnment tor tha benefit d ersdilo~s. a anp Proceeding is instituted-by ~ - iqainst any Obligor alleginq that such Obiigcx is fasolvent os unable to pay debb as thep mature: (e) eatrt d any judgment against any Obliqor: ii death o[ any Obligor who is a natural person, or ot anp padner oi anp Obligot which is a putaership; (c~ dissolutioa, merqer or coawlidation, ot transler d a substantial part of ths pmperty d anp Obligor wLich is a oorporatian or a pazmecship; (N appointmeat d a reosi~er tor the Collateral or any thereo! or !or any propertp in which anp Bonower haa an interesL ' 14_ Upon the occurrence ot anp such detault or at anp time thereafiet. o[ ~vLene~sr 1he Ssciired Paitp ieels inseeura !os any reason wLatso I ever. Secured Party map, at its optioa. declare all Obligationi secured herebp. or an~ oE 1Lem (notwitbstandiaq anp pro~isions lhereoq. immediatellr ~ due and papable without demand or aotice of any kind and ihe same thereupon sLall immediately become and be due and papable without demand ~ or notice lbut writh such adjustmenb. it anp. rvith respect b interest or olher charges as map be pm~ided tor in tLe promissory note or olher ~vritinq E evidencinq such liabilitp), and Secured Pury shall ha~e and map e:ercLe from time to time any and all'righfs and remedies d a Secured Putp uader ~ the Unitorm Commemal Code and anp and all righb aad remedies available to it under anp dher apptieable law; and upo~ request or demand oE 4 Secured Party. Barrower shall, at its ezpenae. assemble the CoUateral and make it available to tLe Seeured Party at a oonvenient place ao~eptable ~ to Secured Partp: and Borrower shail promptly pap all oosts of Secured Pacty oi oollection d anp and all the Obligatioos, and eaforcement of rigbts ' hereunder, including reasonable attomeya' lees and leqal e~ens~ and ezpensea of anp repairs to any ot the Collateral and espenses oi anp repairs ~ co any realtp or other property to ~vhich anp ol the CoRateral map be al6zed or be a part. Unless the Coliateral is perishable or threatens to decline speedily in value or ia ot a type customarily sold on a reooqnised muket, Seeured Pariy ~nrlll qive Bonawer reawnable notioe o! the tims ~ and place of anp public sale thereof or o! the time after which any private sale or any dLer intended diaposition thereo! is b be made. 'Ihe require- menta of reasonable notice shall be met i! auch notice ia mailed, postaqe ptepaid. to anp Borro~eer at tLe addreas ot Borrower shown at the beqinninq oi this aqreement or at anp other address shown on the records oi Secured Partp, at least five daqs before the time ot the sale or disposition. Ez- penses oi retaldng, 6oldinq, pceparing !or sale. sellinq, or the like. ahall u?dude Secured Partr's reatoaable attomeys' teea aad legal szpenses. Upoa dispoaitioa ot az?p Collateral after the occurrence ot anp default hereunder or if Sscured Parip teels insecure tor anp reason. Borrowe[ ahall be and remain liable tor anp de6ciency: and Secured Party ahall acoount to Borro~ver for anp surplus, but Secured Paity ahall have the right to apply all or anp part of such surolus (or to hold the same as a reserve aqainst) all or anv of the Obligatbns. whether or noi thep, or any ot them, be then due. and in sueh order o! application as Seciued Partp map from time to time elect. 15. No waiver by Secured Party ot any deiault shall operate as a waiver of any othei detault or ot the same de}ault on a tutura oocasion. No delaq or omisaion on ihe part of Secured Partp in exercisinq any riqht or remedp shall operate as a waiver thereof, and no single or partial ezercise by Secured Party ot any riqht or remedy shall preclude any olher or turiher ezercise thereof or the e=ercise o! anp other right or remedy. T'ime is o1 the essence oE this aqreement The provisiona o! this aqreement are cumulative and in addition to 1he pmvisicns ot any nole tecured by this agree- ment, and Secured Party ahall 6ave all the benefils, rights and remedies ot and under any note secured hereby. I( more than a?e party ahall ezecute ~ this aqreement, the term "Horrowei' ahall mean aA pariies signing this aqreement and each ot them, and all auch parties shall be joinUp and severally obliqated and liable hereunder. ?he aingular prououn, when used herein, ahal! include the plural. I! this agreement is net dated whea ezecuted ~ by the Borrower. the Sec~ued Party is authoriud, withcut notice lo the Bonowet, to date this aqreemenL This aqreemeat shall become eltective ~ as of the date of this aqreement AU righb oE Secured Party hereunder shall inure to the benefit of ib successors and assiqns; and all Obliqations ~ of Borrowrer ahall bind the heirs. ezecubn, administratcn, sucoesson and aasiqns oi each Bormwer. 16. This aqreement has been delivered in the State of Florida and shall be construed in acoordance with the lawra o! Florida. WLerever possible, each provision ot thia aqreement ahall be interpwted in such menner as to be eHective and valid under applicable law+, but il any prcviaioa ~ of this aqreement ahall be prohibited bp or invalid under applicable law, such provision shall be ineHective to the erieat d such prohibition or invaliditp, without invalidatiaq the remainder d such pravision or the remaininq pro~isions of this agreemen~ ~ ~ . ~ ~ IN WI7NFSS WHER£OF, tAis agreement has been duly e:ecuted as of tbe L1L~ day of 19 ~ ~ ~ Siqned, sealed and delivered ~ ~ ~ ~ in the presence t• ---~-5~_ ~ C- ~SEALI ~ ~7~-~,.~ _ ~ - - - ~s~w ~'Q ~ / ~SL/1W ~ ~ [Secured Putp need siqn anly if agrsement is b be used as a Flnancinq Statemonf.] . ~aK217 P~E1821 . _ ~ ~ _ ~ ~ _ . a~.s_ _