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Home My WebLink About1588 , ~ ` ~ , , ~ ' , 3• In addition to the indebtedness as defined in said Note, the said security interest shall secure reimbursement of Secured Party for (a) all costs and expenses incurxed in the collection of al1 emowats due to Secured Party; ~ (b)~ell future advances made by Secured Party for taxes, levies, insurance, rent, ~ repairs to or maiptenance or etorage of the Collateral; (c) all other expenses incurred heretofore or heireafter byr Secured Party for the account of Debtor; and ~ (d) all other present or Puture, direct or contingent liabilities of ~ebtor to " Secured Party, together irith interest on ell of the foregoing. ~ 4. Debtor egirees thst Debtor Will not sell, transYer or assign Debtor's interest in the Collet:~ral, nor will Debtor permit anypne to acquire or purport to acquire a security interest therein, irithout the prior ~rritten eonsent of Secured Party. 5. Debtor Will maintain the Collateral fn good condition and repair, reasonable ~rear and tear excepted, and w311 pay and discharge all taxes, levies, and other impositfons levied thereon as ~rell as the cost of repairs to or mainte- nance of the same, and vill pay all rent due on premises Where the Collateral is or may be kept or garaged; Debtor agrees that in the event Debtor fails to pay such surns, Secured party may, but is not obl:gated to, do ao ~or Debtor. Debtor Will maintain insurance on all Collateral o~+ned by Debtor against loss, i or d~emage by fire or lightning and other such hazards, as Secured Party may require, and in such amourrts anci `rith such insurers as Secured party may re- quire, end the policies of sueh insurance xill contain equivalent of New York Standard Lenders' Loss Paysble Cl~auses executed in favor of Secured Party under which 811 losses thereunder shall be paid. f ~ 6. The Security Agreement, as specif3ed in paragraph 1, covers any and s~1 additional snd/or replacement Collateral acquired by Debtor. Debtor irill, upon acquisition of ar~y such additional and/or replacement Collateral, promptly notiYy Secured Party of such acquisition, stating the nature, description, source, . cost and terms of acquisition thereof, and w3.11, at its oxri expense, furnish the Secured Party such information and documentstion srith respect thereto as may be requested by Sect~ed Party. f 7. Debtor srill, at the request of Secured Party, execute and deliver ' to Secured Party such Financing Statements, title certificatea, lien notices ~ and other notices and documientation deemed necessary or desirable by Secured Party to protect or effect its security interest hereunder, and xill pay the ~ cost of filing or recording such doctmments. 8. Debtor shall at 811 reasonable t3mes allov Secured party by or through any of its agents, officers, e~ployees or attorneys, to e~camine and in- ~ ~ ` spect the Collateral ~herever located and all books, records and doct~entation srith respect thereto, and to make such copies or extracts from such books, records and docwnentation as Secured Party may deem to be desirable. ~ ! ~ 9. Debtor shall be in default under this Agreement and under the Note ~ = secured hereby upon the happening of any of the follo~ring events or conditions: ° ; (a) the occurrence of any event which renders the Debtor's Note in default or ~ ; sub~ect ta default; (b) the loss, theft, substantial damage, destruction, sale, = ` disposition or encumbrance to or of any of the Collateral, or the making of any ~ ~ levy, seizure or attachment thereof or thereon; (c) Debtor ceasing re r busi- 4 i ness operations; or (d) any Obligor (Which term shall mean each debtorg~ancl each ~ ~ other person or party in any manner liable on debt secured hereby) becomes in- " ~ solvent, or is unable to pay his debts as they mature, or makes an assigrmlent Por : beneYit of creditors, or has a petition under ar~y bankruptcy ar state insolvency ~ laW filed for or against h3m, or dies, or, in the case of a eorporation or part- nership, is involved in dissolution, merger or consolidation action. ; = 10. In the event Debtor shall be in default under this Agreement, t s Secured Party shall have and may exercise from time to time any and all rights } and.remedies provided under the UniYorm Co~nercial Code of this State and under aqy other applicable laW. Upon such dePault, and at the request of Secured Party, _ Debtor shall assemble the Collateral, making it avail.able for inspection and sale, at a convenient place designated by Secured Party. Secured Party irfll give ~ reaeonable notice to Debtor of any intended disposition of the Collsteral, the requirements of reasonable notice being met by Secured Party mailing, postage RO I~F Forms 119, 120, ~ ~l~ ~ ~~~70) 0 R so~ 222 ~~i58'~ . . : 3~. ,n ~ _ . _ . ~ -