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HomeMy WebLinkAbout2608 3. In addition to the indebtedness as defined in said Note, the sa;d security interest shall secure reimbursement of Secured Party for (a) all costs and expenses incurred in the collection of ell amounts due to Secured Party; (b) all flrture advances aoade by Secured Party for taxes, levies, insurance, r~rt, repairs to or maintenance or storage of the collateral; (c) all other ~xtenses incurred hereto£ore or hereafter by Secured Party for :he account of Debtor; ar.: (d) all other present or fliture, direct or contingent 2iabiliLies of Debtor to Secured Party, together rnith interest on all of the foregoing. 4. Debtor agrees that Debtor ~rill not sell, transfer or assign Debtor's interest in the Collateral, nor will Debtor permit a~yone to acquire or purport to acquire a security interest therein, without the prior ~rz~itten consent of Secured Party. 5. Debtor will maintain the Collateral in good condition and repair, reasonable e~ar and tear excepted, and will pay and diseharge all taxes, levies, ~ and other impositions ievied thereon as well as the cost of repairs to or mainte- nance of the same, and nill pay all rent due on premises where the Collateral is or may be kept or garaged; Debt~r agrees that in the event Debtor fails to pay such sums, Seeured Party may, but is not obligated to, do so for Debtor. Debtor xill maintain insurance on all Collateral owned by Debtor against loss, or damage by fire or lightning and other such haz,ards, as Secured Party may require, and in such amounts and with such insurers as Secured Farty ma;~ re- quire, and the policies of such insurance will contain equivalent of New York Standard Lender's Loss P~yable Clauses executed in fa~lor of Secured Party under whieh all losses thereunder sha12 be paid. 6. The Security Agreement, as specified in paragraph 1, covers a~y _ and all additional and/or replacement Collate~al acquired by Debtor, Debtor will, upon aequisition of a~}r such additional and/or replacement Collateral, promptly notify Secured Party of such acquisition, stating the nature, description, source, cost and terms of acquisition thereo£, and will, at its own expense, furnish the Secured Party such information and documentation with respect thereto as may be requested by Secured Party. ' 7. Debtor will, at the request of Secured ParLy, execute and del~~~er ' ta Secured Party such Financing Statements, title certificates, lien notices and other notices and documentation deemed necessary or desirabl~ by Secured ; Party to protect or e£fect its security interest hereunder, and will pay the cost of filing or recording such documents. 8. Debtor shall at all reasonable ti.mes allow Secured Party by or through at~y of its agents, officers, employees or attorneys~ to examine and in- ; spect the Collaterel wherever located and a21 books, records and documentation with respect thereto, and to make such copies or extracts from such books, ~ records and documentation as Secured Party-~oay deem to be desirable. ~ 9. Debtor shall be in default under this Agreement and under the Nete secured hereby upon the happening o£ a~y of the following events or conditions: (a) the occurrence of a~y event which renders ~he Debtor's Note in default or sub~ect to default; (b) the-loss, theft, substantial damage, destruction, sale, disposition or eneumbrance to or of a~y of the CoZlateral, or the making of any levy, seizure or attachment thereof. or thereon; (c) Debtor ceasing regular busi- ; ness operetfons; or (d) ar~y Obligor (which term shall mean each debtor and each ; other person or pQrty in an~y manner liable on debt secured hereby) becomes in- ~ solvent, or is unable to pay his debts as they maiare, or makes an assignment for benefit of creditors, or has a petition under any banla~;~ptcy or stete insolvenc;r law filed for or against him, or dies, or, in the o~' a corporation or part- nership, is involved in dissolution, merger or ccnJct-~'3tion action. 10~ In the event Debtor shall be in dPfault under this Agreement, Secured Party shall have and may exercise from ~i.~ne to time ar~y and all rigl:ts and remedies provided under the Uni~'err~ Comme~c;=,: Code of th:s State znd und~r any ather applicable 2aw. Upon such default, ai~d at the request of Seci r•~d P~r ;y, ~ ~ Debtor shall assemble the Collateral; making it available for inspection and ~a~e, } at a convenient place designated by Secured Party. Secured Party Rill give reasonable notice to Debtor of ar.y intended disposition of the Collateral, Lhe requirements of reasonable notice being met by Secur~d Party mailing, postate ' FILE~ ANu RECORDED g7.lU~~C~ ?~tTitAS` 7 ~ RO N Form 119, 220, R0: E, 121~ 122 ~1.z~7~~ - l.~:i R~~~~RCVEfitF'Ut~ COUR 2~~V~~ 16 ~ 111~M'T~1 ~ ' o ~ aoa~ 2Z2 ~ 264?