HomeMy WebLinkAbout2611 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 all amounts due to Secured Party;
(b) all t~ture advances made by Secured Party For taxes, levies, insurance, r•nt~
repairs to or maintenance or storage of the co2lateral; (c) all other ~rrer.ses
incurred heretoPore or hereafter by Secured Party for ~he accourit of Debtorf ar.:
(d) all other present or fl~ture, direct or contingent liabilities of Debtor to.
Secured Party, together with interest on all of the foregoing,
4. Debtor agrees that Debtor ~vill not sell, transfer or assign
Debtor's interest in the Collateral, nor will Debtor permit anyone to acquire
or purport to acquire a security interest therein, without the prior written
consent of Secured Party.
5. Debtor will maintain the Collateral in good condition and repair,
reasonable Rear and tear excepted, and will pay and discharge all ta.xes, levies,
and other irapositions 2evied thereon as well as the cost of repairs to or mainte-
nance of the same, and will pay all rent due on premi~es where the Collateral
is or may be kept or garaged; Debtor agrees that in the event Debtor fails to
pay such sums, Secured Party may, but is not obligated to, do so for Debtor.
Debtor ~rill maintain insurance on all Collateral owned by Debtor against loss,
or damage by fire or lightning and other such ha~ards, as Secured Party raay
require, and in such amounts and with such insurers as Secured Party may re-
quire, and the policies of such insurance will contain equivalent of New Yor~
Standard Lender's Loss Pqyeble Clauses executed in favor of Secured Party under
which all losses thereunder shall be paid. '
6. The Security Agreement, as specified in paragraph 1, covers a~;
a~nd all additional and/or replacement Collateral acquired by Deb~or. Debtor will,
upon acquisition of ar~y such additional and/or replacement Collateral, promptly
notif`y Secured Party of such acquisition, stating the nature, description, source,
cost and terms o£ acquisiti~on thereof, and ~ill, at its own expense, furnish the
; Secured Party such infor~nation and documentation with respeet thereto as may be
requested by Secured Party.
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~ 7. Debtor will, at the request of Secured Party, execute and deliver
! to Secured Party sueh Financing Statements, title eertif ieates, lien notices
` and other notices and documentation deemed necessary or desirable by Secured
; Party to protect or effect its security interest hereunder, and wil2 pay the
f ' cost of filing or recording such documents.
; 8. Uebtor shall at all reasonable times a12ow Secured Party by or
' through any of its agents, officers, employees or at*~rneys, to examine and in-
f spect the Collateral wherever located and all books, records and documentation
~ ~rith respect thereto, and to make such copies or extracts from such books,
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; records and documentation as Secured-Party may deem Lo be desirable.
9. Debtor shall be in default under this Agreement and under the NoLe
# secured hereby upon the happening o£ any o£ the following events or conditfons:
; (a) the occurrence of any event v~hich renders the Debtor's Note in default or
; sub3ect to defau].t; (b) the loss, theft, substantial damage, destruction, sale, ~
t disposit3on or enewnbrance to or of a~y of the Collateral, or the making of ar~y
levy, seizure or attachment thereof or thereon; (c) Debtor ceasing regular busi-
ness operations; or (d) arly Obligor (which term shall mean each debtor and each
other person or p~rty in a~y manner liable on debt ~ecured hereby) becomes in-
= solvent, or is unable to pay his debts as they mature, or makes an assignment for
benefit of creditors, or has a petition under ar~y banlmup±cy or state insolvenc~
law filed for or against him, or dies, or, in the c=~~~ a corporation or part--
nership, is involved in dissolution, merger or co~.sc~=~~~ion action,
10~ In the event Debtor sha1Z be in dPfault under this Agreement, i
Secured Party sha21 have and may exercise from ~i.^~e ~o time a~y and all rights
and remedies provided under the Uni~'orm Comme~c:.:~2 Code of this State znd und~~r '
ar~y otner applicable law. Upon such default, anc'. at t:~e reques*, of Sect red ~ar :y,
Debtor shall assemble the Collateral, making it available for inspectior. and :~a:e,
at a convenient place designated by Secured Party. Secured Party will give
reasonable notice to Debtor of ar~y intended dispesition cf the Collateral, the
requirements of reasonable notice being met by Secur~d Party mafZing, postate
; RO N Fox~a 119, 120,
121, 122 (12/70 ) _
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