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HomeMy WebLinkAbout1164 (b) The Securcd Party may declare all o~ any parl ot the lndebtedness to be immediately due without notice upon thc happening ot any event ot detault or i[ the Secured Party in good taith believes lhat the prospect ot paymer?t ot all or any part ot the Indebtedness or the pertormance ot the Debtoc's obligations undcr this agreement or any other agreement now or hc~eatter in etfect between the Debtor and the Secured Party is impaired. Thts pa~agraph is not intended to attect any rights of the Secured Party with respect to any indebtedness which may now or hereatter be paYable on demand. (c) Upon the happening ot any event of detault the Secured Parly's rights with respect to the Gollateral shall be those of a secured party under the Unitorm Commercial Code and any other applicable law from time to time in eifect. The Secured Party shall also have any additional rights granted herein and in any other agreement now or hereatter in effect be- tween lhe Debtor and the Secured Party. It requested by the Secured Party the Debtor will assemble the Collateral and make it available to the Secured Party at a place to be designated by the Secured Party. (d) The Debtor agrees that a~y notlce by the Secured Party ot the sale or disposition of the CoUateral or any other intended action hereunder~ whether required by lhe Uniform Commercial Code or otherwise, shall constitute reasonable ~otice to the Debtor it the notice is mailed by regular or certified maii, postage prepaid. at least tive days before the action to the Debtor's addres~ as specitied in this aBreement or to any other address which the Debtor has speci[ied in writing to the Secured Party as the address to which nottces shall be given to the Debtor. te) The Debtor shall pay all costs and expenses incurred by the Secured Party in enforcing this Security Agree- ment, realizing upon any Collateral and collecting any Indebtedness, iacluding a reasonable attorney's fee whether suit is brought or not. - B. Misccllsneoua. (a) The Debtor authorizes the Secured Party at the Debtor's expense to file any financing atatement or statements relating to the Collateral (without the Debtor's siRnature thereon) which the Secured Party deems approp~iale, and the Debtor appoints the Secured Party as the Debtor's attorney-in-fact to execute any such financing state- ment or statements in !he Debtor'a name and to p4rtornn all other acts which the Secured Party deems appropriate to perfect and to continue pertection of the Security Interest. (b) The Debtor authorizes the Secured Party to collect and apply against the Indebtedness any refund of insurance premiums or any insurance proceeds payable on account of the loss or damage to any of the Collateral and appoints the Se- cured Party aa the Debtor's attor~ey-in-tact to indorse any check or draft representing such proceeds or refund. (c) (I) As further security the Debtor grants to the Srcnred Party a security interest i~ all property of the Debt- or which is or may hereafler be in the Secured Party's possession in any capacity including alt monies owed or to be owed by the Secured Party to the Debtor; and with respect to all o[ such property, the Secured Party shall have the same rights as it has with recpect to the Collateral. (ii) Without limit~ng any other right of the Secured Party ~vhenever the Secured Party has thc right to declare any Indebtedness to be immediately due and payable (whether or not it has so declared), the_ Secured Party may set off against the Indebtedness all monies then owed to the Debtor by the Secured Party in any capacity whethcr duc or not and the Secured Party shall be deemed to have exercised its right to set off immediately at the tim~ its right. to such election accrues. (d) Upon the Debtor's failure to perform any of its duties hereundcr the Secured Party may. but it shail not be ob- ligated to. perform any of such duties and the Debtor shall forthwith upon demand reimburse the Secured Party for any ex- pense incurred by the Secured Party in doing so. i ` (e) No delay or omission by the Secured Party in exercising any right hereunder or with respect to any Indebted- ~ ness shall operate as a waiver of that or any other right. and no single or partial exercise o[ any right shall preclude the Se- ~ cured Party irom any other or further exercise of any other right or remedy. The Secured Party may cure any default by the Debtor in any reasonable manner without waiving the default so cured and without waiving any other prior or subsequcnt ~ dcfault by the Debtor. Ali rights and remedfes of Lhe Secured Party under this agreement and under the Uniform Commer- cial Code shall be deemed cumulative. ~ (f) The Secured Party shall have no obligation to take and the Debtor shall have the sole responsibility for taking uny steps t~ preser~e rights against all prtor partics to any instrument or chattel papcr in the Secured Pariy's possession ae proceeds oE tl~c Co1l~terel. The Debtor waives notice of dishonor and protest ot any ~nstrument constituting collateral at any time held by the Secured Parly on which the Debtor is in any way liable and waives notice of any other action.taken by thc Securcd Parly. (g) The rights and benefits of the Secured Party under this a~reement shall. if the Secured Party agrees, inure to any party acquiring an interest in the indebtedneu or any part thereof. (h) The terms "Secured Party" and "Debtor" as use~ in this agreement include the heirs, personal representatives. and successors or assig~s of those parties. (i) If more than one Debtor executes this Security Agreement, the term "Debtor" includes each of the Debtors as weli as all of them, and their obligations under this agreement shall be joint and several. ~ (j) This agreement may not be moditied or amended nor shall any provision of it be waived except by a written in- ~ strument signed by the Debtor and by an authorized ofticer of the Secured Party. ~;n ~ (k) 'This agreement shall be construed under the Uniform Commercial Code and any other applicable laws in etfect - from time to timc. ~ ~ ~ 1) This Security Agreement is a continuing agreement which shall remain in force until the Secured Party shall ac- y tualiy recci~e written notice o[ its termination and thereatter until all of the Indebtedness contracted for or created before re- ~ ccipt o[ the notice and any extensions or renewals of tbat Indebtedness (v?hether made before or atter receipt of the notice) ~ togethcr ~+ith all interest thereon both before and after the no4ice iha11 be paid in full. ~ - ,1~.?~~~I~i?H~~~~~y , i~ A! t~' ~~~i _ - -9~.,•'Tr` . ~~.~e•:4J /y . ? s ~ ^ n ~ . i S~•~ . ~ ~ ~j ~ r C.Y • . i , f ~ ~ r - ~ ~ " ~ ' • . - R ~ ---~i`?i`is-~----zrrc =~:v ~ • ~ ~ : : : ~ ~ - : ~ ~ - w ~ x BY=~~~Gt ~'`~C'a.~-r~ ~ . - - ~ - • - - pr~~~ifl~n~------------------ ~ 1 PACf ~61 ~ ~ ~ s ~ p_- , ; ~ r ~ ~ ~ '•.h C O R~v ' .i . ' , . •k ~ ~ Attest~~~~ ~ - - - - ` ~G~}`L=`-~-'- ~ 2 -R~•~. i-67 - .•~.iMt~~~ ~ ~ '~CRIDA PORMS 6 SvSTEtaS. P. O. 60Z 2331, TALUMASSEE. F~w. DEBTOR ~ ~ ~~~'ir:°_._ _ . . . . _ . . _ . : _ . . . - - . . . ~ ~'~~"i ~