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HomeMy WebLinkAbout1399 f If this aareemeat is secutity Eoc a loan to be used to pay a part or ali oE the purchase price of the coUate~al; to use the ptoceeds oI che loan to pay iF?e purchase ptice. filiaa (ees apd insurance premiums. 'lUe Secuted Patty ho~rerer. may pay the proceeds dicectly to the seller of che collate~al. To immediacely notify che Secu~ed Party in ~rricina oI ~oy ch~nge ia oc discoaciouaace o[ Debtoc'splace or places of ' business and/or residence. ll~at if the collatetal has been attached to ot is to be attached co ceal estate, a desc~ipcion of the ~eal estate and the ~ a~rne ~od address of the reconl o.rnet is set Eorth ia che schedule hecein; if the said collateal is attached to teal esate prioc ~o the pettectioa of the security incetest a~anced hereby. Debtor ~viil o~ demand of the Secu~ed Patty fumish the lAtter vuh a disclaimec or disclaimers, sianed by •!l persons havina ~n interest ia the teal est~te.ofanyintetestiathecollatctal ~vhich is prior co Secured Patty's iatecest, THE PAR77FS FURTHER AGREE Notes. if aay, e:ecu~ed in conneccion .vith cbis sa[eemeat. ace sepacate instcumencs ~ad msy be aesotiaced by Secured Pa~cy .idwuc ~eleasiaa Debtor, che collateral, or any guarancor or co~maker. Debtor consencs to any e:~easion of time of payaeat, lf chere be moce thau~ one Debcor. auar~ntor oc co~aker of t6is •sreement oc of aoces secured heceby. the obliaa• uoa oE all shall be primary. joioc and se~ecal. ~ai~er of ora~quiescrnce ia aoy defaulc by che Deboor,or failure of d?e Secured Pa~ty co insisc upoa aaicc pet(otmance br the Dedtot of any ~rartanties or agceeme~ts ia d~is securicy aaceemeat. shall aot consucute a~ranreinL~y subsequwt or ocher defauh oc failu~e. Notices co either party sball be in wrritina and shall be deli~ered persoaally oc by mail addcessed ~o d~e parcy at t6e address hereia set forth or ocherwise desisnsced in wrricina. . ~ Tbe Uaifocm Cocnmercial Code shall ~ovem [he rigb~s, ducies and remedies oE ~he p~rties aad aoy pco~isions hecein ~ deelared inralid under any la.r shall noc iovalidace any oc6er pro~isioa or d~is •greemenc. ! the folloaing shail rnnstitute a deEault by Debwt: ~ Failute to pay the principal oc any inscallment of pri~cipal oc of intecest on the iadeb~edaess ot aay notes ~?6en due. z Failure by Debtor co comply ~vich or perfo~m anr provisioa of cbis agceemeac. ~ False or misleadiag represeacacions or ~varranues made or &ivm by Debcor ia connecrion wit6 this ageemeat. Subjectioa of che collateral co le~y oE e:ecucion oc other judicial process. Commmcemenc of aay insolvency proceeding by o~ agaiast the Debeot or of aay auuanoor of or surety for the Deboor's obli acions. ' ~eatl~ oE the Deboot oc of any Guarantorof or surecy for the Debtor's obligations. Any reductioa in ehe value oE che collaceral or any act of ehe Debcor ~rhich imperils the prospeet of full pe~foemance or sstislaction of the Debtor's obligatio~s herein. Upoa any delaule of che Debcoc and ac che opcion of the Secured Parcy. the obUgations secuced by e6is a6reemenc shall k immedtately become due and payable in full withouc nouce or demand aad che Secured Paay shall have all the righes. rem• t edies aad pri~ileges wich respect to repossession. recrncion and sale of che coliaceral and disposicion of the ptoceeds as are accorded to aSecured Parcy by theapplicable aections of the Unifotm Commercial Code respecting "UeEsult". in effecc • - as of the dace of ch~s Security Agceemenc. Upoa any defaulc, the Secured Paay's reasoaable attomey's fees and d~e lesa! and ocher expenses Eor pucsuing. seatching Eor, ceceivina, taking. keeping, scoriag, adrertisia . aad selling c6e collateral shall be chargeable to che Debtor. The Debtor shall remain liable Eor any deficiency resu~ting fcom a sale of the oollatetal and s6ail pay aay such de- ficiency forthwith on dca?and. If tbe Dtbtor shall default in the perfortnance of any of the pcovisions of this aareemrnt on the Debtoc's pact to be peo- (otmed, Secvted Party may per(ocro same for the Debcoc's account aad any monies rzpmded ia so doiog shall be c6ugeable ~ri~h iacerest to ~6e Deboor and added to ~he [ndebtedness secuced hereby. In conjunction with, addition to or substitucion for those iights. Secured Pacty, at his discretion, may: (1) eatec upon Debtor's premises peaceably by Secuced Party's owa means or with legal process and take possessionof the collateral, oc rendec it unusable, or dispose of e6e collaceral on che Debtor's premises and che Debtor agrees noc co resisi or incerfere; (2) require Debtor co asscmble the collateral and malce it a~ailable to the Secured Party at a place co be designated by the Secured Party, reawnably coovenient to both paccies (Debtor agrees thac the Secuced Parcy's address as set forch above is a place reasonably con~enient fo~ such assembling);(3) unless the collatecal is petishable or thcea~ms to decline speedily in value or is of a type cusmmarily sold on a recognized madcec, Secured Party will give Dtbtor reasooable norice of the time and plac~ of anypublic sale thereof or oE the time a[cer avfucha~y privace sale oc any ocher intended disposition there- of is to be made. The requitemenes of reasonable notice will be mec ~f suc6 notice is mailed, postage prepaid. to the ad- ~ dress of che Debtor show+n above, ac least three da~s before the rime of sale ot disposition. Secured Pany may assig~o this agreement and if assigned the assignee shall be entitled. upon notifying tbe Deboor. to i petformance of all o[ Debtoc s obligauons and aareemmts heteunder a~d the assignee shall be cntitled to all of ~he tights j and remedies of cl~eSecured Parcy hereunder.Debtor witl assert no claims or defenses Deboor may bave against the Secured ~ Pacty agaiast t6e assisnee. ~ 'Ibe ~ecured Parcy is 6ereby auchorized co 6le a Fiowciag Saeemrnc. i 6 F ~ Receivership Clause ` In the event of any default on the part of Debtor under this Security Instrument, Secured Party may,' at its 'discretion, `apply to the court havfng jurisdiction thereof - for the appointment of a receiver for Debtor ard such Court shall forthwith and without notice to Detitor"or other defendants appoint a receiver for the secured assets of the Debtor and all their goods, chattels, real and personal properiy, including all and singular the income, profits, issues, and revenues from whatever ~ source derived, each and every of which, it being expressly understood, is hereby : pledged as if specifically set forth in the granting clause hereof, and such re- ~ ~ - ceiver shall have all the broad and effective functions and powers in anywise ~ entrusted by a court to a receiver, and such appoinfiment shall be made by such ~ court as an admitted equity in matter of absolute right of said Secured Party, , - I without reference ~to the adequacy or inadequacy of the value of the goods, ~ chattels, and personal property granted, bargained and sold hereunder or to the ~s'= solvency or insolvency of said Debtor, and that such rents, profits, income, ~ issue, and revenues shall be applied by such receiver according to the lien or ~ ~ equity of said Secured Party and the practice of such court. ~ ~ ' ' t. ~ i - I ( I ~ ~ I ; ~ n~ ~:~.o _ E;;~ PAGE~~ z-. ~ ~ - . _ - - _ ~tri_~_, - . . _ . -K ~+v.i.