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HomeMy WebLinkAbout1296 and Borrowers will not remove the Collateral from said state without the written consent of Secured Party. 3. Borrowers will defend the Collateral against the claims ~ and demands of all persons at any time claiming the same or any inter- est therein. ; 1 ~ 4. No Financing Statement covering any Collateral or any ~ , proceeds thereof is on file in any pbulic office; Borrowers authorize Secured Party to file, in jurisdictions where this authorization will be given effect, a Financing Statement signed only by the Secured Party describing the Collateral and in the same manner as it is des- cribed herein; and from time to time, at the request of Secured Party, execute one or~more Financing Statements and such other documents (and pay the cost of filing or recording the same in all public offices deemed necessary or desirable by the Secured Party) and do such other acts and things all as the Secured Party may request, to establish and maintain a valid security interest in the Collateral )free of all other liens and claims whatsoever) to secure the payment of-the liabilities, including, ~ithout limitation, deposit with Secured Party any certifi- cates of title issuable with respect to any of the Collateral and nota- tion thereon of the security interest hereunder. 5. Borrawers will not ~a) pernnit any liens or security inter- ~ ests other than Secured Party's interest to attach to any of the Coll- ~ ateral; (b) pextnit any of the Collateral to be levied upon under the ~ legal process; (c) sell, transfer, lease, or otheYwise dispose of any of the Collateral or any interest therein, or offer so to do, without ~ the prior written consent of Secured Party; (d) permit anything to be ~ done that may impair the value of any of the Collateral or the security E intended to be afforded by this agreement; or (e) permit the Collateral ~ to be or become a fixture (and it is expressly covenanted, warranted and agreed that the Collateral, and every part thereof, whether affixed to any realty or not, shall be and remain personal property) or to be- come an accession to other goods or property. 6. Borrowers will (a) at all times keep the Collateral insured against loss, damage, theft, and such other risks as Secured ~ ' Party may require in such amounts and companies and under such policies ~ I and in such form, and for such periods, as shall be satisfactory to ~ Secured Party, and each such policy shall provide that loss thereunder ~ and proceeds payable thereunder shall be payable to Secured Party as ~ its interest may appear (and Secured Party may apply any proceeds of such insurance which may be received by Secured Party toward payment of the liabilities, whether due or not due) in such order of application ~ as Secured Party may detextnine and each such policy shall provide for ~ 10 days' written minimum cancellation notice to Secured Party; and each ~ such policy shall, if Secured Party so requests, be deposited with ' Secured Party; and Secured Party may act as attorney for Borrowers in ~ obtaining, adjusting, settling and cancelling such insuran~e and indors- ~ ing any drafts; (b) at all times keep the Collateral free from any i adverse lien, security interest, or encumbrance and in good order and ~ repair and will not waste or destroy the Collateral or any part thereof. ~ 7. (a) Borrowers will not use the Collateral or permit ~ the same to be used in violation of any statute or ordinance; and Secured ~ Party may examine and inspect the Collateral at any time, wherever ~ located. (b) Borrowers will pay promptly when due all taxes and assess- ~ ments upon the Collateral or for its use or operation or upon this ~ agreement or upon any note or notes or other writing-evidencing the lia- ; bilities, or any of them. ~ . ~ ~ -2- ' 0 R t A~ ~r, ~r ~ BOOK~`t~ PACF~~e7 ( ~ . ~ : - n.t~ ~ 5. ~ ~ ~ ~ Y y - - . s~~~~~-~~' -