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14`72 PA~E 723
Security Agreement by reference. undersigned shall pay immediately w~hout
notice the entire unpaid Indebtedness of undersigned to Bank. In such event of
default, full power and authority are hereby given to Bank, acting through any
- of its of$cars, then, or at any time thereafter. at its election. to sell, aseigr~,
transfer and deliver the whole of the Collateral, or any part thereof, or any
additions thereto, or substitutes therefor, in such order ae Bank may elect, at '
public or private sale. at such price or prices, and upon suc1~ terme and condi-
tions as Bank in its sole and absolute discretion may detern~ine, without demand,
advertisement, or notice•of any kind, all of which are hereby expressly waived,
and to apply the proceeds remaining after deducting all costs of sale, in payment - ~
or reduction of any Indebtednesa of any of the undersigned in such order as ~
Bank in its discretion may determine. At any such sale, Bank may, if it be the
highest bidder. purchase any or all of the Collateral so sold, free from anp right
of redemption in the undersigned, with right of redemption is hereby expressly
waived, and may apply any unpaid Indebtedness on account of or in full
satisfaction of the purchase price. ,
Bank may assign or transfer the whole or any part of the Indebtedness and
may transfer and deliver the whole or any part of the Collateral to the tranaferee
and the transferee shall be vested with all the rights and powers of Bank hereunder
with respect to the Collateral so transferred and thereafter Bank shall be fully ~
discharged from all liability and responsibility with respect thereto.
All costs and expenses, including reasonable attorney's fees, incurred or
paid by Bank in exercising any right, power, or remedy conferred hereby, and
in the endorsement thereof, shall become a part of the Indebtedness secured
i hereby.
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~ It is further agreed and understAOd that no delay on the part of Bank in
exercising any of the rights hereunder shall operate as a waiver of said rights,
~ nor shall Bank be liable to the undersigned for any delay in collecting or realizing
upon any of the above mentloned collateral securities, or substitutes therefor or
additfons thereto .
€ At any time and without notice Bank may (1) cause the Collateral to be
E transferred to its name or to the name of its nominee or nominees and thereafter
~ exercise as to such Collateral all the rights, powers, and remedies of an owner,
~ (2) collect by legal proceedings or otherwise all dividends, interest, principal
payments, ahd other sums now or hereafter payable on account of said
2 Collateral, and hold the same as Collateral, or apply the same to any of under- '
~ signed's indebtedness to Bank, the manner and distribution of the application to
~ be in the sole discretion of Bank, (3) enter into any eutension, subordination,
,
a reorganization, deposit, merger, or consolidation agreement, or any other ~
a
~ agreement relating to or affecting the CoAateral, and in connection therewith
~ deposit or surrender control of such Collateral thereunder, and accept other
~ property in exchange therefor and hold or apply such property or money so
~ received in accordance with the provisions hereof .
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