HomeMy WebLinkAbout1281 and Bank may in addition to any other rights and remedies ~rhich it may have,
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~ immediately and without demand, exercise any and all the rights and remedies
granted to a secured party upon default under the Uniform Commercial Code.
Any notice of sale, disposition or other intended action, by Bank, sent to
Borrower at the address specified in the preambte to this agreement, or
such other address of Borrower as may from time to time be shown on
Bank's records, at least five days prior to such action , shall constitute
reasonable notice to Borrower. Upon disposition by Bank of any property
in which Bank has a security interest hereunder, or upon cotlection by
Bank of the proceeds of accounts, Borrower shall be and remain liable _
for any deficiency; and Bank shalt account to Borrower for any surplus, _
but Bank shall have the right to apply all or any part of such surplus
(or to hold the same as a reserve against) all or any liabitities of Borrower
to Bank, whether or not they, or. any of them, be then due. and in such
order of appiication as Bank may from time to time elect.
Borrower waives protest of all commercial paper at any time held
by bank on which Borrower is in any way liable, notice of non-payment at
maturity of any and all accounts, and except where required hereby or by
law, notice of action taken by Bank; and hereby ratifies and confirms whatever
Bank may do under this agreement.
; No waiver by Bank of any default shall operate as a waiver of any
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; other defautt or of the same default on a future occasion. No delay or omission
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~ on the part of Bank in exercising any right or remedy shall operate as a
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~ waiver thereof, and no single or partial exercise by Bank of any right or
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remedy shall preclude any other or further exercise thereof or the exercise of
any other right or remedy. Time is of the essence of this agreement. The
provisions of this agreement are cumulative and in addition to the provisions
~ of an liabilit and any note or other writing evidencing any liability sec~ire3 by
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~ this agreement, and Bank shall have all the benefits, rights and remedies of and
~ under any liability and any note or writing evidencing any liability secured hereby.
~ All rights of Bank hereunder shall inure to the benefit of its successors and .
~ assi ns; and all obli ations of Borrower shall bind the heirs, executors,
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administrators, successors and assigns of each Borrower.
~ Borrower releases Bank from all claims for loss or damage caused by
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