HomeMy WebLinkAbout1622 lf tAis agceemenc is security fot a loan to be uscd to pay a pact or all o( the putchase ptice of the collatetal; to use the (
peocee.ls oE the toaa to pay ~he puechase price, filing (ees AOd iosurance peemiums. The 5ecueed Party ho~reve~, may pay !
ehe ptoceeds directly eo ~he seller of ebe collate~al. ~ ~
To immediately ootify ~he Secu~ed Pa~ty ia ~..itina oE say c~anae in o~ disconeinuance of Debtor splace or p.aces ot
business aad/o~ residence.
That if the collateral has been attached to ot is eo b~ attached to teal estate. a descriptian of the real est~?te and the
~ame and address ot the recoed o~raer is ~ e~ forch in th! schedule hecein; if the ssid collatersl is attached to real estate
priot ~o the perfection oE the secarity incerea~ 6ranted ~ereby, Dtbeor w~ill on dem~nd o( the Secu~ed Parry fumish tAe latter
vuh a d~sctaimec oe disclaimecs. sigacd by ~ 11 pc~s:.ns having an in~etest in the cesl estace,ofanyi~eerestiathecollateral
which is prior to Secured Patty's interest.
TH~' PART7FS FURTHER AGREE
Notes~ if aay. e:ecuted in comection ~vieb this p~reemrnt, are sepsrate iasuumenta and may be neaotiated by Secvred
Party wnt6ouc celeasiag Debcor. the collateral, o~ any guacantor or rn~maker. Debcor conseacs to any e:cension oE time of
paymmt. IE there be more chan one Debtor. ~uarantor or coynalcer of ehis egreemen~ o~ of notes secu~ed heceby, the obliaa-
uoo of ell shall be pcimauy. joint aad sevecal.
~airer of oracqu~escmce ia aay default by the Deboor.or failuce of the Secured Pa~ty co iasist upoo suict per(oca?aace
by the Debmt of aay wrananties or agreements ~n tl~is security agreement. shell oot conscitute a w~aiver of aay subsequmt i
or othe~ default or failure. ~
Notices oo eithet patty shall be in rrritiaa aad shall be delivered petsonally or by mail addtessed to t6e psny Rt the
addreas hetein set foc~h or otherwrise desiaaated in v~iting. ~
The UniEomi Commtrcial Code sl~all govem the rights, duties and remcdies of the patties and any pio~isioas hetein ;
dcclated invalid uadct aay la~r sha!{ aot ~n~didate aay other ptovision o~ this a~reemeat.
The follo~vin~ shall coastitute a default by Debtor:
Failure m pay tbe principal or any installmtnt o[ principal or of iatetest on t6e indebtedness or any notes wAea due.
Failure by Debtor co comply with or perfoem any pmvision of chis aaceemee?c.
False or m~slesdina reptesmtations or aarranues made or 6ivrn by Debtor in eomection aith this aareemeat.
Subjectioa oE the collatecsl m levy of esecution or other judicial process. ~
Commtacement of any iasolvency ptoceeding by or against tl~e Debtoc oc of any guatanoor of oc surety foc the Debo~~ s
obligatioos.
Death of ehe Debcor or of any Guaraocorof or sure[y for the Debmr's obli$ations.
Any reductioa ia the •alue of the collateral oc aay act of tha Debtot +rhich imptcils the pmspect ot full perfocmance ot
~ satisfaction of the Debtoc's obligations herein.
Upoa any defaule of ~he Debcor and at che opuon of che Secured Parcy. d~e obligacions secured by ehis aareemme shall
immediately become due and payable in full ~rithout notice or demand and the Secured Patty shall have ali the rig6ts. rem-
~ edies and privileges with respect to repossession, retrntioa and sale of cl~e collatecal and disposition of t6e ~toceeds as
~ are accorded to aSeevred Party by tbe applicable secuoas of the Unifo~ Commercisl Code respecnn~ "n.f~...~. •ff~c!
~ 3: wc usic Ji "u`atb Sccu[tly Ra[CCU10nt.
! Upon any default, tl~e Secured Party's reasonable attomey's fees aod the legal and other ezpenses foc pursuiaa~
f~ seatchiaa for, ceceiring, takia~. {ceeping, stotiag. edvettising. aad seliing tlie coliateral shail be chatgeable co the Debtor.
The Debtor shall remain l~able Eor any deficiency resulting f~om a sale of the colla~eral aad shsll pay sny such dr
ficiency forth*iith oa demsad, _
' 1( the Debtor s6all default ia the perfoenance o[ any of the provisions oE this agcetment oa thc Debtot's pact to be peo-
I~ fotmed, Secured Party may pertocro same for the Debtor's actount and any moaies expended in so doina s6all be chatgeable
with interest to the Debmr and added to the Istdebcedaess secnred henby.
In rnnjunccion ~vith. addition to or subscinution for those rigbts~ Secured Parcy~ at his disccecioa. may: (1) eater upon
Debtoi s premises peaceably by Secured Party's o~ru mea~s or wnth legal process and ta{ce possession oE t6e collateral, or
render it unusable. or dispose of c6e collateral on the Debtor's premises and the Debcoc aarees not co resis~ or intedece;
(2) require Debtor to assaablc the collateral and make it available co the Secured Patty at a place m be designated by che
~ Secured Paccy~ ressonably coaveniene to boch Qatties (Debtoc agrees that the Secuted Party's address as set (orth abo~e is
~ a place reasonably convrnient for such assembling);(3) unless the collateral is peris6able or threatens to decliae speedily
i in value or is of a type customarily sold on a reco6nized maricet. Secured Patty ~rill give Debtor reasonable notice o[ t6c
i time aad place of anypublic sale theteof or of the ume after whichany ptivate sale or sny othet inteoded disposiao~ there-
of is co be made. The requirements of reasonable nocice will be met ~f sucb aotice is mailed. postage prepa~d. to che ad-
dcess of the Debtor shown above, at leasc thcee days beEoce t!?e cime of sale ot disposition.
Secured Parcy may assi$n this agreaneat snd i( assigned the assignee shall be epdtled. upon nocifying the Deboor, to
performance of all of Debcor s obligations aied ageemeacs beteunder and the assignee shall be entitled to all of the righcs
and remedies of c6eSecured Parcy heceundet.Debcor aill asserc no claims or defenses Deboor may have a6siosc the Secured
Qarcy~ against che assignee.
11~e Secuted Party is 6ereby authorized co file a Financing Satemmt.
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