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Home My WebLink About1710 ~ v ~ . ~ _ ~ . _ . _ . _ . _ _ ~ Additions to, nductioru or exchanpts of, w substitutions fw ths ~ollatenl, paynknts on aacount of this Iwn w incnu~s of tM . s~ne. or other Iwns made partially w wholly ~pon ths Cdlatenl, msy from time to time bs made without ~ffectirp the provtsiau of this note. Bank shall ~:ercist nasonable un in ths cvstody and pr~s~rvation of ths Collst~ral to the ~xtent lr~d by appliubl~ statute, snd shall be deem~d to have exercised reasonable uro if it t~kes such actioo for Mat pwpos~ as Mskes sh~rs~saubly nquest in writin~, bu1 no omiu'wn to do any act rw~ requ~shd by M+ke? shall b~ dserrnd a faflure to exercise reasawblt uro, and no omis- sio~ to comply with ~ny raquest of Make~ shall of itseH be ds~msd • hilure to exercise reasonable ure. BK?k sh~ll not b~ bovnd to take a~y stsps r»cessuY to pns~rve ~ny r~yhts i~ the ~ollateral aqsinst prior panies ~nd Maker shall take ~II neoessary st~ps for wcf~ purpos~s- Bank w its nanins~ need nof coll~ct intehst on ot printipil of am Collsteral p qive any nofiot wifh respstt fo if. If ths Colla?aral shall ~t any lime becoms uos~tiaf~ctory to 8ank, Maker shall within one dsy after dem~nd pledp~ snd d~posit with Sank as part of the Collateral addiY~onal property wfiKh is satisfectory to 9a~k. If sank deems itself ins~curo, or upon tht happsnin~ of any of ths followinq events, each of whkh shall constituts ~ def~uh h~n- under, all liabilities of sach MakK to 8ank shall thetevpon w tMre~fMr, at the option of Benk, withaA rw~iw or d~m+nd, b~conw du~ ~nd p~yabN: (a) the f~ilur~ of ~ny Obliyw (which tem+ sh~ll m~sn and include ~sd? Nlsker, endors~r, svrety, a?d pwrantor of this =n rwf~) to periwm any aqnem~m hereuode?, to pay interost hereon within ten days after it is due, or if thero be no dve datt. after it tso i N is bil{ed or ofh~rwis~ rpues»d or dsmandsd, to pay ~rhi "othlr liability whatso~ver ro 8ank when due: (b) tM de~th of a+y Obl' (c) ths filiny of any p~tition w~cl~r ths Bankrvpicy Act, or any simil~r federal or stste statute, by waq ainst any Obliqw; M a iu- ~ •U tior? for ths ~ppointmem of a rsoeiver fw, ths makiny of •ye neral usi9nment for the benefit of uediton by. or the iraolvency ~ny ; ~ y Obliqor: (e) the entry of • judQ~ment ssyainst ~nY Oblipor: (f)j ths iswinp of e~y ettachment ot ~u~ishment, or the filirq of ~ny li~n, i ~ ~inst smr property of u+y Obl •(9) th~ takinq of posseuion of any substantial psn of the properly of eny Obliycx N tF~ inst~nce aq t { y of any qwernmental sutF~ority:(~ tt~ dissolution, merpe?, conwlidation, w rsoryanizstion of any Obliqor: tht assiy~+ment by anY ~ U Mak~t of any pu~ry in my of ti~ Collatenl without the wtitten wnsent of the Bank. E~ch Obli9o? hereby waives sny rpuirement of ; ~ C notice or dem~nd nfledir?~ wci? aooekration insofar u such roquiremenr be in addition fo the mere exercise of am? remedy ~Horded in j aS this Nol~ or ths instiftition of wit by the then holde~. I, ~ v Bank shall have, but shall not b~ limited to, the fdlowinq riohts, each of which may be exercisad at any time whether w not this ~ z3 note is dw: (h to pl~dp~ or twnshr this not~ and ths Cdlattrsl and Bank shall tiiereupon be relieved of all duties and respoesibiliti~s ~ c~ ~ Mnunder and reliewd from arry ~nd all lisbility with nsp~ct to sny Collateral so pledyed w tr~nsferred, and aery pkdyet or tnrn- hiN ~hsll fw ~II psrrpos~s st~nd in tM pl~oe of B~nk htnut~der snd haw ~II the riQhts of B~nk hsretinder: (iy to hMShr tM wholt ~ y~ aany p~rt of the Collat~ral imo the name oi itself w its nani~ee; (ii~ to voro the Collateral; (iv) to notify the ObliQors d any ~ol- I~hr~l ro mak~ p~ymeot to 8ank o# sny emovnts due a to became due therca+; (v) to demand, soe fw, cdted, or mske a~r compro- ~ ~ O mist or settbrt~ent it d~ems desirsble with reference to the Gollateral; eod (vi) to take control of any poceeds of Collsteral. Baok is Mreby qiven • lien upon and s secvrity interest in all property of each Obl'~yor now a at u+y time hereaher in ths pos- ? r+ session of Baok in sMr upacity whatsosver, includin~ but not limited to amr balsnce or share of srry deposit. tnnt, w ayency aaount, ~ R' as tM setvrify fa thep~y mem of this note, and a simil~r lien upon atid seturity intercst i~ sll suchpr openy of each AAaker as security ~ iw ths paymtnt of dl other li~bilities of esch Jlll~ker ro Bank (includirp liabilities of each Maker and any other pe?son): snd 8ank shsll ~ ap Mw the same rqhts as to such property as it has with respecl to the Collatera~ ~ H Bank deems itstH insecure or upon ths oocu.renoe of sr+y default herevnder 8ank shall have the fweciown and o~he~ remedies r f o of ~ s~cund p~rty under the Uniform Conwnercial Code, o~ otl~er appliuble I~w and, without limiti~ th~ 9enerslity of ths fwe~oirq, ~ 8ank shall Fuw N~~ ri9ht, imn»di~ttly snd witiw~rr funhe? action by it, to set off aqainst ~his note al money owed by Bu+k in any u- y pscity to ~~ch or +ny Nbker; aid if such s~t off shall aocvr, 8ank shall .be deemed to have exe~cised s~ch r~'yht of set off and to havs ; ~ mad~ ~ char~e painst a+y sud~ monry inwnedi~tely upon the oowrrence of wch d~faolt even tFwuyh such cfwpe is made or ~ntend r~' on tM books of 8ank wbsequ~m thereto. Unkss the Coll~te~al is pe.ishable o. threarens to decline speedily in valve or is of a type ~ O customarily sold on • recoqnized market, Bank will yive Maker reasonabte notice of the time and place of ar?y pvblic sale the~eot or of th~ tirt~ aher which any pirvaN sal~ ot any other inte~ded disposition thersof is to be made. The requirement of reasonable notice sh~ll ~ ? bs met if such nofice is mailed, posta~e prepaid, to any Maker st the address qiven 6tlow w et any other address shown on the tet- ~ wds of tf?~ Bank, at kast fiw d~ys befo?e the time of rhe s~t~ w d~spos~rion. Up«+ d~sposition of any Coll~teral after the oa~rrena r of any def~ult herevnder, Maker shall be ~nd remain liabk for a~y deficienty: ~nd Bsnk shall acco~nl to Maker iw any svrplvs, bv1 ~ v Bank shdl have the riyht fo appty ~II or s~ryr pan of such wrpl~s (or to hold the same as a reserve sq~inst) any and ~11 other liabilitiss ; of ~ach or any N4aker to Bank. ' No dslay o~ omission on the p~rt of 8ank in exercisirq any riyht herevnder shsll operste as a waiver of svth riyht or of any ofher ~ ~ csS ripht undet this nofe. PrestntmeM, dams~d, protest, notice of dishonor, snd extension of time without notite are hereby w~ived by each and ev~ry Obliqor. TM Obli9ors, lantly a~d xverallY. promise and aqree to p~y all costs of colledion ~nd ~e~sonable anorneys• ~ ~ faes (not tess ti?sn 10% of the p~incip~l sum) intutred p paid by Bank in eniwciny this note upo~+ the acurrence of ar?y d~fault. ~ f~ My notice to Mak~r shs11 be wfficieroly s~rv~d for ~11 pwposes if kH upon or placed in the rtroil, postaye prepa~d, ~ddressed to th~ , premises at tM ddress shown below a sny other ddrtu shown a+ 8ank's reco~ds. ~ Wherever this nore is executed by • co-maker o. endorser who is the wife of a maker w endorser, the s~id wife does her~by ex- ~ prtssly acknowl~tlpt the withi~ debt as Fxr joint and individusl debl. ~ Eacfi of Maker acknowled9es receipt of a completed copy of rhis Naeia+ fhe above te. ~ « /Wdnss: (Sa4 ~ ~ Edns ' Benjs . Y ir, R /Q ~ ~ ~ / (5~+~ ~ . - ~.F~~~ .aa-=~".. ,,,~+t'„?~~-~ - . - ~ - - ~ - ~ - - ~ - - ~ - ~ ~~~i~..r '8-.:~'" .l' w - . s ^ - _ - -t,~--` ~ ~ _ _ . . . . . _ ~'~i . . _