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4. Bor~ovwr will d~fend tM Coll~lsnl spsinst th~ cbims ~nd derr?~nds of ail ptnons at sny time tl~iminp th~ ssrt~e or sny i~?ttrat therein.
5. No Finanein~ Satsm~nt oowrinp any Collstesal or anY Proc~~ds thenof is on fil~ in any puWic oHiu; Borrovwr suthoriza Secund Psrty to fil~, in
~~r~sdictions wh~n this autho?i=ation will b~ pivan sN~ct, a Finaneinq Satantnt-sgn~d on1Y b1l tl+~ Secund Psrty dacribinp th~ Colktersl in tM same ma~ner
as ~c i: d~sc~ibW Mnin; snd from tlm~ to ta'~ at th~ rpusst of Sacund Party, execut~ on~ or more Financing Satements snd such otMr documenu land psy th~
cost of filinp or ncordins M~ ~ in NI oubtic offica ds~rned nKesssrY o? desiraWe by the S~cund PKty) and do wch othN acts and thinps, sll as tM Secured
Pa~ty may nqwst to ~sablish a~d msinain s valid secu~ity int~rest in tM Colbteral (free of sll otM? tisns snd cbims whatsower) to sawre the piym~nt of tM
i~abilities, i~cludinp, without limitation, d~posit with S~cund Party snY etrtificates of titN issusbM with respsct to sny of tM Collatenl snd notstion tMrwn of
the security int~r~st htnundM.
6. Bor~orwr will not b) p~?mit sny IiMS w security int~nsts other thsn Sscured Psrty's security interost, to atnclti to any of ths Collat~ral; lb) p~mnit sny
ot che Collatsral to be Nvi~d upon under tlw Npsl propss; (c) sel~, transfer, Msse, or otherwise dispose of any of the Coltateral or sny interost therein, or offer so
to do, without ths prar writte~ corwnt of S~curod Psrty; (d) Permit anythity to ba do~ thst msy imp~air the vaiue of sny of the Cotlateral a ths sscurity intsnd~d
co be afforded by thit sprNnNnt; or p~nnit th~ Collatersl to be or bacome a fixture (and it is exprasty covenanted, vrarranted a~d spresd, th~t tM Collat0al.
and every part Mtreof, whtthK ~ftixed to aoy realty or not, shsll bs snd remain p~rsonal propKtyl, or to baoome sn ac~euion to othe? poodf w prop~rtY-
7. Borrower will at sll tim~s keep th~ Colbtersl inwrsd in smounts not leu than the full inwrsble value theroof, a~ainst loss, darnape, theft, snd wch
oiher risks as Secured Party may nquire in wch'compsnies and unda wch policiss and in wch form, and for wch periods: as shsll be sstisfaetory to Secund Party.
and each wch policy shall provide, by Naw York Stsntlsrd w Union Stat~dsrd endorsNr~ent, that bss tMreunder snd prooMds ptysWe thK~undtr shall bt p~ysbN
to 5ecur~d Party as its interest msy sppser {snd S~cund PartY ~Y ~PD~Y ~Y P~~ds of wch inwrsnce which may be reteired bY Secured Party tow~rd payrt~snt
ef the liabilitias, whlchK due or ~ot due, in wch wd~ of applicstion as Secund Psrtlr msy determine? and each wd+ policy shall provid~ tor 10 dsys' written mini-
mum canpllation notic~ to S~cured Psrty; and sach wch policy shall, if Secured Psrty w requasts, be deposited with Sewred Psrty; and Securad Party mW act
as attorney for Borrowsr in obUininp, adjustin~, settlinp, snd cancNlinp such inwrsnce and endorsirg anY drahs; (bl at atl times ksep the Collateral fne irom ar?y
ed~r~sr ti~n, security interat, or ~ncumbrsnoe and in good oMK and repair aod will not vrests or destroy the Collateral or any psrt thereot.
8. (s) Borrowsr will not use tht Collat~~sl or psrmit the sanN to be used in violatio~ ot any statute or ordinanoe; aod Secured Partlr may examin~ ~nd i~-
~N=c< <~~a Coitateral at any tima, nitiarwar locatsd. (b! 8asrower will psy promptly r~hen due all tazes snd assessments upon the Collateral o+ tor its use of operstion
or upon this aprsanttnt or upon sny note or not~s or other wrieinp evidN~einy iM lisbilities, or snY of tham.
9. At its option, Sacured Party may diseharge taxei, liens or security interats w other encwnbrsnces at any time levied or placed on t11~ Collateral, may
pay for inwnnce on tha Collacersl, and may pay for th~ maintensnce and pnservation of the Co118teral. Borrower agrees to reimburse Secu~ed Party oa damand
for anY paVmsnt mad~.o?anYexp~nst inturred.by Sscured P~rty.pursuant to the twepoitg authorization.Until defwlt, Borrower may hsve possession of Colkttnl
ar.d use it in any Iswfut manner not inconsistent with this apraament snd not inoo~sistent with s~y policy of inwrance thereon.
f 0. Borrower shall be in default under Mis agreement upon the hsppeniny ot any ot the following events or oonditions: (s) failure or omission to psy when
due any liability (or sny installment tltaeof or interest thereon), or dtfault in the psyment or perforrnsnoe of any oblqstion, covenant, agreement, or liability
..c.^.!ained or roferred to thaiei~; (bl a~y wx.snty, mprssentation, w statement made or furnishsd to Socured Party by or on behalf of any Borrowar provss co hsve
; b~en false in sny materisl r~spect when made or furnisf?ed; (c) bss, theft, wbstantisl damsye, destnution, ssle, or encumlxance to or oi any of the Collatersl, or
ti,e makinp of any levy, seizun, o? attachrtrnt thereof or therson: (d) sny OWpor (which tem? u ussd herein, shsll msan ese~ Borrower and each otMr puty pri•
~ mar~ly or secondsrily or oontinpently liable on sny of ih~ liabiliti~s) baoomes insolvent or unabl~ to psy debts as they msiurs or makes an ~ssiynrt~snt for the
j benefit or aeditors, or any proceeding is instituted by or against a~y Obliyor allegirg the wch Oblyor is insolvgnt or unabie to pa1/ debts ss tt?ey mature; (e) entry
I of any jud9rnent apainst any Obtipo?; (f) dsath of any Oblipor who is a natural person, or of sny partner of sny Obtigor which is a partnership; (g) dissdution,
E merger or cor?solidatio~, or trsnsftr of a wbstsntial part oi the property ot any Oblgor whieh is s cwporation or s partnership; (h1 appointment of a receiver tor
~ ;he Collateral or any tf?atof or for any property in whiCh any Borrower has an interest: (i) the collateral is used by snyone to transport or store goods the posses-
s~on, vansportatior? or use of which is illsgsl.
{ 11. Upon the oowrrenee of any wch default ar at any time thereaiter, w vrhenevar the Secured Party feels insecurc for any reason whatsoever, Secured
~ Pzr ty rtWy, at its option, cleclareall liabitities secured hereby, or a~y of them inotwitl+sts~dirg any provisions thereof 1, immedistNy due a~d psYable w~ti~out dertwnd
or nocice of any kind and the sams thereupon shall immediately become snd be due and psysWe without dert~e~d or notiee (but with wch adjustments, if sny,
rr~ th respect to i~terest or othar charges ss may be providsd tor i~ the promissory note or othet writing evidencinp wch liabilityl, and Secured Party shall have and
~nay exercise from time to time sm? and all righn and remedies of a Secured Party under the Unifo~m Commercisl Code a~d sny atM all rights and rdnedies svail-
.:b:e to it undar eny othar applicsble law; and upon request or demand of Secured Party, Borrower shall, at its ezpense, asxmble the Collateral and make it avsil-
abte to the Sscund Party st a convenient place scoeptable to Secured Party; snd Borrower shall promptly psy sll eosts of gscursd Party ot oollection of sny and all
:ne liabilities, a~d e~forc~msnt of rghts hKeunde?, includirg reasonaWe sttorn~ys' faes and legal expensas snd ezperaes ot any repain to any of the Collatxsl
and expenses of any rpsin to any realty or other property to which any of the Colbtenl msy be affized. Any notice of sale, dispositio~ or other intendsd action
b~- Secured Party, sent to Borrowsr at the sddross of Borrower sp~cified sbore or st any oMer address shown on the reeords of Sccured Party. st kast five days
p~ ~or to such xtan, shsll constieute ressonsble notice to Borrower. In the event of repossession, Borrower sutt?orizes Secured Party to take into custody any per-
sonal p.opxty tound in w on the colbteral and to hold tM sarne until Wimed by Borrower, and in the event weh perso~al property is not claimed within a rssson- T
abie t~me by 8orrower, Setured Party is wthorized to dispose of same. Expen{~s of retakiny, holdirg,.preparinp for sale, selliny, or the like, shall include Setured -
Pariy's reasonable attorneys' faes and kyal ezpenses. Any ezeess or wrplus of procaeds of any disposition of any of the Colbteral may be applied by Securad Pa?ty
±oward payment of wch of the liabilities, snd in wch order of application, as Setured Perty may trom time to time elect.
12. No waiver by Secured Psrty of any defsult shall operste as a waiver of sny other detautt or of the sarr?e default on a future oocasion. No delay or
om;ssion on the part of Securod Party in exercisin~ sny r"ght or re~rNdy shslt op~nts as s vwiwer thereof, snd no singl~ a pariial exKCisa by Sacured Psrty of sny
r~gnc w remedy shsll praclude sny other or turther exercisa Manof or the exercise of sny other riyht or rertxdy. Tirrie is of the essenoe of this sgree~?ent_ The
prov~sions of this s~r~rnnt sre cumubtive and in sddtion to tM provisions of any note sxurad by this agreement, and Securad Party shall have all the bensfiu,
r~ghts and rertMdies of snd under any note secured htreby. If mwe than.one p~ty shall execute this agraement, the term "Borrower" shall mesn all partiss sipnirg
chis agreerMnt snd ~sch of them, snd alt wch psrties shall be jointly and severally oblpsted and lisble heraunder. The sinpular pronoun, wf~en used hersin, shall
~nclude the plural and th~ neuter shall ir?clude mssculins snd fetninine. lf this agreennent is not datsd whe~ exewted by the Borrower, the Secured Psrty is autfwrizsd,
~ without notice to the Baro?ver, to date this sgraemant. This agreement shall become effectivessof thedste ot thisagreement. All rghu of Securod Psrty hereunder
shall inun to the benefR of ns wcceuors ana assgns; ano sii iisoiii[ies oi Borrower snaii and ine neirs, axecuiort, aa'minisiiai6w"s, iuuz~s a~.~+:~~y~y
BCrrOWQf. .
13. This ayreement hss bsen delivered in tf?e Stan of Florida and sFiell be Construed in so[orda ~th the laws of Florids. Wherever possible, esth pro-
v~s,on of this aptosment shall be interprated i~ wch mannbr ss to ba sffective snd valid u~der epplicab , but if any provision of this agrsement shall be pro-
hibited by or invalid u r,spplicable law, wch provision shsll bs ineHective to the axtent ot wth pro i' ion w imalidity, without im?slidatinp the remainder of
sucn provision or the r itfiny provisons of ihis ~eement.
IN VYITNE EREOF, this sgresme ss besn duly ezeeuted as of the ~ day of 19~
C,g~e~,ssA ~ ivered ~ x
~n thv ' ~ ISEAL)
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-J ' (SEAL)
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, : ; % ISEAL)
~ . _ ' ! f~ ~ . Borrower
a~' ' ~ ~ ~ (Secursd Puty need siyn only if agrsement is to be used ss a Financin~ St~tement.)
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