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IE this ~areement is securitr fot • loaa to be uaed to pay a.p ut ot all of the pu~chase ptice o( tAe coliatetal; to ~se the
proceeds of tl~e bao 00 Q~~ d~e purc6ue ptice. fiiiaa fce• aad iasurance premiums. The Secuad Parcy laNevet. may pay
diepco ceeds ditectlr oo ebe selle~ ot the collateral.
To ia~~atel~ noti(Jr the Secnred Prar io ~rriria~ 01 ~ay cA~nse ia or diacoatiauoace o( Dedtor'spl~ce or plaees of
busines~ aod oc residence.
'IUat if tbe coll~:erai 6as bem atac6cd co ot is to be accac6ed to real eacate. ~ descriptiaa of the ced estate a~d t6e
a~noe ~nd ~ddcess of tbe eecod o.ae~ is set fortb io ~he schedule he~eia; if che s~id coll~cerrl is atcached ~o teal eat+~~e
paor to the petfectioa of che secueiqr interesc aranced herebar, Qebtor .ill oo demaad of tl~e Secured Parcy Iuinish the I~ae~
vith a disclaiac~ ot diulwnes~. sianed b~r •Il pecwos ba~taa aa iaterest ia the teal estate.of ~ny iate~est in the coll~tec~l
~rbicL ia ptiot oo Secuccd Pa~qr s iatecesc.
. 7NE PAR77ES FURTHF.R AGREE
Notes. if aoy. e:ecvted io comecrioo vith tius aaceeeent, ace sepsnce ins~~eacs ~ad m~y be aesod~ced 6y Secviced
Paetr ~rit6out teleasia~ Deboor, the collatecal. or anr auarantot o~ oo~aalctr. Deboot coaseats co aay e:teas'an of time of .
p~yiaw~. If thete be more thao ooe Debm~.~t uanou~ or co~a~lcer of this aareemeac oc of aoces secured he~ebr. che obiiaa-
cwn of all shall be ptimary. joint asd se~eral.
~ai~er oE or~cqwesceoce ia anr defwlc by d~e Debo~~.or failnre of ~he Secuced P~ay to iasisc upon scriec perbrmwce ~
br ~e Deboor oE anr w•rc.odes o~ .sceemmcs io this secwity aareemeac, sl~all not coasutute a ~rai~er of aay aubsequeat
oc other defwit or Eailure. •
Notices eo ejthei shdl be in ~citina ~nd shall be deli~e:ed personally or by mail ~ddressed to t~e patty u tbe
.dd~e.: here;n :ec ~O oe a6er..ise desian.ced iq .dcioa. -
'!be Uoibs Commeccial Code ah~ll so~en? d~e ria6ts, duties aad remedies of che pacties aad +my pio~isions hecein
decl~ted ia~alid under anr ls~ shall noc ia~alidate aor ot6er piu~isioa ot this astcemmt.
'The (ollowioa sball ooascituce a defaulc br Deboor: •
Failure to pay the principal or say insc~llacnt of ptiaupal or of iacerest oa the indebtcdness or any aotes ~rhea due.
Failure by Debcor m~plr .i~ o~ pe~fo~ aap pA•i:ioa of ~his aareemen~
False or misle~dioa represeacatioas or ~aaannes m~de or si~en bp Debtoc in oomecdoa wit6 chis aaceemeat.
Subjection of tbe coliateral co levy of e:ecution or o~her judicial process.
Commencement o[ ~n~ insoheacp proceedina b~ or aaainst ehe Deboot or o[ aay auaraaoor of or sntery foc the Deboor'a
obliaauons.
Death of the Debmt oc of aor Guatantorof or surecy for ehe Deb~or's obli¢adons.
Any ceducciou in the ~alue of the collace~ai or any act of che Drbtor vhich imperils tbe ptospecc oE full pedocmaace or .
:uisfaction o[ tbe Debtor•s obliaacious herein. ~
Upon anr default of die DeQcor aad at t}~e opaon of che Secured PartY. the obliaauons securcd by tbis a reemmt~s6a11 ~
immediatelr become due and payable in full ~rithouc noace or dem~od ~ad che Secvred P~rtr shall6a~e all c~e ri~cs. rem-
edies and p~ivileaes wic6 respeet w repossession, recmtioo aad sale oE ~6e collatusl •nd dispoaicioa of che ~roceeds as _
ace accorded o0 oSecvred Parq by eheapplinble sectioas of d~e Uniform Commercial Code reapecdaa "Default', in cfEecc _
as oI t6e dace of clus Secvat~r Aareemenc.
Upoo aa~ dehult. t6e Secvted Pattq's reasonable attomey's fees and tl~e le~al and othec ezpeaaes Eor pursuing, .
seatchina fo~. recei~ina, cakiaa, keepina, :oocin . ad~ec~isina, and seqina the coll~ceral shall be c6uaeable to the Debtor.
Tbe Deb~oi s6~11 remain liable for anr de~ciency resulciaa fmm a sale of the eollaceral and shall pay any such de-
ficiencry fo~thwitb on dmand: .
If the Deb~ot s6a11 deEwlt ia che perfo~aace of any of the piovisioos of this aareaaent oo tl~e Debooc's pact co be pei?
fo~ed. Secvred Patqr msr pecfom~ s~oe br t6e Debmr's accwmt and any moaiea e:pended :o so ao~oa se.tt ~~uae~~~
~ric6 iacerest co the Debtoc aad addcd co the Indebtedaess securcd heieby.
Ia conjuucdon vit5. addition o0 or substimcion for those ri~6ts. Secuced Paay, ac his discrecion, may: (1) encer upon
Debeor's ptmises peaceably bq Secwed Paetp's own means or- ~nth ie~al ptocesa ~nd take possession of che coll~teral. or
rmder it unnssWe, or dispose of tLe colluenl on the Debcor's Premisea and thc Debmr aarees oot to resis~ or intecfece;
(2) require Debcor m assemble die collscenl and malce ic s~ailable m cbe Secured Party ac a place oo bc desianaced by che
Secured Part~. teasoo~blr coo~eaieat co bot6 patties (Debtoc aarees that the Secured Patty's addcess as set Eo~t6 abo~e is
a place ceasonaWy conveniene for such sssemWiaa);(3) ualess the collaieral is perishable oc dueaceo¢ eo.decline speedily .
in ~alue ot is of a type casoomarily wld oo a recogiized ma~lcet. Secnred Pacty will ai~e Debtor ressonable notice of the
cime and place of aaypublic sale ~hereof or of the cime aher wluchany pri~ate sale or any oc6er inteoded disposirion t6ete-
of is to be made. 76e requiremmes of reasonable ootice will be met if sucb nocice is mailed, postaae prepaid, co ehe ad-
dress of the Debtor s6own abo~e. at least tbrre da~s betore ~6e dme of sale or disposition.
Secvred P m~ usi~ clus aareemmt and if assiaaed the aasianee shall be eodded. upoa aotifyiaa che Debooc, co .
n
perfotmaace of a l oE~ebcor.s obliaanoos snd ageemmcs 6ereuader aad the assigiee aball be eaticled to all of t5e rig6~s `
and remedies of cLeSecuced Pactp 6ernmder.Debcor ~rill assea no claims or de[ensea peboor may 6ave aaainst t6e Secured
Party aaaiasc tLe assisoee. ~ -
The Secured Pacqr is hereby auclwrized co file a Financina Stacemmc. ~
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