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9. 8onower wtu ~u t~mea fwp ihe ~Ist~~l inwr~d a~alnst loss, dsrns~~, tMR, ~nd sucA otMr rlsks as S~cur~d ~Psirtlr may ?~qu1R in sueh
a;nounts and compaMes and uode. sueh policles and In sveh to?m, and /w sucA periods, as sfiatl b~ satisiactory to S~curW P~ety. ~nd ~sch suell polky shib ~ F
r•rnvide th~f toss lhe~eunEer and prx~cds payable iher~under shall be payable to Secu.ad Party ss its int~~Kt msy spp~s? (and Secuhd Pi~ty m~y spp~y 1r~ j
t~~n~eMs o( such Inswaoce which ~nsy be recNved Dy Secyraet PaAy toward Dayme~t o( the ObN~atio~s, whether. or not dw, (n such brder ol apptkatipn ~s t~
Sscured Party may det~~m2ne) snd each such policy shall prwid~ for 10 da~rs' w~itten minimum c~nte~lstton notie~ to Setuhd Varty; ~nd ~seh tueA polkr
shall, if Secured psrty so requests, be deoosited with Sscund •Party; and Seeured Party mar ~ct as Ntom~y fw Bp~row~r In obl~lnit~, sMtlir~. ~nd Ci~neNlfns
s~ach insurance and endorsins any drslts. ' ,
10. $orrow~~ sh~ll at all tlm~s keep th~ Aollateaal frie f?on~ any adve~s~ Ilen. security inter~st. o~ ~neumbnne~ snd to Rood oed~r aed ep~i? ~nd will
„ot wasts or dastror the Coilslcr~l or any psrt thereol; anA Boerowe• wi0 not use the Collatenl le violatip? Of any statut~ or qdlna~w; ~ad S~tuht) P~?ty n?iY •
r.amine and fnspect it~e Coltaterat at any time. aRereve~ tocated. .
1!. 8orrower well pay prompt~y when due sli taxcs and nss~ssme~ts upon tAe Collateral or tor Ks use or pperation o~ upoe thM ~e~eement w upai •ny
n,te or not~s evtdehcing the Obliq~t~ons. or any ol tAem.
1?. At its option, Secur~d PaAy may ~liuharge taies. ti~rss or secu.~ty interests or oth~? encumbrances at any t~me fevted w ptsced on th~ CoN+teral,
~n.•y pay for ir.surance on tha Callaleral, anJ msy pay for Ihe m~intenanct and pr~servatin+~ of tM Collateral Borrowa sg~ees to reimbu~se Seeur~d Pa?ty on
!emand for any payment made, o~ any ~ipense incu~reci_ Dy Secured party, pvrsuant to tF?e torc~(anY authorbat7on. Until dNauM, Bor?Ow~r mar h~vt poss~r
oi the Collate~al rrW use it'fh rny lawtut m~nne~ not incohsist~nt wttA tA'rs a;reement snA iwt lncons~altnt wlth sny poNey of Inw~anc~ thlreo~?. .`~c
13. Liorrower shall at ln detauit under th:s ssresmsnt upwf tM happ~nins of sny of tAS followtn~ e~-ents or conditiom: (a) faltu?~ or omisstoe~ to p~y
w!+~~ due any Obl~gation (o~ sny inslallmenl lherwl w intor~st thereon). or Mtault in the paymeot or p~rionnsnc~ d ~~y obilption, cow~sot. sarte~+e~, or
~ abi~,ty con(alned or ~e(e.?ed ta herc.n; fb) ~ny erarranty, representation, ur st~tement made w IwnisMd fo S~[ured Party bp or qn bshalf of any Bwrow~r
r~•~•:rs to har•e been talse In any maleNal respcct wh~n mad~ or furnished; fc) lass. 1heN, substsntial damss~. d~stnutipn. saM, o? Mcumbranc~ to or of soy
~~r the Collatc~al, w the makf~+g ol sny levy, seizure, or sNachm~M thereoi or the~eon; (~fi•~ny ObGgor (whlch ttrra, s~ vs~d MMn. s7+sN m~si+ ~aeA 8orrorv~r
Prch olhet psrlr prima?ily or seconds?ilr or coe~tin=aMy IisbN on a~y of th~ Obliaations) becanes Insolv~M o~ unabl~ to psy d~bts ~s they meturo or ` ~
~~~.~kes an assig~ment tor lhe banefit W e~editon, or any p?oceedi~g is InstitutW Dy or sgainst any ObOSor atlqtn~ thst such OW~or b Inaolvtnt or vn~ble ~
t~ naY debts rs they rnatun; (r) w ,-',.;i
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'n•imi,i~i/s (hi eppointm~nt of s~ecelver for the Cdfsteial or aoy thereo! o~ for sny property. in whlch anr 8ortow~r h~s ~e Inte?~st.
1? Upa~ tM octu~rence of any such detsult o. st sny tims tMrealter, or when~var Ihe S~cured Party teNs i~u~eu?e fw ~ny nason whatso~wr, 5~-
ns
r~;~rd PrAy r.iry, et its option, declsre all OW16ations sccured ht~ely, or any ot them fnotwithslanEins sny provlsi0ns tM~tof). Im~+~dlatefy dw !nd pay~W~
M~!ti~~~t d~mand or nobce of any kincl and tAe same theraupoo shal! Immcdblely brcnme snd Ds dut snd payabie wlthout d~mand or notk~ (but ~rith such
a ii~„tments. ~1 any, wBh respstt to Intercst w other cAarges as may be provided fw io ths promissorr not~ or oth~r wrltlnt ~vldMtlnt wcA H~Wlity), ~nd ~
•.urcA Party ~h~0 havn and mar eaerc~se from time ?o time any sr~ all rights ao0 remMi~ pl a Setuml Pady unds? Ih* UMiprm Connnerclil Cod! +~nd
~ny and ail ri~AtS ADd ~emedilS sviilable ~O il under any OthE~ apD~~caWe lawr; aod upon ~lqulSt Ot dem~nd pf &KU~~d Party Borrovr~r sNafl, i! Itf lxpMSf, .
~mb1~ ihe Cothteral and make it svailabtc to the 5ew~ed Party at a conven~eot pfxe acceplable to S~curW Partp; ana eor.owe~ shan p,a~y psy all '
~:f~. ol Securrd Party of cdlMtio.~ ol any snd atl the Obl~gattp,5, aod entdreement ol ri~hts hereunda•, IncludinR rNSOeabt~ sttomeys' Nes and f~6at e:-
~+=es .~nri c:penses ot any repairs tu any ot tha Coltatcral rnd eapenses o/ any iepain te any ~ealty or otMr proptrty to wAfeh iny ot the CoNatenl mey bt
•r!~•r.~t o. be a part. Untess Ihe ~oU~teia! is nerisbable or thrcalens to decline socedily M value or Is of ~ typ~ custom~rlty sOld on ~ eKO(p+lzad market. St
~arty wi11 give Borrower reasona6le nMice uf the time and place of rny pu61~c sale the?eot or of tM tlm~ aR~r whfeh •ny prlvst~ sale w eny olher (n
dlspositlon thereof is !o be mada 1Ae requi~ements of rrasorrabf~ notice chaU be me! It such notic~ ls maIled, postssa prepsld. to any Borrower nt
~!~c .~rtd~ess al Borrnwer shown rt Ibe 4eF.~nning of th)s_ag~cemM! o• al any ot~+er addr.•,s shown on tM retords ol Setur~d Psrty, at (~ast ttve days befere
I~me n1 the sile or d~spositio~. E~pe~se~ ot rrtak~nR• na~~~~s. D~~o~<<~g ~o~ sa(q sNting. w the 1ik0. shali Includ~ SKWed Part~IS ressonsWe eHomeps'
t• rnn legal esp•_nses. Upon d~sposttion of ~ny Cdl~te~il after the occunencw o( any delaulf hereunder e+a it Seeur~d Paety teNs lnsaeur~ fp~ sny re.icnn,
,•.uw~. shaft he and remrin liable /or any dN+c;encY: and Sr'cureA PaetY sh+~ll xcnunt fo Po.rvw~r lor any surplu~, sut SeCUrM Partr sh~ll havs the riRM td
rvir al/ o~ any part of such surplvs (or to hold tlrr same as a resw.ve ag~insU sll or A~y of the Oblisatloos. wMlh~r o? not lhey, w sny of them, b~ thc~
~ im1 in such o~der o~ apptlcatiun ss Seeured P~rty mry tram t~me to time ~(Kt.
I5. No wa~ve. by ~ecured i a.ty o( any defautt shafl operate as a wa+.er ol any oth~r ~.tault or oI ihe srme ddauN on a future occaslc?~_ No delay or :
.•;:r.r~ ~.n ~he Q~rt ot S'ete~ed Varty ib eserc:sing ~ny right er r~m~•Jy shatl operatc as a v~~iver therent, snd no sin`t~ or Dsrtlsl aretels~ by Secured Pa~ty )
•ifht or ~emedy Shap pret~ucb ahy o!her or fmther e¦cr~ise ti.ereaf or thr ere~cisc of any other dgAt or nm~dy_ Time Is of the essence of thic agreo-
~ t Ihe D~a~~s~ons of this agreem~nt are cumulaGve and irt adJiGwi to tAa provisions of any npte sccured Sy thlf ~sreymant, and Setu~td Party shatl have ~
t~~~ Arnr(its, rightz and remed~es nf aM under any not~ se.:u.M nereby t( mnre th~n one partY shaU ea~cute fhls ap~ement. lM term "Bor?owrer' shatt
p:~rt~ec signinq t1+is aR~eement and each o( them, anA stl svch prrt~es shaff be ic~intly and Stwralty oblFtwt~d and Ilabl~ hlreund~r. TM singular pm
~?,en used hrre~~, sb~ll include the plural. If Mis agreement is rrot ditei whe~ eaecuted by the Bo.rower. th~ Secured P~Ry Is ~uthoriied, without notise
tne Ho•rower, to drte lhis a~reemertt. This agrezment shall 6ecome ellect~v~ as o~ ihe date oI tf?is a~re~m~nt Ati N=hts ot Secund Psrt~r her~under slra~l
~^~~~P to the bene(rt ol +ts successen and assiqns; and aQ pblig.:fions d Borrowe. shaq bind the hd~s. ~z~euton, ~dm~nltt~stors, sute~ssors snd ~sslsns of
~~h Borrower.
If.. Thls a6reenxnt has baen dNivered In the Sbte of f{o.ida and shs1l be construed (n steordante +dth tM t~wrt ol' fbrida. YMMrMr posslble, exh
c~nvlsion oI th"rs sgreemeM sAall be.IMerprNed in svch m~nnet as to be e(fective and vaNd unAer ~ppltubN liv?, but M~nr (ffovlflOO Of tMi atrNm~nt lhstl
t•p a+ohibitsd by or InvaNd under spptlcable taw. such provisfor~ sh~p he inet(ecfive to Rke eaten! ot weA prohibltlee~ M Inwltdky. wlthalt IMNlfdatir~ tfN
malrt s covisi or ths a' tn rovislon ot this.~ .ee t.
~C~.~.ln ~ a~~~ac~qu.~.red
as.se~~~1Dt~ine~u~xly~ng~o~~igati~,on be
°tween ~he par~i
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IN WITNESS WNEREOF, thts a`~e~m~nt hss ba~n duly ~x~cuted » 01 the day ol ~y' . 19 ' 8. -
~+cL~ ~ry^~~~,y.~~{~s s
_ . ~7 Ot a7 1V~~11R7 ?7lrLlY1W ~ •
: i:^:A. uakd snA dNiw?ed
:r~ tho Presence d: ~~r' (SEAU
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~ ~ tSEAII
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$j~JQjt$ oorrower
~ :
tsecu..a v,rty n.ld s~tn a+rr n ~~:f.Mi~,
is to b~ used N• Fl~aneie~ St~ ! 3 V ~ L.,
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