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Home My WebLink About0722 8. At its option, Secured Party may discharge taxes, liens or security interests or other encumbrances at any time levied or placed on the Collakeral, may pay for insurance on the Collateral, and ~.ay pay for the mai~tenance and preservation of the Collateral. Borrowers agree to reimburse Secured Party on demand for any payment ma~e, or any expense incurred, by Secured Party, pursuant to the fore- going authorization. Until default, eorrowers may have possession of Collateral and use it in any lawful manner not inconsistent with this Agreement and not inconsistent with any policy of insurance thereon.' 9. Borrowers shall be in default under this Agreement upon the happening of any of the following events or conditions; failure or omission to pay when due, any liability (or any installment thereof or interest thereon) or default in the payment or performance of an~ . cbligation, covenant, agreement or lia~ility contained or referred to herein: (b) any warranty, r~presentation, or statement made or fur- nished to Secured Party by or on behalf of any Borrower proves to have been false in any material respect when made or furnished; (c) loss, t~eft, substiantial damage, destruction, sale or encumbrance to or of ~n•: of the Collateral or the making of any levy., seizure or attachment t!~eYeor or thereon; (d) any Obligor (which term, as used herein, s~all ~ean each Borrower and each other party primarily or secon~arily ~r contingently liable on any of the liabilities) beco~es insol~?ent or ~r.3'~le to pa~~ debts as they mature or makes an assignment for the bene- .`it of creditors, or any proceeding is instituted by or against any :~al~GOr alleqing that such Obligor is insolvent or unable to pay c3ebts .~s r_r.ey mature; (e) entry of any judgment against any Obligcr; ( f) ::eath of any Obligor who is a natural person, or of an:: partner of any Obl~;or which is a partnership: (g) dissolution, merger or consoli= :?at;o:~, or transfer of a substantial part of any Obligar which is a ~crporatiion or a partnership; (h) appointment of a receiver for the Collateral or any thereof or for any property in which any Borrower has ~ ~n in*erest. 10. Upon the occurrence of any such default or at any tiMe ~i t^ereafter, or whenver the Secured Party feels insecure for any.reason l w-;ats~e~.~er, Secured Party may, at its option, declare all liabilities ; sc~^__re~ hereby, or any of tfiem, (notwithstanding any provisions thereof) ~ i~•T~~:ii:~~~lv due and payable without demand or notice of any kir.d and ; the sa:.~e thereupon shall immediately become and be due and pn}•able ~ ~:it!-_o~_ t der;,and or notice (but with such ac~justments, if an}~, with re- ~ s~ect to interest or other charges as may be provided for in the pro- ~ r.is=o:~~ note or other writing evidencing such liabilit}•) and Secured ~ P:~rt•.• s!;all have any exercise from time to time, any and all rights ~ an~-~ re:~.edies of a 5ecured Party un~er the Uniform Commerical Code and ~ ar.~~ and all rights and remedies available to it under any other appli- ~,-t:~le law; and Upan request or demand of Secured Party, Borrowers shall, ~~t their expense, assemble the Collateral and :nake it available to the ~ S~~c~..red Party at a c~nvenient place acceptable to Secured Party; and ~ I~^rrr.•~ers sh~ll prom~:t1Y pay all costs of Secure~i Party of collection c: an:• an~ all t~ie l~abilites and enforcement of rights hereunder, in- ~ cI•.:::i::y ~easc:.~:;le a~_torneys' fees and legal expenses and exFenses of ~ an•. repairs ta any o'- the Collateral and expenses of any repairs to any ~ r~-alt•.~ or ather propc~rty to which any of the Collateral may be affixed. An,r r_otice of sale, c3isposition or other intended action by Secured ~ Party, s~nt to Borrowers specified above or at any other address shown ~ on the reco:ds of S~cured Party, at least five (5) c3ays prior to such ;j ' ~ction, sha21 constitute reasonable notice to Borrowers. Expenses of ; reta~cing, h~I~~ing, preparing for sale, selling or the lik~, s'~all in- ~ clu~e Secured Part;~'s reasonable attorneys' fees and legal expenses. t Any excess or surplus of proceeds of any disposition of any of the ~ Collateral may be appliec3 by Secured Party toward payment of such of the liabilities, and in such order of application as Secured Party may from Y' tirr:e to time e~ect. ~ 290 ~A~~ 72z ~ ~ - ~ _ _ _ ~ _ _ _ ~ ~ ~ ~ cd~.~-1_ ' ~ ~~1-. ~r~~C ; ~ ~'~'s~~. yy'• ~ ~ . . . _ ~ ~ZSRCR:iL _