HomeMy WebLinkAbout2963 If Bank degas itself insecure, ar upon the happening of any
of the following events, each of which shall constitute a default
hereunder, all liabilities of each Maker tv Bank shall therupori ar there-
after. at the option of Bank, without notice or demand, became due and
payable: (a) the failure of any Obligor (which tera shall mean and include
each Maker, endorser, surety, and guarantor of this oats) tD perfarn?
any agreenent here~u~der, to pay interest hereon within teen days after- it is
due, ar if there be no due date, after-it is billed ar otherwise requested ar
deaanded t4 pay any otYrer Liability whatsoever to Bank when due; (b) the
death of any Obligor; (e) the filing of any petition under the Bankruptcy
Act., or any similar federal ar state statute, by or against any Obligar;
(d) an application for the appointment of a reveiver -for, the making of a .
general assigrn~ent far the benefit of creditors by, ar the insolveruy of any
Obligor; (e) the entry of a judgment against any Obligor: the issuing
of any attadn~ent of garni.shnent ar the filing of any -lien, against any
Property of any Obligors (g) the. taking of possissian of any substantial
part of the property cf any Obligor at the ~ instance of any governmental
authority: (h) the dissolution, merger, consolidation ar reorganization of
any Obligor; (i) the assignment by any maker of any equity in a~ of the
Oollateral without the written consent of the Bank. Each Obligor hereby
waives any t of notice or demand reflecting such aooeleration,
insofar as such t be in a3dition to the mere exercise of any
remedy affarded in -this Note ar the ~institutirn of suit by the then holder.
Bank is herby given a-lien upon and a security interest in all
property of each Obligor row ar at any time hereafter in the possession of -
Bank in any capacity whatsoever, including but not lim;te+d to any balance
or share of any deposit, trust, ar agency .aooaunt, as the security far the
payment of this note, and a similar lien .upon and security interest in_all
such property of each Makers in security foe the payment of all other
liabilities of each Maker to Bank (including .liabilities of each Maker and
any other-person.) -
If Bank dews itself insecure or upon the of any default
hereurr1er Bank shall have the faree].osure and otheac raaedies of a secured
party under the Uniform C'omnercial (bde, ar .other applicable law and,
without limiting the generality of the foregoing, Bank shall have-the right,
immediately and without further actiion by it, to set off against this Hate
all money awed by Bank in arty capacity too each ar any Maker; and if such
set off shall ocxur, Bank shall be deest?ed to have exercised such right of
set off arxi too have Wade a d~arge against-any such money .imrediately on
the ovaireloe .of such default even though such charge is made ar entered
on the books of Bank subsequent therto. Unless the Collateral is perishable
or threatens to decline speedily. in value ar is of type cust~cmarily sold on
a recognized market, Bank will give Maker reasa~able notice of the time
and place of any public sale thereof ar of the time after which any private
sale or any other intenrled disposition ttrreof is to be amde.. The require-
ment of reasa~able notice shall be met if such notice is mailed, postage
prepaid, to any Maker at the address given below car at any other address _
i shown on the records of the Bank at least five days before the time of the
-sale or di.spositi,on. Upon disposition of any Collateral after the
of any default herew~der, Maker shall be arx~ renain liable for any deficiency;
and Bank shall acoatnt to Maker for any surplus, but Bank shall have the
right to~apply any part or all of such surplus (ar to hold the same as a
reserve against) arty and all other Liabilities of each ar any Maker to Bank.
No delay ar anission on the part of Bank in exercising arty
right hereunder shall operate as a waiver of such right ar of any other
right under this note. Presentment, deaaryd, protest, notice of dishonor
and extension of time without notice are hereby waived by each and. every
Obligor. The Obligars, jointly and severally. prani..se and agree to pay
all costs of eollectirn and reasonable attorneys' fees (no~E less. than 10$
of the principal sum) inairred ar paid by Bank in enforcing this note upon
the of any default. Any notice to Maker shall be sufficiently .
J served for all purposes if left upon ar placed in the mail postage Prepaid.
addressed to the prenises at the address shoran below ar any other address
shown on Bank's reoorci.
Wherever this Hate is executed by a eo-maker or enci~orser who
is the wife of a maker ar endorser, the said wife does hereby expressly
acla~owledge the within debt as her joint and .individual debt.
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Bo~~303 ,A~.~2958
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