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li this agreement is security for a loan to be used to pay a art or all of the purchase price of the collateral; to use the ,
pproceeds of the loan to ppaay the purchase price, filing tees and insurance ptcmiums. 'Ilte Secured Patty how~vet, may pay
the ptoceeds directly to the seller of the collateral.
To immediately notify cbe Secured Party is writing of any change is or discoatiauaace of Debtoc'aplace or places of
business aad~or ttsideoce.
That if the collatenl bas been attached to or is to be atcacbed eo real estate, a description of the real estate and the
acme and address of the tecoed owner is set forth is the schedule herein; it the said collatenl is atcacbed co real estate
prior to the perfection of the security interest Granted hereby, Debtor will oa demand of the Secured Party famish cbe latter
wrtb • disclaimer or disclaimers, signed by all persons bavrog an iaeerese in the real estate,otaayioceresciothecollateral
which is prior to Secured Party's interest.
TNT' PAR7fiES FARTHER AGREE
Notes. i[ any. ezecuced is connection with obis agreement, arc separate instruments and may be negotiated by Secured
Party without releasing Debtor, the collateral. or wy guarantor or coiaalcec. Debtor consents co asy ezceasioa of time of
payment. If dtere be more than ooe Debtor. guarantor or co~maker of this agreement or of aoees secured hereby, the obliga-
troo of all shall be primary, joint and several.
iaiver of ocacquiescence is .ay default by the Debtor,or failure of the Secured Party co insist upon :uict performance
by the Debtor of any warranties or agceemtocs is this security agteemrnt, shall not constitute • waiver of any subsequeae
or other default or [arlure.
Notices m either party shall be is writing and shall be delivered personally or by mail addressed to the party at the
address herein sec forth of otherwise designated is wdtiag.
The Uaifo® Commercial Code shall goven the rights, duties and remedies of the parties and any provisions herein
declared invalid under any law shall ooe invalidate any other provision or dris agreement.
The following shall constitute a detault by Debtor:
Failure to pay the principal or nay iuanllmeat of principal or of ioterese oo the indebtedness or nay notes when due.
Failure by Debtor oo comply wide or perform aar provision of this agrecmrnt.
False or misleading represrncacioas of vrarranues made or ivrn by Debtor in connecrion with this agreement. i
Subjection of the collatenl to levy of ezecutioa of odter ju~icial process.
Commrncemrnc of any insolvency proceeding by or against die Debtor or of any guarantor of or surety for the Debtor's
obli atioas.
~eadr of the Debooc or of nay Guaraatocof or surety (or die Debtor's obligations.
Aay reduction is dre value of the collatenl or nay set of the Debtor whrc6 imperils the prospect of full performance or
satisfaccioa of dre Debtor's obligations herein.
Upon nay detault of cite Debtor and se cbe opuoa of ehe Secured Party, die obligations secured by this aareemrne shall .
immediately become due and payable is full without rtorice of demand and the Secured Party shall Gave all the rights, rem-
edies and privileges with respect to repossession, retrntioa sad sale of the collateral and disposition of the Qroceeds as
~ are accorded to aSecured Party by tbespplicable section3 of die Unifoaa Commercial Code respecaag "Default'. in effect
as of the date of this Security Agreement.
Uppoon nay dealult, the Secured Party's reasonable artomey's tees and the legal and other e:prnses for pursuing,
searchia for, receiving, takia ,keeping, atorio , advertisiaa, and selling the collatenl shall be chargeable co the Debtor.
The ~ebtot shall remain able for any deE~ciency resulting from s sale of the collateral and shall pay any such de-
ficieacy forthwith oa demand.
if the Debtor shall default in die petfomraace of any of the provisions of this agreemrnc oa cbe Debtor's pare to be peo-
formed, Secured Party may perform same for die Debtor's account and any monies ezprnded in so doing shall be chargeable
with interest to the Debtor and added oo the Indebtedness secured hereby.
~ In eoajmction with, addition to or substitution for chose rights, Secured Parry, at his discretion, may: (1) enter upon
Debtor's premises peaceably by Secured Patty's own means or with legal process and take possession of the collatenl, of
crnder it tmusable, or dispose of dre collateral oo the Debtor's premises and the Debtor agrees not co resist or interfere;
(2) require Debtor to assemble die rnllatersl and make it available to the Secured Party at a place co be designated by cbe
Secured Party, reasonably coovrnienc to both parties (Debtor agrees that the Secured Party's address as sec forth above is 1
a place reasonably coavrnirnc.for such assembliog);(3) unless the collateral is peeshable or threatens to decline speedily
in value or is of a type customarily sold oa a recognized maclcet, Secured Party will give Debtor reasonable notice of the
time and place of aaypublic sale thereof or of the time after whichaay private sale or any ocher intended disposition there-
of is to be made. The requirements of reasonable notice will bt met if such notice is mailed. postage prepaid, to the ad- i
dress of the Debtor shown above, at least three days before the time of sale or disposition. !
Secured Patty may assign this agreemrnt and rf assigned the assignee shall be entitled, upon notifying cbe Debtor, co
~ performance of all of Debtor s obligations sad ageemrnts hereunder and the assignee shall be entitled to all of the rights
sad remedies of theSecvred Patty heremder.Debtor will assert no claims or defenses Debtor may have against the Secured
I Party against the assignee.
'Ibe Secured Party is hereby authorized co file a Financing Sntemeat.
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