HomeMy WebLinkAbout1641 reduce the total indebtedness by an amount sufficient to satisfy the
Bank.
(i) Debtor, shall .join in executing or shall execute, as
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appropriate, all necessary documenta~in a form satisfactory to the
Bank, and shall pay the cost of all taxes and fees in connection with
all loans secured by this Agreement including the cost of recording
all documents. Debtor warrants that no financing statement covering
the Collateral or any part thereof or any proceeds thereof ie presently
on file in any public office.
7. Debtor waives presentment and protest of any instrument
secured by this Agreement, notice of default and all other notices
to which it might otherwise be entitled. The Bank in its discretion
may proceed against either Debtor or any of Debtor's customers on any
account subject to this Agreement, or Bank may proceed against any
security that it may hold under this Agreement. The Bank is not
obligated to pursue any remedy"for the benefit of Debtor. Bank may
proceed directly against Debtor for the amount of any indebtedness
owed by Debtor or any other party without selling or otherwise pro-
ceeding against or applying any security it may hold.
Debtor shall furnish Bank, at reasonable intervals, with
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statements showing Debtor's financial condition and the results of its
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operation. Debtor appoints Bank or any other person whom it may designate i
as Debtor's attorney=in-fact with powers to endorse Debtor's name on {
any checks, notes, acceptances, money orders, drafts or other forms `
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a of payment or security that may came into Bank's possession; to sign
Debtor's name on any invoice or bill of lading relating to any Receivable
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on drafts against-customers, on schedules and assignments of Receivables,
on notice of assignments, financing statements and other public records,
on verifications of accounts, and on notices to customers; to notify
the post office authorities to change the address for delivery of Debtor's
mail to an address designated by Bank; to receive, open and dispose of
all mail addressed to Debtor; to send requests for verification of _
r Receivables to customers or account debtors; and to do all other things
~ ,necessary to carry out the provisions of this Agreement. Debtor ratifies .nc
and approves all acts done pursuant to the foregoing authorizations. ~
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Neither Bank nor the attorney-in-fact will be liable for any acts or ~
omissions or for any error of judgment or mistake of fact or law. This
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power, being coupled with an interest, is irrevocable so long as any ~
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