HomeMy WebLinkAbout1642 Receivable assigned to Bank in which Bank has a security interest remains
unpaid or until the indebtedness has been fully satisfied.
• 8. Debtor shall be in default (a) upon failure to pay when
due any amount payable under any indebtedness hereby secured; (b) upoa
failure to observe or perform any of Debtor's other obligations to Bank;
(c) if any material warranty, certificate or statement by Debtor
furnished in connection with Agreement ie false or misleading; (d)
upon failure to pay when due any other note, obligation, or indebtedness
of Debtor to Bank which now may ,exist or be incurred; (e) if proceedings
in which Debtor-is-alleged to be insolvent or unable to pay its debts
as they mature are instituted by or against Debtor under the provisions
of the Bankruptcy Act or any other law; (f) if Debtor makes an assign-
went for the benefit of creditors; or (g) if Bank in good faith believes
it's security, prospective payments, or performance under this Agreement
or the instruments it secures is impaired.
9. Upon default, all sums secured hereby immediately shall
become due and payable at Bank's option without notice to Debtor. Bank
may proceed to enforce payments due and to exercise any or all of its
rights and remedies under the Uniform Commercial Code of Florida or
other applicable law as well as all other rights and remedies possessed
j by Bank, all of which shall be cumulative. Bank hereby is authorized
j and empowered to enter any premises of the Debtor or other place where
the Collateral may be located without legal process, and take possession
of the Collateral without notice or demand which hereby are waived.
4
Whenever Debtor is in default hereunder, and upon demand by Bank,
Debtor shall make the Collateral available to Bank at a place reasonably
convenient to Bank. Bank may waive any default before or after that
default has been declared, without impairing its right to declare a
subsequent default hereunder, this right being a continuing one. Upon
default, Bank shall have the right to offset against any account,
(checking, savings, or otherwise) which Debtor may have with Bank, the
amount owed by Debtor under instruments secured by this Agreement or
under any other note, obligation, or indebtedness to Bank.
The Bank, with notice, may sell at one or more public or
• private sales, without further notice, and for such price as the Bank
may deem fair, any and all of the Collateral assigned to the Bank under
this Agreement and any other security or property held by the Bank. 4
The Bank may be the purchaser of any or all of the Collateral or other
i
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