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property or security sold and may hold that property or security sold
and may hold that property or security thereafter in its own right
absolutely, free from any claims of Debtor or right of redemption.
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10. Bank shall have the option at any time without notice
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to: (a) insure Inventory to its satisfaction at Debtor's expense
if Debtor fails to do so and (b) pay, for the account of Debtor, any
taxes, levies or other charges affecting the Collateral or upon or on
account of this Agreement of any liability or any note or other writing
evidencing any liability,'which Debtor fails to pay. Any such payments ~
shall constitute-a-liability of Debtor.
11. Debtor unconditionally guarantees timely and prompt
payments in cash to the Bank of each of the Receivables.
12. Debtor agrees to reimburse the Bank for any and all
legal and other expenses incurred in the confirmation, investigation,
handling and collection of the Receivables. ~
13. This assignment shall be binding upon Debtor, its
successors and assigns, and the benefits of this assignment shall
inure to the Bank, its successors and assigns. This Agreement shall
be governed by and interpreted in accordance with the laws of the State
of Florida.
14. In performing any act under this Security Agreement
and any obligation secured hereby, time shall be of the essence.
15. No modification, rescission, waiver, release or ~
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amendment of any provision of this Agreement shall be made except by
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a written agreement subscribed by Debtor and by Bank.
~ 16. This Agreement shall be terminated only by the filing
of a termination statement in accordance with applicable provisions
of the Uniform Commercial Code of Florida. Until terminated, the
security interest created under this Agreement shall continue in full
force and effect and shall-secure and be applicable to all advances
~ now or hereafter made by the Bank or Debtor, whether or not Debtor
is indebted to the Bank immediately prior to the time of such advance.
Termination of this Agreement by either party shall not affect the
obligations of Debtor or the Bank with respect to accounts assigned y
by Debtor to the Bank prior to such termination.
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