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HomeMy WebLinkAbout2799 , ~ } - - i if this agreement is security for a loan to be used to pay • arc or all of the purchase price of the collateral; to u+e the proceeds of the ban to pay the purchase price, filing fees sad insurance premiums. The Secured Party however, may pay the proceeds directly to the seller of ebe collateral. o iarmed'ately aotity the Secured Parry io writing of any change in or disrontiausnce of Debtor's place or places of business aadfor residence. That it the collateral bas bees rte+ched to ur i• to be attached to teal estate. a description of the real estate and the name and wddreaa of cbe record owner is set forth in the schedule bereiA; if the said collateral is attached to real estate prior to the perfection of the security interest Granted hereby. Debtor will on demand of the Secured Patty furnish the latter with a disclaimer or disclaimers, signed by all persons having as interest in the real estate,ofanyinterestinthecollateral which is prior to Secured Party's interest. !~-IE PARTfFS FURTfiFR AGREE Notes, if any. executed in connection with this agreemrnt, are separate instruments and may be negotiated by Secured Party without releasing Debtor. the rnllateral, or any guarantor or co-maker. Debcot consents to any extension of time of payment. It there be acre than one Debtor, guarantor or co~cnaker of this agreement or of notes secured hereby. the obliga- tion of all shall be primary. joint and several. iaivtt o(oracquiescence in any default by the Uebtor,or failure of the Secured Pany to insist upon strict performance by the Debtor of any warranties or agcecments in thin security agreement, shall not constitute a warver of any subsequrnt or other default or failure. . Notices to either party shall br in writing and shall be delivered personally of by mail addressed to the party at the ~ address herein set forth of otherwise designated in writing. ~ The Uniform Commercial Code shall govern the rights, Juries and remedies of the patties and any provisions herein declared invalid under say law shall not invalidnte any other provision or this agreement. The following shall constitute a default by Debtor: Failure to pay the principal or any installment of principal or of interest on the indebtedness or any notes when due. i Failure by Debtor to comply with or perform any provision of this agreemrnt. False or misleading representations or wattannes made or given by Debtor in rnnnection with this agreement. Subjection of the collateral to levy of execution or other judicial process. Commencement of any insolvency proceeding by or against the Debtor or of any guarantor of or surrey for the Debtor's j obligations. Death of the Debtor or of any Guarantorof or surety for the Debtor's obligations. Any reduction in the •alue of the collateral or any arc of the Debtor which imperils the prospect of full per[ormance or 1 satisfaction of the Debtor's obligations herein. ~ Upon any default of the Debtor and st the option of the Secured Party, the obligations secured by this agreement shall ~ imm lately become due and payable in full without notice or demand and the Secured Party shall have all the rights, rem- i edies and privileges with respect to repossession, retention and sale of the collateral and disposition of the proceeds as i = i are accorded to aSecvred Party by the applicable sections of the Uniform Commercial Code respecting "Default", in effect as of the dace of this Security Agreement. ~ I ~i Upon any dehult, the Secured Pany's reasonable attorney's tees and the legal and other expenses for pursuing, ~1 searchin tot, receiving, taking, keeping, scorin ,advertising, and selling the collateral shall be chargeable to the Debtor. The ~ebtor shall remain liable for any def¢ciency resulting from a sale of the rnllateral and shall pay any such de- f (iciency forthwith on demand. If the Debtor shell default in the performance of any of the provisions of this agreemrnt on the Debtor's part to be per- , formed, Secured Party may perform same for the Debtor's account and any monies expended in so doing shall be chargeable with interest to the Debwr and added ro the Indebtedness secured hereby. In conjunction with, addition to or substitution for those rights, Secured Party. at his discretion; may: (1) enter upon ~ Debtor's premises peaceably by Secured Party's own means or with legal process and take possession of the collateral, or reader is unusable. or dispose. of ehe collateral oo the Debtor's premises and the Debtor agrees not to resist or interfere; (2) require Debtor w assem¢Ie the collateral and make it available to the Secured Party at a place to be designated by the Secured Parry, reasonably convrnient to both parties (Debtor agrees that the Secured Party's address as set forth above is a place reasonably convenient foe such asaembling);(3) unless the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Secured Patty will give Debtor reasonable notice of the time and places of any public sale thereof or of the time after which any private sale or any other intended disposition there- of is to be made. The requirements of reasonable notice will be met if such notice is mailed, postage prepaid. to the ad- dress of the Debtor shown above, at least three days before the time of sale of disposition. Secured Party may assi4n this agreemrnt and if assigned the assignee shall be entitled, upon notifying the Debtor, to performance of all of Debtor s obligations seed agreemrnts hereuader and die assignee shall be entitled to all of the rights _ and remedies of the Secured Party hereunder. Debtor will assert no claims or defenses Debtor may have against the Secured ParcX against the assignee. The Secured Parry is hereby authorized to file s Financing Statement. i I i i r r r~ . 2 1 V~ ~ ~~~`J ~ i ax - - _ ~ - '