HomeMy WebLinkAbout0384 accordance with this agreement. So long as the undersigned is not in default i
hereof, all dividends and other amounts received from the ownership of such
shares or other securities shall be the property of the undersigned, and the
undersigned shall have the right to vote the said shares or other securities
on all corporate questions.
On the nonperformance of any of the obligations of the undersigned
herein contained; or upon the nonpayment of any of the indebtedness evidenced ~
by this note when due (after notice if same is otherwise required by this
agreement); or in the case of the failure of the undersigned to meet when due
~y liability of the undersigned, either to the Company or to any other party;
or upon the death, dissolution, termination of existence, declared insolvency
or failure in business of, or appointment of a receiver for, or commission of
any act of bankruptcy by, the undersigned;or the entry of any judgment against
the undersigned; or a levy on, or garnishment or attachment of any property
of the undersigned held by the Company; or in case any petition in bankruptcy
shall be filed by or against the undersigned; or any proceedings in bankruptcy
or under any acts of Congress or other governmental 'authority relating to the
relief of debtors should be commenced for the relief or readjustments of any
indebtedness of the undersigned, either through reorganization, composition, '
extension, or otherwise; all indebtedness evidenced by this note shall, at the
option of the Company,-immediately mature and become forthwith due and payable,
without further demand or notice. In such event, in addition to all the rights
and remedies provided to secured parties under the Uniform Commercial Code, the
Company shall have the right, power and authority to sell, assign, and deliver
the whole or any part of the collateral, at public or private sale, or at any
stock exchange or brokers' board, upon such terms as it may deem best, without
demand, advertisement, or notice of any kind, all of which are hereby expressly
waived. If any such collateral is disposed of at private sale, the Company
shall be relieved from all liability or claim for inadequacy of price. At any
such sale, the Company may itself purchase the whole or any part of such colla-
teral, free from any right of redemption on the part of the undersigned, which
is hereby waived and released. If any of the collateral is sold on credit or
for future delivery, the collateral so sold may be retained by the Company
until the selling price is paid by the purchaser, but the Company shall incur
no liability in case of failure of the purchaser to take up and pay for the
collateral so sold. In case of any such failure the collateral may be again sold.
an a nts of rin-
In case of sale for any cause, or of receipt of y p yme p
cipal or income on account of any of the collateral, the Company may apply the
proceeds of the sale or sales so made or the payments so received to .pay any of ~
G the indebtedness evidenced by this note to the Company, as the Company or any
one of its officers shall deem proper, making proper rebate for interest on in-
debtedness not then due, returning the surplus, if any, to the undersigned.
Notwithstanding the holding by the Company of the collateral for the `
payment of the indebtedness evidenced by this note, or any sale, exchange,
enforcement, collection of, realization upon, or compromise or settlement,
actual or attempted, with reference to any of the collateral, the undersigned
shall be and remain liable for the payment in full of all such indebtedness,
except only to the extent that such indebtedness; or any part thereof, shall be
reduced by payment, or actual application thereon by the Company of such colla-
teral or the proceeds thereof.
The Company shall not be liable for failure to collect, or demand
payment of, or protest, or give notice of nonpayment of, such collateral, or
any part thereof, or for any delay in so doing, nor shall the Company be under
obligation to take any action whatever in regard to such collateral or any part
thereof.
The collateral may from time to time, by mutual consent, be ex-
changed for other property, which shall be held by the Company subject to all
the terms of this agreement. All the terms hereof shall apply to all notes
given in extension or renewal of this note, and to all substituted and adds-
` tional collateral.
The Company may transfer this note, and may deliver and transfer
the collateral or any part thereof then held, to any transferee, who shall
thereupon become vested with all the rights of the Company to the collateral s
so tragsferred, and the Company shall thereafter be forever relieved and ~
a ~
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ao~K 31~ PacE 383