HomeMy WebLinkAbout1374 a
I
t
i
t~
6: Debtor will, at ail times, maintain in full force and effect
,insurance with respect t~ the collateral against risky en-~ompassed
" within the standard policy of fire insurance with extended covc~rxKe
endorsement, theft anal other risks as Secured Party may require, and
written by such company or companies as may be satisfactory to Secured
Party. such insurance to be payable to Secured Party and Debtor ati
their interests may appear. All such policies of insurance shall pru-
vide for nat~less than ten (10) days' written notice of cancellations tee
Secured Party and, at the request of Secured Party. shall be delivereJ
to and held by it. Secured Party may act as attorney-in-fact for
Debtor in obtaining, adjusting, settling and cancelling such insurance
and endorsing,any drafts.
7. Debtor will keep the collateral free from any adverse lien,
security interest or encumbrance and in good order and repair and will
not waste or destroy the collateral or any part thereof (except that
Debtor shall be entitled to sell the collateral in the ordinary and
usual course of business). Secured Party may examine and inspect the
collateral ect any reasonable time wherever located.
8. Debtor ~jill pay promptly when due all taxes and assessments upon
the collateral or for its use and operation. At its option, Secured
Party may discharge taxes, liens, security interests or other en-
cumbrances at any time levied or placed on the collateral, may pay
for insurance on the collateral and may pay for the maintenance and
preservation of the collateral. Debtor agrees to reimburse Sec~ired
Party on demand for any payment made or any expense incurred by Secured
Party pursuant to the foregoing authorization. An~r and all sums so
advanced by Secured Party for Debtor shall bear interest at the highest
lawful rate, and said sums and said interest shall be secured by the
~ collateral.
9. Until default, Debtor may have. possession of the collateral and use
it in any lawful manner not inconsistent with this agreement and not
inconsistent with any policy of insurance thereon.
P
10. Debtor shall be in default under this agreement upon the happening
of any of the following events or conditions:
(a) Default in the payment or performance of any ~
obligation, covenant, or liability contained or
referred to herein, or in any invoice, statement,
book account, account stated, note, or other
evidence of indebtedness of Debtor to Secure) Party;
(h) Any warranty, representation or statement made
or furnished to Secured Party by or on behalf of
Debtor proves to have been false in any material
respect when made or furnished;
(r.) Any event which results in the acceleration of
~ the maturity of the indebtedness of Debtor to others ~
under any indenture, agreement or undertaking;
80315 p~~~372 E
~