HomeMy WebLinkAbout3001 event of any default hereunder, Purchaser authorizes Seller to cancel
such insurance and credit any refund of premiums against sums due
hereunder. In the event of loss, destruction or damage of or to
Equipment, the proceeds shall be credited to the Unpaid Balance then
outstanding, and any other sums due hereunder and the surplus if any,
mall be payable to Purchaser.
5: EQUIPMENT TO REMAIN MOVEABLE:
The Equipment shall remain personal or moveable property, without
regard to whether any of the same shall be or become affixed in
any manner to the land, building or structure where it may be located,
and shall at all times remain personalty and shall not become affixed
to real property or become fixtures.
6: DELIVERY: '
Before the Equipment is loaded for transit to the Purchaser, the
Purchaser may require an inspection thereof by proper authorities.
If the Purchaser does not inspect the Equipment before it is loaded
for transit, then the Purchaser is conclusively deemed to have
accepted that the Equipment is in good order, without broken or worn-
out parts, and in clean condition. Seller will not be responsible
for delays due to fires, strikes, material deliveries, transportation,
or other causes beyond its control. Seller shall not be liable for
failure on the part of any supplier of the Equipment to make delivery
thereof for any reason beyond Seller's reasonable control, including
without restricting the generality of the foregoing, strikes, riots,
acts of God, war and flood.
7: NON-~vAIVER:
Holder's acceptance, after the full amount may have become due and
payable as hereinabove provided of any instalment or payment shall
not be deemed to alter or effect Purchaser's obligations and/or the
rights of Seller and Holder hereunder with respect to any subsequent
payment or default thereon. ~Ioreoever, should Holder grant or tolerate
any extension of delay for the payment or performance of any obliga-
tion of Purchaser, no such extension, delay, indulgence or tolerance-
, shall be deemed an acquiescence by Holder in such default or a waiver
of any of the rights and recourse of Seller or Holder under this
contract or in respect of any future default. .
8: EQUIPMENT NOT TO BE REMOVED OR Ei~TCU.~+IBERED:
i _
~ Purchaser acknowledges that the Equipment is classified as equipment
under The Florida Uniform Commercial Code, and further agrees that it
will not change its use without written permission of Seller and
~ Holder and shall not suffer, permit or cause the Equipment or any part
thereof of this contract in any way to be sold, assigned, leased or
subleased or made subject to any security interests, lien, privilege,
pledge, hypothecation, mortgage, charge or other form of encumbrance
in whole or in part, or cause the equipment, title or security interest
of Seller or Holder in the said Equipment to be adversely affected
and shall keep said Equipment in good condition free from all taxes,
pledges, hypothecations, liens, encumbrances, privileges, charges,
security interests or other assigned rights and shall not use-the
~ same for hire.
9: CREATION OF SECURITY INTEREST:
Purchaser hereby gives, grants, delivers, pledges and assigns unto
Seller a security interest in and to the Equipment to secure the
= performance and payment of the Note. Further, Purchaser hereby agrees
that Seller sriall have a lien upon and a purchase money security
interest in the Equipment to secure the payment of the Note and of
s all other obligations of Purchaser to Seller, ho~asoever created arising
~ or evidenced, whether direct or indirect, absolute or contingent or
no~•~ or hereafter existing, or due or to become due. Purchaser will
from time to time at the request of Seller execute one or more
financing statements and such other documents (and pay the cost of
filing or recording the same in all public offices deemed necessary
or desirable by Seller) and do such other acts and things, all as
Seller may require to establish and maintain a valid security interest'
in the Equipment.
_ 3 _ a~)K319 P~~E2!~88