HomeMy WebLinkAbout0633 lECURItY AQRElMENT IeNATTEI. MORTOAOEI IORM u
UNIFORM COWAERCIAL CODE (INO. OR CORP.1
~ecuri#~ ~ ~a~rE~ment
(CHATTEL MORTGAGE) •
~f,~~~TB ~9,r¢¢lll¢t1f~ made the day of 19 79
'
under the lags of the state of ~~~/Z,~C•l~
~¢ttU¢¢tt BEARS NEST, a New Jersey Corporation herein called the Deboor
whose business address is (if none,- write "none") '
and whose residence address is corporation
and LIBERTY LIFE INSURANCE COMPANY, A South Carolina / herein called the Secured Party
whose address is P. 0. Box 789, Greenville, South Carolina 29602
To secure the payment of as iodebcedness in the amount of = ~ with interest, payable as follows: -
In monthly installments as provided in a Promissory dote dated
November 7, 1973, and Forebearance and N'~odification Agreement of
even date herewith.
as evidenced by a note or notes of even date herewith, and also co secure any other indebtedness of liability of the Debtor
to the Secured Party direct or indirect, absolute or contingent, due of to become due, now a:fisting or hereafter arising,
including all future advances or loans which may be made at the option of the Secured Party, (all hereinafter called the
Patt'Igattons") Debtor hereby grants and conveys to the Secured Pany a security interest in, and mortgages to the Secured
~a) the propetty described in the schedule herein (hereinafter called the collateral), which collateral the Debtor
represents well be used primarily
for personal, family or household purposes ~ in farming operations in business or other use
I` (b) all property, goods and chattels o[ the same classes as those scheduled, acquired by the Debtor subsequent to the
execution of thts agreement and prior to firs termination
(c) all proceeds thereof, if any,
(d) all rneteases, substitutions, replacemen[s, additions and accessions thereto.
DEBTl7R WARRANTS, COVENANTS AND AGREES AS FOLLOWS:
To pay and perform all of the obligations secured by this agreement according co [heir terrt~s.
+ To defend the title to :he collateral against all persons and against all claims and demands, whatsoever, which
~ collateral, ezcept for the security interest granted hereby, is lawfully owned by the Debtor and is now [tee and cleat of
any and all liens, security interests, claims, charges, encumbrances, taxes and assessments except as may be set forth
in the schedule.
i On demand of the secured party to do the following: furnish further assurance of title, a:ecute any written agreement of
j Jo any other acts necessary co effectuate the purposes and provisions of this agreement, execute any instrument pt state-
] ment required by law or otherwise in order to perfect, continue or terminate the security interest of the Secured Patty in the
' collateral and pay ail costs of filing in :onnection therewith.
To retain possession of the collateral during the existence of this agreement and not to sell, exchange, assign, loan,
deliver, lease, mortgage of otherwise dispose of same without the written consent of the Secured Patty.
To keep the collateral at the location specified in the schedule and not to remove same (ezcept to the usual course of
business for temporary periods) without the prtor wrttten consent of the Secured Party.
To keep the collaterai free and clear of all liens, charges. encumbrances, razes and assessments.
To pay, when due, all razes, assessments and license fees relating to the collateral.
! To keep the collateral, at Debtor's own cost and ezpense, in good repair and condition and available for inspection by
the Secured Pany at all reasonable times.
ii To keep the collateral fully insured against loss by fire, theft and other casualties, Debtor shall give immediate
written notice to the Secured Party and to insurers of loss or damage to the collateral and shall promptly file proofs of loss
I with insurors.
I THE PARTIES FURTHER AGREE
~ a•ai.•er of or acyutescence in any default by the Debtor, or failure of the Secured Party co insist upon strict performance
by the Debtor of any warranties or agreements in this security agreement, shall not constitute a waiver of any subsequent
~i or other default or failure.
\otices to either party shall be to writing acrd shall be delivered personally of by mail addresseJ to the party at the
address herein set torch or otherwise designated in writing.
The Uniform Commercial Code shall govern the rights, duties and remedies of the parties and any provisions herein de-
elated invalid under any law shall not invalidate any other provision or this agreement.
The following shall constitute a default by Debtor:
! I•ailure to pay the principal or any installment of p rincipal or of interest on the indebtedness or any notes when due.
Failure by Debtor to comply with or perform any provtston of this agreement. False or misleading representations or war-
ranties made or gtvrn by Uebtor rn connection with this agreement. Subjection of the collateral to levy of execution or
~ other judicial process. Commencement of any insolvency proceeding by of against ehe Debtor. Death of the Debtor. Any re-
ductton to the value of the collateral or any act of the Debtor which imperils the prospect of full performance or satisfaction
of the Debtor's obligations herein.
Upon any default of the Debtor and at the op~ion of the Secured Patt}•, the obligations secured by this agreement shall
immediately become due and pa)•able in fuli without notice of demand and-the Secured Party shall have all the tights, rem-
edies anJ privileges with respect to repossession, retention and sale of the collateral and disposition of the proceeds as
are accorded by the applicable sections of the Uniform Commercial Code respecting "Default".
Upon any default and upc,n demand, Uebtor shall assemble the collateral and make it available to tlye Secured Party at
the place and at the time designated in the demand.
~ Upon any default, the Secured Patty's reasonable attorneys' fees artd the legal and other expenses (ot pursuing,
searching for, receiving, caking, keeping, stocin~, advertising, and selling the collateral shall be chargeable to the Debtor.
The Uebtor shall remain liable for any deficiency resulting (tom a sale of the collateral and shall pay any sut6 de-
ficiency forthwith on demand.
If the Debtor shall default in the performance of any of the provisions of this agreement on the Debtoi s part to beper-
(ormed, Secured Patty may perform same for the Debtor's account and any monies expended in so doing shall be chargeable i
~I with interest to the Debtor and added to ehe iodebcedness secured hereby.
The Secured Party is hereby authorized to file a Financing Statement.
MIbSTATE IEGAI SUPPLY CO. - OfILANC>D. FU1. 3OOK PaGE