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Home My WebLink About0317 a 9. Borrower rri11 st all limas keep tM Collateral insured against bss, damage, theft, and such otMr Asks as 8aeurad Party may repuln In such t an,ovntt and eompaniea*~d urrdarrstrr~ pofir3es.arprin such form, and fw MrsA periods. as shall be ssllsfactory to Saturdd Party. and each sucA poncY shalll. e•o,nde that loss thereunder and procaetfs payable tMrounder shall De payable to Secured PaAy as Its Interest may appear (and Seeuied Party may apply any , e•o: cede of such insurance which may be received by Secured Party toward payment of the Obligations, whstMr or tat dw, In such order of applleatlon as ~etr,•M Party may determine) and each such policy shall provide to? 10 days' written minimum cnncellallon nonce to Secured Party; and each such poltcy ~ , shat). if Cecured Party so requests, be deposited with Secured Party: and Secured Party may act as sttomay for Borrower In obtaining, settnng, and t,ancelling wch insurance and MdOrsrng any drafts. ~ _ 10- borrower shall at al( times keep the Collateral Iree from any adverse lion, security Interest. or entumb?ance and In good order and repair and win ^o' waste or destroy tM Collateral or any part thereof; dnd Borrower well not use tM Cotlatersl in violation o/ any statute or ordinance; and Secured Patty may r.amino and inspad the Cdlateral at any time, whcrovN located. 11. Borrower will pay promptly when due all taxes and assessn»nts upon the Collateral o? for its use w operotton Or upon this agreement or upon any •~ct,e o. odes evidencing the Obligations, or any Ot them. r it. At ds option, Secured Party may discharge taxes, liens or security interests or other NKUmbranCes at any time levied o? placed on the Collateral, : ;.ay c in,~r.t .cF Or: the Cct:a;e:st, a.ti r:sap pay for th t; -a..-.e :a-:.a a.-,~ vr::;rrvatian of the Ca)tatoral. 8asrowar egress to rclmt):rrse Secured Party on _ ~.•••arrd for any payment made. er anY expense Incurred. by Secured Party, pursuant to lhs foregoing authorization. UnNi default, Borrower may have posses- r of (he C~1lateral and use rt in any lawful manner not inconsistent with this agreement and not Ir,eonslsteM with any pOgty of Insurance thereon. 13. Borrower shall be in default under this agreement upon the happening of any of the following avant! OI eondMtons: (a) talluro or omisston to pay • eoe any Obligation Eor any installment thereof or interest thereon), or detauR in the payment o? performance of any obligation: Covenant, agreement. or • •~•t+ty contained or referred le herein; ib) anY warranty. representation. or statement made or furnished to Secured Party by or on behdl of any Borrower t ` to have been false in any material respect when made or fwmsAed: (c) toss, theft. substantial damage, destrrretton, sale, Or eneumb?anee to M of any y.. r Cvltateral. or the making of any levy. sei[urc, or attachment thereof or thereon: (d) any Obligor (which term, as used Mroln, shall mean each Borrower • r rash dher party prim.-rrrly or secondarily or contingently liable on any of the Obligations) t»comes insolvent or unable to pay debts as they mature o? - •~r•. sn assignment for the benefit o/ crMitors, or any proceeding is instituted by or against any Obligor alleging that such Obligor Is Insolvent or unable i +v debts as they mahar, ref entry o1 any judgment against any Obligor; (i) death of any Obligor who Is a natural person, or of any partner of any Obligor .ch rs a paAnershrp; Ig) dissolution, merger or consolidation, Or transfer of a substantial part of the Droperty of any Obligor whkh Is a corporation or a j •~!•:«sh~p• rM appointment M a receiver for tM Collateral or any thereof Or for any property in which any Borrower has an Interest. Il Upon tfie occurrence of any such default or at any time thereafter. or whenever the SKUred Party feels Insecuro for any reason whatsoever, Se Party mav, at its option, declare all Obligations secured hereby, or any of them (ndwilhstanding any provisions lhcreoq, Immediately due and payable ..:•~•c-•a demand or notice of any kind and the same thereupon shall immediately tieceme and be due and payable without demand or notice (trot with such , . ,?•rents. it any, with respect to interest or ether charges as may M providM for In the Dromissory note o? Mher writing evidencing such ilsbilHY), and _ :•rd Pa.ir shall have and may exeruse from time to time any and all rights and remMies of a Secured Party under tM Uniform Commarclal Code and • _ a•td a!1 ngAts and remedies warlab!r_ fn it under any olAe? applicable law; and upnnrequcst er demand of SecurM Party, Borrower shall, at itt expense. • . ••+t:M the rolt.~Mra! and mare d available to the Secured Party at a cmvtnitirl pla•:e acceptable to Secured Party; and Borrower shall promptly pay all ..,f Serwed Party nt collection of any and all the Obigations, and enfncement Of rights hereunder. Including reasonable attorMys' fees and legal ex • •c and c.penscs of any repairs M any of the Cotlat!raI and expen•.es nt any repairs M any realty or other property to which any of the Collateral may be nr ere a part. Vntecs the Collateral is pensname or threatens rn rierain~ speer)ity to value or is of a type cusiomariiy add on a ?aeogrdted market, Se + •e.! Party will give Borrower reasonable notice of the time and place of any public sale thereof or of the time after which any p?Ivata sale or any otMr In- ~~y d,spositiorr thereof is to be made The requirements of reasonable notice shall t+e met if such ndice h mailed, postage prepaid, to any Borrower at j • rr trews of 8orrowe• shown at the begrmrinq cl tots agreement nr :rt any other address shown on tM records of Secured PaAy, at (east five days before • !~me of the sate ur disposition Expenses of retaking. hdding- proparing for s.rle, settinP or the like, shall Include SKVred Party's n_asonaDla atfwneys' • a•eA teFat expenses- Upon dispasitirm of any Collateral after the rtcvrrence of any det.ndt Mreunder Or ff Secured Party feels insecure for any reason. ~f • • trier shall k and remain liable for any deficiency: and Secured Party shall accourd to Borrower for any surplus, but Secured Party shall have the right to ~ ~!t m anY pert of such surplus {o. to hold the same as a reserve against) all or env of the Obtigat+ons, whether or rat they, or any Of them, be then f - ~-:d in a•*_h order o1 .,pplcahwi as Se•.:ureA P"uty m'ry trc.n time to time Nee - j Ko waiver by Secured Party of any default shaft operate 3s a waiver of any dher deMult or o1 tM soma default on a future oeeaslon. Nn dNay or f nn th• C••rt of Secured Party in ex!rcr;inq any right nr remedy shall operate as a waive. thereof, and ra singl! O? partial lxercis! by Stcu•M Party • ,"•.~ht ur r~r^tdy shall preclude any Mher or further e>ercise the•col t+r the exe.d;e O1 any other right or remedy. Time IS of fM essence Of this agre•~ the P+o~ris.ons o/ this agreement are cumulative and In addition to the provisions of any ode secured by this agreement. and Secured Party shill have ~ - •r+. ~ ~ncr+!s, rights and remedies of and unde• any note secured hereby. If more than one party shall execute this agreement, the term "borrower" shall • art autivs signing this agreemMt and each of them, and act such parties shalt be jantly and severally obtlgatM and ltaWa hereunder. The singular pre- y ."i•.n used herein. •.hatl include the plural. If this agreement is not dated when tvecvled by the Borrower, the Seeurod Party Is authorized, wNlaut notice • ~•+.roxrer, to dite this agreement. This agreement shalt t>rcorrte effe:tivo as Of the date of this agreement. All rights of Secured Party hereunder shall ^•+•,e to the benefit of its sutcesuxs and assigns; and all OWtgations of torrower shall bind the hNrs, executors, administrators. successors and assigns of . , * Barrower- lf.. This agreement has been dctivered in the State of ftorids and shall tx construM in accordartee with the lawf of f:lorlda. Wherever possible. aacA ~:nn of this agreement shall be Interpreted in such manner as to br! effective and valid under applicable law, but If any provision of this agrNment shall i.rohibted by or invatrd under applicable law, such provision shall De ineffective to the extent of such prohlbitlon M Invalldlty, vrfthout Invalldatirrg the •rr..ainder of such provision 01 the remaining provisions of this agreement. ~ € tr[ V~tTNESS WNEREOF, this agreement has bean duly executed as of the y ~ , .--•+.)t•' BII3 OON ION, IlJC: ~r` ~~LL•q~. • : : ' ~ . -+eA, seatM and delivered ~f-C.C~ . rt BY : `s a presence of: r ~ ~V. r! l ~f t7 ~ .i~3 a . .fit. i -,+.G~t/ ij , ~"~~tUYy~a/ r?! ' ~ - U ~ 1Vl 1. - ~ riit~,t~ • - ~ . ~~~~ri,E (Secured Party need s(g~ only If egraemMt !s to M used N a FlnaMeing Etatemenl.~ ' E t'R~?1 `?1 ~ • ~ , ~ _ ~nvt. o.r_t - - -