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HomeMy WebLinkAbout1395 i L J ` If this agreement is security for a loan to be used to pay a part or all of the purchase price of the collateral; to use the proceeds of the loan to pay the purchase price, filing fees and insurance pccmiyms. The Secured Parry however, may pay the pproceeds directly ro the seller of the collateral. To immed}'ately notify the Secured Parry in writing of any change in or discontinuance of Debtor's place or places of business and1or residence. That if the collateral has been attached to or is to be attached co real estate, a description of the teal estate and the name and address of the record owner is set torch in the scbedule herein; if the said collateral is attached to real estate ! prior to the perfection of the security interest granted hetebx, Debtor will on demand of the Secured Patty furnish the latter l with a disclaimer or disclaimers, signed by all persons having an interest in the teal estate, of anyincerestiothecollateral which is prior to Secured Party's interest. THE PAR77F.S FUR7NER AGREE Notes, if any, a:ecuceu comeccion with this agreemrne, arc separate instruments and may be negotiated by Secviced Parry without releasing Debtor, the collateral, or any guarantor of co~tnaker. Debtor con seats to any extension of time of payment. If there be more than one Debtor. guaraaror or co~aoaket of this agreement or of notes secured hereby, the obliga- > iron of all shall be primary, joint aad several. ' ~siver of or acquiescence in any default by the Debtor, or failure of the Secured Parry co insist upon strict performance a by the Debtor of any warranties or agreements in this security agreement, shall not constitute a warvet of any subsequent or other default or failure. Notices ro either parry shall be in writing and shall be delivered personally or by mail addressed to the parry at the address herein set forth or otherwise designated in writing. The Uniform Commercial Code shall govern the rights, duties and remedies of the panics and any provisions herein _ declared invalid under any law shell not invalidate any other provision or this agreement. ' The following shall constitute a default by Debtor: ~ Failure ro pay the principal or any installment of principal or of interest on the indebtedness or any notes when due. Failure by Debtor ro comply with or perform any. provision of this agreement. c False or misleading representations or wananues made or givrn by Debtor in rntmection with this agreement. Subjection of the collateral ro levy of a:ecucion or ocher judicial process. ~ Commencement of any insolvency proceeding by or against the Debtor or of any guarantor of or surety for the Debtor's obligg~cions. ' ~ Dest6 of the Debtor or of any Guarantorof or surety for the Debtor's obligations. Aay reduction in 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 option of the Secured Patty, the obligations secured by this agreement shall ~ immediately become due and payable in full without notice or demand and the Secured Parry shall bare all the rights, rem- i edies and privileges with respect to repossession, recmtion and sale of the collateral and disposition of the proceeds as are accorded ro aSecured Parry by the applicable sections of the Uniform Commercial Code respecting "Default', in effect ~ as of the date of this Security Agreement. Upon any default, the Secured Parry's reasonable attorney's fees aad the legal and ocher ezpenses for pursuing, searching for, receiving, taking, keeping, storiesg, advertising, and selling the collateral shall be chargeable to cbe Debtor. i The Debtor shall remain liable for any deficiency resulting from a sale of the collateral and shall pay any ;uch de- ficiency forthwith on demand. - ~ If the Debtor shall defaule in the performance of any of the provisions of this agreement on the Debtoi s part to be peo- formed, Secured Party may perform same for the Debtor's account and any monies ezprnded in so doing shall be chargeable with interest to the Debtor and added ro the lndebcedaess secured hereby. ! In conjunction wilt, addition co or substitution for those rights, Secured Parry, at his discretion, may: (1) enter upon Debtor's premises peaceably by Secured Party's own means or wrth legal process and take possession of the collateral, or ~ render it unusable, of dispose of the collateral on the Debtor's premises and the Debtor agrees not co resist or interfere; (2) require Debtor ro assemble the collateral and make it available co the Secured Parry at a place to be designated by the Secured Party, reasonably convenient to both panics (Debtor agrees that the Secured Patty's address as set forth above is a place reasonably convenient for such assembling); (3) unless the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Secured Parry will give Debtor reasonable novice of the time and place o[ aaypublic sale thereof of of the time after wWchany private sale or soy other intended disposition there- of is to be made. The requirements of reasonable notice will be met if such notice is mailed, postage prepaid, to the ad- dress of the Debtor shown above, ac least three dais before the time of sale or disposition. , Secured Party may assign this agreement and tf assigned the assignee shall be entitled, upon notifying the Debtor, to performance of all of Debtor s obligations and agreemrnts hereunder and the assignee shall be rnticled to all bf tfie tights aad remedies of cheSecvred Parry hereunder.Debcor will asseit no claims or defense3 Debtor may have against the Secured Patty against the assignee. y The Secured Party is hereby authorized to file a Financing Stacemrnc. ~ , i i i I~ r • I ~ ~ - ~ If [ f~ ~ s ,i ~ . ~ ~ f f ' - ~ , _ j I, I i $,,~~,32i ~~~Ei39~