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HomeMy WebLinkAbout0714 ~ `VF a - t`: SECURITY AGREEMENT With respect to the Collateral which is Derwnai property as shown on the reverse side, 1 agree as follows: i 4yARRANTlES RELATING TO THE COLLATERAL- I own the Collateral free of any lien except the lien created by this agreement. 1 shall keep the Collateral in good repair, free from all other liens, security interests and taxes. 1 shall not use the Collateral rlur permit it to bC w.t:c! illegally, tvr hire - ur in any contest, nor shall I remove any motor vehicle given as security iron this state or remove the Collateral irons the address shown on the reverse sitfe for more than 30 days without informing you. Neither loss of no? injury to the Collateral shall relieve me from my obligations to you. i a 21 CHANGE OF ADDRESS- 1 shall immediately notify you of any change in address from that shown on the reverse side and agree to sign and deliver to you upon your request any financing statements or other documents as you may from time to time reasonably request or as maY be necessary for you to establish and maintain a security interest in the Collateral. 131 INSURANCE. The Collateral shall be at my risk and inwrance on such Collateral is optional with rrte. 1 hereby assign to you any monies not in +~xcess of the unpaid balance under my loan which may become payable under any such policy of insurance insuring the Collateral, including returned or ;anearned premiums, and direct any insurance company to make payments directly to you to be applied to the unpaid balance due under my Note. 1 al~f~oint you as my attorney-ir.-tact to endorse any insurance drafts or checks in my name, and on my behalf, i 41 ADDITIONS TO COLLATERAL. 1 agree that alt equipment, tires, accessories, appliances, furniture and parts attached to or added to the Collateral shall at once by accession become a part of the Collateral, but only if such are determined to be accessions under the Uniform Commercial Code. f:,i OEFAULT/REMEOIES. If 1 do not pay you or if t fail to comply with any conditions of this Security Agreement or of the Note, or if the prospect payment, performance, or realization of the Collateral is impaired, or if a proceeding in bankruptcy, receivership or insolvency is started against rr?e or my property, then this Security Agreement at your election may be deemed breached anti the full amount of what I owe you serum! by this Security Agreement, together with your expenses incurred in repossessing, storing or selling the Collateral, as explained on the reverse side, shall immediately be- come due and payable. In any such event you shall have all remedies of a secured party under the Uniform Commercial Code, including the right to take immediate possession of the Collateral without legal process and without demand, and for this purpose you may enter upon the premises, but not into ;,ny dwelling, where the Collateral may be located and remove the Collateral without your action constituting a trespass. You may require me-to assemble and make the Cdlateral available to you at a place to be named by you which is reasonably convenient to bosh of us. You shall give me reasonable notice c.f the time ar.3 plarzt of ally pt.~lie silo of rhg Collateral or of the time after which any private sale or any intended disposition of the Collateral is to be +nade. It you mail me, post Dre~aid, notice addressed to me at the address shown on the reverse side at Mast S clays prior to ttrr; safe at di:;,asitio:? you shalt have given rtte reasonable notice. You may become the purchaser of the Collateral at any sale. If the proceeds of the sale are not sufficient to pay my obligations to you, 1 shall pay the remaining amount unpaid with interest at the rate disclosed on the reverse side of this agreement. X61 TIMELINESS. Time if of the essence of my loan and of this Security Agreement. If you, at any time, decide not to enforce any provision of the Nate or of this Security Agreement, you will not be prevented from enforcing any right in the future if 1 breach any term of the note or this agreement. 7) TERMINATfON OF SECURITY AGREEMENT. If I shall fully pay you all sums due on my Note and keep and truly perform all my obligations ++;fer this Security Agreement, then this Security Agreement and your security interests in the Collateral shall terminate. +nr SUCCESSORS. All y0u? rights shall benefit your successors and assigns and all my obligations to you shalt bind my heirs, legal representatives, suc- .~ssors and assigns. f9! OTHER, LIEN INTEREST. This security agreement is not exclusive since this loan is also secured by a Mortgage on real property. Therefore, your rights and remedies are cumulative and your exercise of any right, or remedy shall not be a waiver or election of any other right or remedy you have under the Mortgage. I t0) PERSONAL PROPERTY AND HOMESTEAD EXEMPTIONS. 1 v~aive the benefit of all persona! property and homestead exemptions as to this transaction. 3Z Z ~s~ ?/2. e~-.-