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Home My WebLink About1332 I r *The debtor shall have a grace period of 20 days in making any payment due here- under and as to a~Y other default of debtor hereunder secured party shall give t ~~r+ cr=• 10 daYpnspwQrit~nt7etnVntoticle~~^pof a ps~u(c def~yjhll urn which time debtor ' slla~~. W6lbVerlO i~-esN t+Mtf~ fit.~ttTib-OORst.nl P:uCid-3s31n:~y~7Aa1~K.sa~'~cA~OtA ~~~lg5ecured early may requlr. In :uch amounts and icompanies and under such policies and In such form, and for such periods, as shall M satislsctory to Secured Party and tscA such policy shall Rrovlde that bas tMreundtr and proceeds payable ihtreunder shall ire payable to Securt0 Party as its Interest may appear (and Secured Party may apply .any proceeds of such insurance which may bt received by Stcurtd Party toward payment of the Obligations, whether or not dui, in such order of application as .,a:.ured Party may determine) and aacA sucA policy shall protide 10 days' written minimum cancellation notice to Secured Party; and tech such policy snail, if Secured Party so rpwsts, bt deposited with Secured Pa Ay; .and Secured Party may act as attorney for Debtor In obtaining, settling, and pncttling such Insunnct and indorsing any drafts. 10. DtMor sAall at all tlmN keep tM Collateral fret Iron any adverse Tien, security Interest, or encumbrance and in good order and repair and will not wash M destroy tM Collateral or any part thtreol; and Debtor will not use lht Collattral in violation o/ any statute or ordinance and Stcurtd Pally may •xamine and Inspect tM Collattral at any time, wherever located. 11. Debtor will pay promptly wht+n dw all to:es and asstssmtnts upon the Cotlaltral or for Its use or operation or upon this agreement or upon any not• or notes evidencing tM Obligations, a any o/ them. 12. At Its option, Secured Party may discharge texts, liens or security interests or other encumbrances st any time Iwltd or placed on the Collateral, may pay for Insurance on the CWlatenl, and may pay for the maintensnct and preservation of the Collattral. Debtor egrets to reimburse Secured Party on demand for any payment made, or any expense Incurred, by Secured Party, pursuant to tM foregoing authorization. Until defauM, Debtor may haw possts- slon of tM Collateral and use it In any lawful manner not inconsistent with this agreement and not inconsistent with any policy of insurance thereon. 13. Debtor sAall bt in default under this agreement upon the happening of any of tM following events or conditions: (a) failure or omission to pay when dw any Obligation (or any instalment tMreof or interest thereon), or default in tM payment or performance of any obligation, covtnant, agreement, or liability contained or referred to M?tln; (b) any warranty, rtprtsentstion, or statement made or furnished to Secured Party by or on behalf of any Debtor proves to haw hero false In any material respect wMn made or furnished; (c) loss. tMft, substantial damage, destruction, sale, or encumbrance to or of any of th• Collateral. Or the making of any levy, seizure, or attachment thereof or thereon; (d) any Obligor (which term, as used Mrein, shalt mean tech Debtor and tack otMr party primarily or secondarily or contingently liable on any of the Obligations) becomes insolvent or unable to pay debts as they mature or makes an assignment for lAt benefit of creditors, or any proceeding is instituted by or against any Obligor alleging that such Obligor is Insolvent or unable to pay debts as they mature; (e) entry of any judgment against any Obligor, (U death of any Obligor wM is a natural person, or of any partner of any Obligor whlcA is a partnership; (g) dissolution, merger o? consolidation, or transfer of a substantial part of the property of any Obligor wMch is a corporation or a partnership; (h) appointment of a receiver for the Collattral or any thereof or for any property in which any Debtor has an Interest. 14. Upon tM occurrence Of any such default or at any time thtrgfttr, or whenever the Stturtd Party feels insecure for any reason whatsotwr, St cured Pally may, st its option, declare all Obligations secured hereby, or any of them notwithstanding any provisions thereory, immediately dw and payable without demand or notice of any kind and the semi lMreupon shall immediately become and be due sand payable without demand or notice (but with such adjustments, If any, with respect to interest or other charges as may be provided fw In the promissory note or Sher writing evidencing such liability), and Secured Party shall haw and may exercise from tint to time any and all rights and remedies of a Secured Pally under tM Uniform Commercial Codt and any and all rights and remedies swilable to ft under any other applicable law; and upon request o? demand of Secured Party. Debtor shalt,. at its expense, assemble tM Collateral and make it availabN to the Secu?td Party at a convenient place scceptablt to Secured Party; and Debtor shall promptly pay all costs of Secured Party of collection of any and all the Obligations. and enforcement of rights hereunder, including raasonabb attorneys' tees and legal ex- penses and exptnses.of any repairs to any of the Collattral and expenses of any repairs to any really or other property to which any of the Collateral may bt ~ affixed or W a part. Unless the Collateral Is perishable or threatens to decline speedily in valve or is of a type customarily sold on a recognized market. St- ~ cured Pa Ay will give Debtor reasonable notice o1 tM time and place of any public sale thereof or of the time after which any private sal• w ,,rev other in- ~ tended dispositbn thertot is to bt made. The requlrtments of reasonable notice shall be met if such notice is mailed, postage prepaid, to any Debtor at the address of Debtor shown at the beginning of tAis agreement or at any other address shown on the records of Secured Party, at least five days before the time of the salt or disposition. Expenses of retaking, holding, preparing for sale. setting, or the like, shall include Secured Party's reasonable attorneys' N fees and legal expenses. Upon disposition of any Collateral after the occurrence of any default hereunder or if Sutured Party (eels Insecure for any reason, Debtor shall be and remain liable for any deCciency; and Secured PsRy shall account to Debtor for any surplus. but Secured Pally shall haw the right to apply all or any part of such surplus (or to Hold tM semi as a reserve) against all or any o1 the Obligations, whether or not they, or any of them, M then due, and In such order o1 application as Steurtd Party may from time to time elect. I5. No waiver by Secured Party of any default shall operate ss a waiver of any other default or of the same default on s future occsslon. No delay or omission on tM part of Secured Pally In exercising any right or remedy shall operate as a waiver thereof, and no single or partial a:ercise by Secured Party of any right or remedy sAsll preclude any other or further exercise tMreof or the exercise of any other right or remedy. Time is of the essence of this agree men(. The provisions of this agreement are cumulative and In addition to the provisions of any note secured by this agreement, and Secured Party shall have all the benefits, rights and remedies of and under any note secured hereby. N more than one party shall execute this agreement, lAe term "Debtor' shall $ mean all parties signing this agreement and each of them, and all such parties shall be jointly and severally obligated and liable hereunder. TM singular pro- noun, when used Mrein, shall include tM plural. Ii this agreement Is not dated when executed by the Debtor, the Secured Party is authorized, without notice r to the Debtor, to daft this agreement. This agreement shall become effective as of tAe date of this agreement. All rights of Secured Party hereunder shall !ours to the benefit of Its sucusson and assigns; and all Obligations of Debtor sAatl bind tM Aeirs. executors, administrators. successors and assigns of each Debtor. - 16. This agreement has been delivered in the State of Florida and shall lx construed in accordance wrth tree laws of Florida. Wherever possible, each provision of this agreement shall be interpreted in such manner as to be elective and rated under applicable law. but if any provision of this agreement shall be prohibited by or invalid under applicable law- such provision shall be inel(ective to the extent of such prohibition or invalidity. without invalidating tM remainder of such provision or the remaining provisions of this agreement. 17. It is recognized that the inventory included hereunder is designed (continued below*) IN WITNESS WHEREOF, this a has duly executed as of the 3rd ,y e( June ~ 1g80 , Signed, sea ' ' r A en o ion of t . Lucie County, (sEA~) ~ In the pr o a ~ ( B r Y Attest ~ 4 f ennet e~~rano, ecre ar ( e * to .be sold to customers in the ordinary [Secured Party need sign ooh tt agrteme course of business and that the equipment, is to be used as a Financing Stattment•] furnishings and fixtures are of a depreciable nature. So long as t is-not in default hereunder he may continue to sell the inventory in the normal course of business and replace any depreciated items of equipment, I furnishings or fixtures. The lien and security of the secured party shall apply to all such replacements, substitutions, aooessaries, proceeds and after aa;uired items of inventory and other collateral. ~~K332 ~,~E~~3Q : r,