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Home My WebLink About1256.` ~ lf ehis agreemenc is secutity foc a loan to be usrd ~o p•ry a part or all of che purchase price o( the cullatetal; to usc the pwceeds of the loan to pay the putcha~c price. fiiing (ees and insurance premiwns. The Secured Yarty howeve~~ may pay the Pcoceeds ditectly to the seller of the collateral. To immediately notily the Secuted ('arty in wtitiog of any change in or discontinuance o( [)ebtor'splace o~ places o( business and/o~ cesidsoce. That i( the collateral bas bee~ attachod to ot is to be attached to teal estate, a description o( the real estate and the name and addtess o( the recoed o~rner is set foreh in the schedule heteie; if the said collateral is attached to teal estatc prior to the perfection of the security intetest granted hecebY, Debtor will on demand of the Secuted f'atty tumish the lattet wuh a discluimer or disclaimers~ signed by all persons hav~ng en intetest in the reat estate.otanyinte~estinthecollateral which is priot to Secured Party's iate~est. ~ 1'tIE PARl71~S FUR fHF.R AGREE Notes. iE any, e:ecute.l in rnnnection with this ageeemmt. a~e separate ~nsuumenes aod may be ~egotiaied by Secured ~ Narty without releasing Debeur, the collateral. oc :cny guaiantor or co-a-aker. I)ebcor consenes to any e:tension of time o( I paymmt. If thete be more cAan one Debtor. guaraator or co~nalcer o( this agreemene or of notes secured hereby, the obliga- ~ non of aU shall be primary. joint and several. ~'aiver o( oracquiescence in any defaulc by the Uebtor.or tailure of t6e Secured Paicy to insi~c upon strict perEorma~ce ~ by the Debco~ of any aartaoties or agreeme~ts ~n this security agteemen~. shaU not const-tute a watver of any subsequent ~~ or othe~ default or failure. IVotices to eithet pany shall be in writing and shall be de-ivered pe~so~ally or by mail addressod to che paay at the ~ add~ess hereia sec (orth or otherwise designacc~i in writinR. 1 The Unifotm Commetcial Gu~le shall ~,v~rm the rights, duties and temedies ot the parties and any provisions herein decla~ed invalid under :.ny lawr shall ~ot i~validate any othet provision or this aateemenc. The (ollovriog shall cvnstitute a default by Drbcor: Failure to pay the principal or any in~tallment o( principal ot o( interest on the indebtedness or any notes w•he~ due. j~ Failute by Debtor to comply wich ot prrfurm an} pn,cision of this agreement. j~ False or m~sleadinK representations or w~arr:u-ues made or given by I)ebtor in cronnectiun with this agrrrment. i~ Subjectioa of the collateral to levy of r:ecution oc other judicial pcocess. (:ommencement of any in~ulvency ptocee.ling by oc ahainst the [)ebtor or o[ any guara~tor of or sutety f^t the Uebtot's i~ obliRatiuns. i Death of the Debtot or o( any (;uatantotu! ur curet}• tor [he llebtot's obligations. - , i Any reduction in the value o( the coilatetal or any act of the Debtor which impeals the ptospec~ of full performa~ce ot ; satisfaction oi the Debtor's obligatioas hercin. !~ Upon any default of the Uebtoi and at the option of the Secured Patty. the ubligations secured by this agreement shall ;~ immeJiately become due and payable in full w•ithout nutice or demand and the Secured Party shali have a!i the cights, tem- ; edies and privileges with respect to repossession, re~ention and sale of t6e collateral :+rn1 disposition of the proceeds as ': are accorded to aSecured Yarty by theapplicable sectiuns of ehe Unitotm Commeccial Cude respecting "De(ault". in effect ; as of the date of this Security• Agreemene. Upo~ a~y default, che Secuted Patt}•'s reaso~able attomey's (ees and the legal and other e:penses fot putsuing, ; seacching fot. ceceiving, talcing. keeping, storing, advettising. and selling the collateral shall be chargeable io the Debtor. I 'I~e Debtor shall remain liable for any deficiency resuiting fmm a sate of the cvllateral and shail pay any such de- ~ ficiency (oreharich on deaoand. ~ If the Debtor s6aU defa~lt in the prrforcnance o( any of the pto~isio~s of this agreement on the llebtor's pact to be peo- fotmed, Secured Patty may petfotm.same for the 1)ebtor's account and any munies expended in so doing shall be chargeable !~ w•ith interest to the Debtor and added to the Indebtedness secuted hereby. ;i In rnnjunction with, addition to ot substitution for those rights, Secured E'arty~ at his discretion, may: (1) e~ter upon ~ Debtor's premises peaceably by Secured Party's ow-n means or w~th legal process a~d ta{ce possession of the collateral. or ~ render it unusable, or dispose oE the collateral un the Debtor's prem~ses and the Uebtor agrees not to tesist or interfere; (2) requite Vebtor to assemDle thc collateral :+e~d mulce ie aveilable to the Secured Yarcy at a place to be designated br the j Secured Party. reasonably conve~ient to both parties (nebtor agrees that the Secured Party's addrcss as set (orth aboee is ~ a place reasonabiy convenient for such assembling);(3) unless the collateral is perishable or thr~arens co dccline speedily in value or is of a type customarily sold on a recognizeJ market, SecuteJ Patty aviil give Uebtor reasonable notice of the ;.time and plac~ of anypubiic sale thereof or of the time aEter whichany private sale or any othet interxled disposiuon there- I of is to be made. The requirements of reasonable notice wiii be met if such notice is mailed, poscage prepaid. to the ad- I ~ dress o( the Debtor shoKn above. at least three daps before the time of sale or disposition. ' Secured Partp may assigo this ag~eemen[ and if assigned the assignee shall be entitled. upon noti(ying the Uebtor. to perfoemance of all o( Debcot's obligations and agreements hereundec and the assignee shall be entitled to all of the rights and remcdies of theSecured Pacty heceunder.Debtor N•i1( assert no claims or defenses Uebtot may have against d~e Secured Party against the assig~ee. ! The Secured Yarty is hereby authorized ~o file a tinaacing Stacemmt. And the seeured party ~; is to possess all other rights of a secured party under the i Uniform Comanercial Code in addition to all other rights provided ~; for in this agreement. ~ . ~ ~~ :,- _ -- _-- -- ~ - :, ~~x ~46 P~~ i25`3 ~ -~. ~.~ L -_