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It this aaceement is security fo~ a loao ~o bc used to pay a part or all u( the Ex+rrh.~~e pticr o( the culla~eral; tu use the
pooceeds of the loan to pay the purchase price. filinR fees a~d insucance premiums, l~e Securc~f !'atty howcvet, may pay
the ptocetds directly to the sellc~ of the colluteral.
To immediately notity the Secured I~atty ia writin~ of any change in ot discontinuance of I)ebcor'splace ot places of
business and/or tesidencc.
That if the collate~al has been attached to or is to be.attachcd to real estace, a descripcio~ of the real cstote a~d the
aame and a.ld~ess ot the cccoed oanec is set forch io the schedule hereio; if the said collate~al is att~ched to teal estate
prior to the per(ection ot the security interest gtanted hereby, Debcoc will on demand of the Secuteal Patry fumish the IAtter
vvuh a disclaimet or disclaimers~ signcd 5y all perwns having an interest in the teal estate.v(anyinteces~ir,~hecoliaterrl
pfiich is prio~ to Secuted Party's ~nterest.
7NL•' PAR 17FS FUR 17-IER ACRF.E
Notcs~ if any. executcd in connection with this agteemrnt. ace sopa~ate instruments and may be negotiaced by Secuced
Yarty without teleasing Debtor. the collater~l, or any quarantor or co•naker. Debtoc conscnts io a~y eztension ot time of
payment. !f there be more than one Debtot. guacantor o~ co~nalcer of this ag~eement oc of notes secuted h~reby. the obliga-
tion of all shall be primaty. joi~t anJ several.
t'aiver ot ocacquiescencc in a~y default by the Uebcot.ot failuce ot the Secuted Party to insist upon scrict perfotmance
by the Debtor o( any ~rarrancies or agreemeots io this security agreemrnt. shall ~o~ wnstitute a wa~ver of any subsequent
or other detautt o~ failure.
Notices to eieher party shall be in wciting and shall be delivered perso~ally or by mail addrecsed to the patty at the
addtess herein set Eorth ot othetwisr designated in writing.
The Unifom- Commercial Code shall govem the rights~ duties and remedies of the parties and any provisions herein
declated invalid under any law shall not iovalidate any oeher provision ot this agrcemrnt.
The following shall co~stitute a default by Urbtor: ~
Failuce to pay the principal or any in+tallment uf principal or o! intetest on the indebtedness or any notes ahen due.
Failute by Debtor to con~ply with or per[orm an~• pruvision of this agreement.
False or misleading repcesentaeions ut wacr:uiues made or given by Debtot in cunnection with.this agteement.
Subjection of the collateral to levy of erecu~io~ or other judiciat process.
Commencement of any inwlvenc~• ptucee~ling bp or aRainst the Debtor or of anp Ruarantot of oc surety for the Debtor's
obligations.
Death of the Debmr ot of any Gu3r.~nturof or surety foc the Debtot's obligations.
Any reduction in the value of ~he collaceral.or ac~y act of ehe Deb~or which imperils [he piospect of full performance or
satisfaction of the Debtor's obligations herein.
Upon any default of the llebtor and at the option of the Secured Party. the obligations secured by this ag[eement s6a11
immediately become due and payable in full without nosice ot demand and the Secuted Parcy shall have all the rights. rem-
edies and pnvileges with r~spect to repussession, retention and sale o! the collateral and disposition of the proce~ds as
ate acconled to aSecured Party by the applicable sections of the Unito~m Commetcial Code tespecting "De[ault", in ef(ect
as o( the date of this Security Agteement.
Upo n any default, the Secured Party's reasonable ~ttomey's fees anJ the legal and other eYpenses fot pursuing~
seatching for. ceceiving, taking~ keeping, storing, advertising, and selling the collateral shall be chargcable to the Debtor.
The Debtor shall remain liable fot any deFciency rrsulting fmm a sale of the collatera! and shall pay any such de-
ficiency forthait6 on dcmand.
!f the Debtor shall Jefault in thc perform.u~c~ of an}• of the prorisions of this agreement or. the Debtor's part to be pet~
fortned. Secured Party may petfotm same for the I)ebcur'c account and aoy monies e:prnded in so doing shall be chargeable
with interest ta the nebtor and added to thr Indebtedness secured hereby.
In coajunctioo with. addition to or substitution for those rights. Secured ~y, ac his disecetion. may: (1) enter upon
Debtot's premises peaceably by Secured Party's oan means ot w~th legat process and talce possession of the collateral, or
trnder it unusable. or dispose of the collateral un the Debtor's prem~ses and the Debtor agtees not to resist or intedete;
(2) require Debtor m assemble the collateral and make it available to the Secuted Party at a place~to be designated by,~the
Secured Patcy, reasonably con~enient to both pacties (Debtoc agrees chat the Secured Patty's address as set forth above is
a place reasonably convenient for such assembling); (3) unless the collateral is perishable ot threatens [o decline speedilp
in ralue or is of a type customarily sold on a recognized mar{cet, Secured Party will give Debtor reasonable notice o( the
time and plac~ of anypublic sale thereof or of the time after whichany pricate sale or any other internled disposition there-
of is to be made. The requirements of reasonable notice will b~ met if such notice is mailcv~. postage prepaid, to the ad=
dress of the Debtor shown abo~e~ at least three da~~s before the time of sale or disposition.
Secured Patty may assign th~s agreement and if assigned the assignee shall be entided, upon notifying t6e Debtor, to
performa~ce of all oi Debtor's obligacions and agreements hereunder and the assignee sha11 be entitled to all of [he rights
and remedies of theSecured Yarty hereur.der.Debtor wiil assert no claims or defenses Uebtot may have against the Secured
Patty aRainst t6e assignee.
The Secured E'arq• is hereby authorized to file a Financing Statemmt.
an~K3~7 F~cE 410
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