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Home My WebLink About2408TMr~.i~~ ~ -. n .f• .~«-~rT~t. . 8. Hotrower wiil not sell. lranaler. lease, ot dherwisa dispose of any d the Collateral or any inle~est lherein, o~ oMsr w b do. wUhouf ih~ prior written consant ol Secuted Paity. - 9. BoROwrer will at a{- times keep the Collatcral inaured in amounts nol less ihan the tull iasurable ~alus lheteot. against loss. damage. theh, ,~nd such o~het ~isks as Smued Party may require in suth companies and under such policies and in such loim, and lor such peciods. as :hall b~ satisiacto~y to Secured Party, and each such policy shall provide, by New York Standard or Union Standard endonement, that loss Ihereundet and E,roceeds payable Ihereunder ahall be payabte to Secuced Party as its inte~est may sppea~ (and Secuted Pa~1y may apply any ptoceeds ot such insur- ance which may be ~eceived by Secu~ed Party loward payment of the Obliqations, whetDer or nol due. in sucA ordet ot applicatan as Secured Putr may deleiminel and each such policy shall proride for 10 dayi written minimum cancellation notica to Secured Party: and each such polky. i! Secured Party so requesls. be deposited rvith Secured Party: and Sscured Party msy aN a~ altomey tor Boao~rer in oblaining. ad"{uatinq. setlling, aad cancellmq auch insurance and eadwsinq aay dra(ts. . 10. Botrower ahall at all tunes keep lhe Collateral free Itom any adverse liea, security inlereat, or eneumbrance aad in good otder and repafr and wili not waste or destroy lhe Collatera{ ar any part ihe~eol: and Bo~rower will not uss 1he Collateral in v'wlation oi any slalute or ordinanp: ~and Secured Party may e:amine and inspect the Collatera! at any time. ~rhero~er (xated. I1. Borcower will pay promptly ~vhen due aU ta:es aad assessmenls upon tha Collaleral or Ior its uss or oparation or upon this aqreemeal or upon any rote or notes e~idencinq 1he Obligatione, or any ol them. 12. 1lt its optien. Seeured Party may discharqe ta:es, lieas or securily interests or other encumbrances at any lime levied or placed oa th~ Collateral.~ may pay for insurance on the Collateral. and may ¢ay (oc the mainlenante and pieaervafion of the Collateral. Borio~ret aqrees lo retmburse Secured Parly cn demand for any payment made. or any e:pense incurred. by Secuted Party. pursuant to the loregoinq authoiisation. Unt~1 detautt. BoROweT may have possession ot the Coilateral and use il in any lawrtul manner not inconsistent with Ihis aqreement and ad inrnnsistsnt with any policy cf insurance Ihereon. 13. Bonower shall be in detault under this aqreement upa- the happeninq o! any d the !o!lowiaq events or condifiom: (a) faifure or omis- sion to pay when due any .Obliqation tor aay installment thereo! or ialerest lhereonl. or detault in the paymenl or performance of any obliqation, covenant. aq~eement, or liability ccntained or tetened to hereia: (b) any warraniy, representalion, or aWtemenl made or tumished to Secured Patty by or on behalt of anv Boriowrer proves lo have been lalse in any materialtesptct wihell made or furnished; (cl loas. lheft. subalanqal damaqe, des- t:uction. sale. cr encumbrance to or ol any ot Ihe Collate~al, or lhe making ot any le~y. sei:ure, or atlachment thereol or lhereon: !dl any Obligot x•hich teim. as used herein, shall mean eaeh Boc[ower and each nthec party primaiily ot secondarity or contingently liabfe an any d the Obligaticns) ~ecomes insolveM or unable to pay debts as lhey mature or makes an assiqnmenl br the benetit d credi~ors. or any~proceedinq is instituted by ot 3~ainst any Obliqor alleginq that such Obligcr is wsolvent or unable to pay debts as they mature; (e) enRy d any judgmenl aqainsf any Ob!igor: !~ dea~h o! any Obliqor who is a aalural person, or ol any parlner oI any Obliqor which is a partnerahip; (g) dissolution, marger or consolidation, or transier ot a subatantial parl ot We properly of any Obligor ~vhich is a corporation or a parfnsrship: (h? appointment d a receiver lot lhs Collateral or any thereof or tor aay property in which any Borrower haa an inteies~ 14. Upon lhe occunenee of anp such detault or at any time -bereaher, or whenever the Secured PaAy Ieels insecure tor any reason whatso- e~~er, Sec~ued Party may, al ib optioa. declare all Obligations secured he~eby, or any of them (notwithstandinq any provisions theceoll, immedialely .iue and payable without demand or notice ot aay iciud and the same Ihereupon ahall immedialely L_:..~e aAd be due and payable without demand -r notice (but with such adjusuaents, i( any. with respect to interest ot olhec chacges as may be ptorided for in the promissary nate or other wrilinq evi-iencinq sueh liability). and Secured Party ahall have and may e:ercise hom time to time any and ai! rights and remedies of a Secured Party under t~.e Unilwm Commercia{ Code and any and a11 rights and temedies available to it under any other applicable law; and upon request or demand of Secured Party. Borrower ahall, al ils expenae, asaemble ~he Collateral a~d ma=e it available lo the Secu~ed Pacty at a eonvenienl ptace acceptable !~ Secured Party: and Bcrrower shaU prompUy pay all costs of Secured Party ot collection of anp and all the Obligations, and enlorcemeM of righb Fereundet. includinq ~easonable attomeys' tees and {ega{ e:penses and e:penses ol any repaits lo anp ot the Collateral and e:penses ot any repairs ~o any reaity or other prope~ly to which any of fhe Collatecal may be atti~ced or be a parf. Ualess the CoUateral is perishable or lhreatens to :ecline speedity in vafue or is ot a type customarily sold on a recoqnued market. Secure+! Partr will give Borrower teasonable notice of lhe time ~r.~ place ot any public aale thereof or of Ihe Iime after v+hich any piivate aale or any other inteaded disposition the~eol is to be made. ?he require- T:ents ol reasonable notice shall be met it such notice is mailed, postaqe prepaid, to any Bortower at the addreas cl Borrowrer ahown at ihe beginninq . - t:his aqceement or at any ot4~ec address shown on the records ol Sec~ued Pady, at leasl tire days betore the 4rae o( the sale w disposition. F~- ~ ~nses ot retakinq. holdinq. prepaiinq lor sale. sellinq, or Ihe like. shall include Secured Party's reasonable aitomeys' tee~ and leqal e:penses. J fn_ n disposition ol any Collateral alter the occurrenee ol any detault hereunder or il Secured Party teels insecure for any reawn. Borro~rer shaU ~.A and remain liable lot any deliciency: and Secu~ed Pacty shall hccount to Bor~owei tor any surplus, but Secured Parip shall have ihe riqht to spply aii or any part o! such auralus (oi to hold the same aa a reserve against) all cr anv ot the Obligatioas, whether or nol they. or any ol them, be then ~'ue, and in such order of application as Secured Party map Irom time to time elect. I5. No•waiver by Secured Party d any delault ahall opecate as a waiver of any other default or ot the samg default on a tuture occasioa. `io delay or emiasion on the pan o! Secured Pariy u~ exercising any riqhl ot remedy shall operate as a waiver thereol. and no sinqle or parHal e:e~cve by Secured Party ot any right or remed_v shall preclude anye other w furlher ezercise thereot o~ lhe e:ercise ol any other riqhl or remedy. 7ime is ol +he essence ot ihis aqreement The provisions ot this aqreement sre cumulative and in addition to the provisicns o} any note secured by this ag~ee- r~ent, and Secured Party shall have all lhe benetits. riqhts and remedies ot and under any note secuced heceby. t! mo~e lhan ope party ahall esecute rh~s aqreemenf, the term "Borrowei' shall meaa all parties signing this aqreement and each of then, aqd all such parties shall be jointly and several!y obliqated and liable heceunder. The singular ptono~n, when used heiein, sfiail include -he plural. II this a7reement is ncl dated whee e:ecuted i.y the Borrower. Ihe Secured PaAy is author~ed, withcul nolice to the Bortower, to dale this aqreemenl. this aq~eement shall become ettectira as of the date oi Ihis aqreement. 1111 riqhts_ ot Secured Pariy hereunder shall inure lo the benel~t of its succeasors and aasiqna: and all Obliqatioas ~l Borrower ahall bind the he'us, execubrs, administratcrs, auccesson and aasiqn~ of each Bocrower. 16. This aq~eement has beea deliveced in the State of F1o:ida and shall be consdued in acrnrdance with the laws o! Florida. Whe~ever F~ssible, each provision of this aqreement ahafl be interpreted in auch mznner as b be eUective and ralid under applieaLle law, bu1 it any QTCVisan ot this aqreement shail be prohibited by or invalid under applicable lawr, such provision shall be inelledive to the erient ot such prohibition ot invalidity, without invalidatinq the remainder d such provision or the remaininq pror4ioas ol this aqreement. IN WITNESS WHEA£OF. Ihis agreemenl has been duly e:ecuted as oi the S:qned, se led and delivered in th~/ pr nce ol: ~/ / / W ~ ! t ~ ~ ~~~:~::: .__ ..__. - ~ ~ -~-- ~!~ ~ _• 19 81. ~SEAW 1SEAW ~~~~ (SEAW B~'~x34 C~~~~~v~ [~c~red Partp need siqn only i! aqresment b ts- b~ uaed a~ a Financlaq Slattm~al.] - =~ .. ~~_ ~ ~~