HomeMy WebLinkAbout1258•1. I)ebto~ ~:h:~ll kccp. stotc or n~qulurly gnr.igc ull (:olluter.~l ,~t lurutiun~ uppruvrJ by ticcurrd I'uN)• io NritinK.
:~. DNbto~ sh.~ll ~wt cunduct business under uoy uther nume ih~in thAt given ubuve nur chu~Ke ur rcor~;anize the
type u( bu~ine~s entity nnde~ whirh it does businrss cxccpt upun prior N~rittcn iipprc~v:~l o~ lecureJ 1'artti~. I(
such apj-mv.~l is given. ~ebtur guaruntets thut ull documenls~ in~lroments und ugrr~~tncots dcr.~unded by SecurcJ
{'urty sh.+U de p~epurel und Cled at Debtui s expen~e befurr tiuch ~•hunKe o~ n:uuc u~ bu:~in~•~s cntit~• urcurs.
6, Debtor +6u11 pny the filing und recanlin~ eusty o( any docuu~~•nts or instruments ~~~ces~a~~~ tu per(ect. ~~xtend,
modi(y, ur tr~ninvte the srcunty intereat c~e~ted he~eundrr. as dea-anded by Secured Nu~ty.
i. I)edtur sh:i(1 muinu~in all Collateral in good cunJition. p:ty promptly i~ll taxes, judKmcnts. or chanKr~ u( any
kind (e~icd o~ ~~s~~sscd theron~ kecp current all rcnt due on prcwisey r.here Collatcral is locatcd, und maintain
insurance on iill ~:ollaterul against such hazards. in such umounts und with such cump~nies us tie~~ur~•~1 I~urty
muy demund, ull such insurunce policics to be in the pussession o( Serured I'artv and to cuntain a Lender'~;
I.u~s I':+yable Cl:~use na.ning lecured Party in a nr.mner satisf:icturv to Secured I'arty. I)cbtnr hemb)' uti~:i~;n+
tu Secured 1':vty uny prureeds o( such policies and all uneamed premiums thereun. and uutl~„~izes :~nd
em~-o~~•ers S~~cure~ P.vty lo cullrct such sums and to exe~•ute :mJ end~~rse in I)ebtor + n:~mr all proufs o( l~~~s~
dra[t~. checks and any othcr Jocumrnts oecessary to ace~~~npli.h 5uch eollectio~~s. .md an~• persuns ur ~•r.~itic~
m:~lin~; ~~.t~•~nents tu Securrd I'urty unJer the tertns o( this 1'.~raKr.iph .~~e hercby rcli~•veJ :ib.ulut~•ly fr~~ru un~•
obliFutiun tu tice to the upplication o~ any sums so paid.
R. nebtor sh:~ll br in def.~ult hercunde~ i[ I)ebtor fail~ to per~orm :~ny u( the liuliili~i~•ti imPosrJ he~eLy ur an~
othe~ obliKuti~-n required by the vari~us instruments ur p.~per~ evidr~cing ~~r +ec~erinK this luan, ur i( thc (ull
balance oI the luan beco~ues immedi.~tely pu~•uble under the tenns uE such instrum~~iil+~ either auturuatic:~ll~
or 6} d~claration o( the Secured 1'urty. In the e~•ent o~ any de(ault, Secured 1'a~t~ muy, in its o~.~n discretiun,
cure tiuch de[ault unJ. i( it dues so~ any expenditures made ~or such pur~-qse shall be add~•d tu the p~incip:il
u[ thc \~~e.
9. In the event uf default. Debtur shal~ asscmdle and make avuilable all Collateral at anY pl~ce desiR~tated
b}• tiecure~l 1'urty. Deb<<~r acknowlr~lges bein~ advised of u constitutional riRht tu a caurt notice and heurir.g
to il~•tcrnzi:~c tivhetlaer~ upan difault. ~here is probable cause to sust:iin tl~e v~~lidity nf the Secnred !'arsy's
claim aud Nhether the tii•cured 1'arty is entitled to possession oI the Callateral uu~l Lr.ing s~- ad~•is~ed. Debtur
hcreby ~oluntaril~• Kives up. ~cui~•es and surrcnders uny right to a notice and hearing to ~Ic[crmine „hethcr
there is pro~ible cuuse tu su.tain the valiJit~• o( Secured I'arty's claim. :1n}• notices required pursuant tn
.~n~~ st.~te ur local I.n.~ shnll be dectned reasonable if mailed 6~• Secured Party to the persuns entitle~l therE~t~,
.~t thcir I.~st kno~.n addresses ut Icast ien days prior to dispusiti«n u( the Collateral, .u~d. in referenc~~ t~~ :~
pri~:~te tialr. nccd statc unly that Secured 1'arty intends to ncKotiate such a sale. Disp~~sieion uf (:ollateral
sh~ll bc de~~mc~l cururnercially rc.eseinablc if m.~de pu~uant tu a public o(fering advcrtised at tc.~st t~.icc in
a ne„ypap~~r o( K~•neral circulution in the community where the (:ollateral is l~c:~ted ur by a pricu:c s.ile
G,r a xum cyual tu or in ~•~crss of the liquidatiun ~•alue u( the Cullatcr.il a~s JetennineJ b~~ Sccurrd I'art~.
10. .111 ri~;hts cunferred on Secuned {'s~tty hereby are in additi~~n t~~ thuse q~ante~l tn it by~ :~ny st.~te or
l~~c,,l lu~+ ~~r .in~~ uthcr I:i~. l~:~ilurc or repcated failurc to cnfurcc an~- riKhts hercund~•r shall not cnnstitut~•
an estoE~,el ~~r ~..~i~~rr oi tiecurrd I'arty's riKhts to exerrise such riKhts .-ccruing pri~~~ or subtiequent theret~,.
Srcured 1'arh ~:F~,~I! n~t bc li.~blc f~~r anv 1~>ss tu Collatcr~l in its possession. nur sh:~l! such {~,,s dit:~ir.is3~
the d~ht du~•, rven if th~~ lu~ti iti caused or contributPd to b- ~ccure~! I'arty~s nc~liKencc.
I\ ~tIT\f'titi RIIF:tiF:O!~.
t981 HAR 12 A~i (1= 08
FIL~O `NC FFCOkGE[?
SF LUCIF COUYTY.FI M.
ROGER POITRAS
CLERIt CIFCUt1 CQI.~
RE~pa~ ~•~:. . .
S~()~)64
QUAL-KROM SOUTH, INC.
BY ~ . ~~~~~ ClJ ~i_'G~
George W. Flue el, President
qA FORM /059 ~6/78f
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GPO 930.1~~
~~;K35Q -~~~E1257
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