HomeMy WebLinkAbout12614. Uebtor shall keep. store or regularly garage all Collaterol et locations app~oved by Secured 1'arty in writing.
S. Debtor shAll not conduct business undcr aay other ~Ame thon that givea above nor changc or reorguni~e the
type of business entity under which it does busineea except upon prior wcitten s~pproval o( Secured Party. 1(
such approvul is givca, Debtor guaranteea that all documcnts, instrumcnts and ugreementa demanded by Securcd
Party shal! be pcepated and Cled ut Debtor's expense be(orc such change o~ r~ame or business entity accurs.
6. Debtor shull pay the filiog and recording costa of anr documents o~ i~struments necessury to per(ect, extend.
modi(y, or tecminate the security intcreat c~eated hereunder. aa demvnded by Securcd Pnrty.
?. Debto~ sha[I maiatein all Collateral in good condition. pay promptly all taxes, judgmenta, or chunges of any
kind levied or usacssed theroa. kecp cutrent all rcnt due oa prcmises where Collateral is locuted. and muintnin
insura~ce on all Collateral agaiost anch hazards, ia such ~unounts nnd with such companies as Secured Party
may demand, all such insurence policies to be in the possession o[ Secu~ed Party and to contain a l.ender s
Loss Payable Clause naming Secuted Party in a manae~ sntis(uctory to Secured f'arty. Debtor hereby assigns
to Secured Pany any proceeds of auch policies and all unearned premiuma thereon. and Authorizes and
empowers Secu~ed Party to collect auch suma and to cxecute and endorse in Debtor s name all proofs of loss,
dm(ts. checks and any other documents necessary to accomplish such collections, and any persons or entities
making payments to Secured Party under the tetms o( this Paragruph are hereby relicved ab~lutely from any
obligation to see to the application of any sums so paid. ,
8. Debtor shall be in default hereunder i( Debtor inils to pcr(orm any of the liabilities imposed hereby or any
other obligateon required by the varioua instruments or papers evidencing or securing ~his loan, or if the [ull
balance o( the loan becomes immediatelg payable under the tertns of such instruments. either uutomatically
or by declarntion of the Secured Party. In the event of any default, Secured Party may. in its own discretion,
cure auch defnult and, if it does so, ~ny expenditures made (or such purpose shall be added to the principal
of the Note.
9, In the event of defvult. Debtor shall assemble and make avail~ble all Collateral at any place desi~nated
by Secured Party. Debtor acknowledges being advised of a canstitutional right to a court notice and hearing
to determine whether, upon de(ault, there is probable cause to sustain the validity o( the Secured I'arty's
claim and whethe~ the Secured Party is entitled to possession of the Collateral and being so advised, Debtor
hereby voluntarily gives up, waives and surrenders any right to a notice and hearing to determine whether
there is probable cause to sustaio the validity of Secured Party's claim. An~ notices required pursuant to
any state or local law shall be deemed reasonable if mailed by Secured Party to the persons entitled thereto
at their last known addresses at least ten days prior to disposition o( the Collateral, and, in reference to a
private sale. need state only that Secured Party intends to negotiate auch a sale. Disposition o( Collateral
shall be deemed commercially reasonable if made pur3uant to a public offering advertised at least twice in
a newspaper o[ general cireulation in the community where t6e Collateral is located or by a private sale
for a sum equal to or in excess of the liquidation value o( the Collateral as detertnined by Secured Party.
10. All rights conferred on Secured Patty hereby are in addition to those Rranted to it by any state or
local law or any other law. Failure or repeated failure to enforce an}• rights hereunder shal) not congtitute
an estoppel or ~•aiver o( Secured Party's rights to exercise such riRhts accruing prior or subtiequent thereto.
Secured Party shall not be liable for any loss to (:ollateral in its possession. ~or shall such loss diminish
the debt due, even if the loss is cuused or contributed to by Secured Party's negligence.
I~ R7T~F:SS RHFRFOF'.
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