HomeMy WebLinkAbout03623. To keep the Collateral continuously insured
against loss by fire, theft, tornado and windstorm and such
other hazards, as may from time to time be required by
Secured Party, in companies and in amounts in each company
as may be approved by and acceptable to Secured Party; the
form of all such insurance policies shall be in form ac-
ceptable to Secured Party with loss payable to Secured Party
as its interest niay appear, and each and every such policy
shal~ be promptly delivered to and held by Secured Party.
Not less than thirty days in advance of the expiration of
each such policy, Debtor shall deliver to Secured Party a
renewal thereof, together with the receipt, or copy thereof,
for the premium for such renewal. Any insurance proceeds,
or any part thereof, may be applied by Secured Party, at its
option, either to the indebtedness secured hereby or to the
restoration, repair or replacement of the Collateral damaged.
4. Debtor warrants that there are no financing state-
ments of record or in existence and which pertain to the
Collateral and have not as of the date hereof been extinguished.
Debtor will from time to time at the request of Secured
Party execute one or more financing statements and such
other documents (and pay the costs of filing or recording
the same in all public offices deemed necessary or desirable
by Secured Party) and do such.other acts and things, all as
Secured Party may request to establish and maintain a valid
perfected security interest in the Collateral to sec~ire the
payment and performance of the ~bligations. rrom time to
time upon the request of the Secured Party, Debtor will
furnish an inventory of the Colkateral to Secured Party,
which inventory shall specifically describe the Collateral
by make, model a~d serial number insofar as possible.
5. To keep the Collateral, all and singular, on the
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not to remove or permit same to be removed therefrom without
the prior written consent of the Secured Party except that
Debtor shall be entitled to dispose of such of the Col-
lateral as has become unfit for continued use provided
Debtor replaces same with property of similar kind and for
like use and prov~ded the purchase price of such replace-
ments shall have been paid in full and provided that the
lien of this Sec~trity Agreement shall cor.tinue upon such
replacements. To use reasonable care and 3iligence to
preserve and keep the Collateral in good condition and not
to permit or commit any waste, ilnpairment or d~terioration
thereof and to use same only fo~ ~he purpose for which same
is now agreed upon~~to be used in connection with sa~d "
improvements. •
6. Not to sell or~attempt to sell any of the Col-
lateral and not to create or permit any other security
interest or other lien or encumbrance upon such Collateral
without the prior~written consent of the Secured Party.
7. To pay, all and singular, the expenditures, costs,
charges and expenses, including reasonable attorneys' fees
and costs of title searches and information requests, in-
curred or paid at any time by the Secured Party because of
the failure on the part of the Debtor promptly and fully to
perform and pay the Obligations and all such costs, charges
and expenses shall be immediately duz and payable and shall
bear interest at the highest rate permitted by Florida law
from date of payment by Secured Party until repaid by Debtor
and, together with such interest, shall be secured by the
lien of this Security Agreement.
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