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Home My WebLink About0941 ~ i I !t thia aareement is secvritr tor • loan to be used to pay • put or rll of the pucchase ptice of the coll~terai; to use tbe pwceeds of the loaa to p~y the purch~ae price. filina fees sad insurance premiuma. The 5ecured Pany ho~re~et~ m~y p~y the proceeds directly to che ~eltcr of the collateral. To immed}'ately eotify d~e Secuted P~rty in rridn~ oE ~nq chanae in or disconcinw~ce o( Debtor'spl~ce or Ql~ces of business aad/or resideace. Thu i( the coll~ceral h~a bcen •ctached to or is to be •cc~ched co ceal eacate~ a descriptioa of the real esate and che name ~nd sddress of the recotd owaer is set forth in t6e achedule herein; i( the said collaterRl is ettached to te~l eatate paor co the perfectioa oE che •ecuricy in~erest 6~iu+ted heredy. Debcor will on dem~nd of che SecureJ Perty fumish the laeter w~~th a diaclsimer ot disclaimers~ aiancd by •Il persons havina an interest in the rest estate~ofanyinterestintheco;:ateral ~rhich is ptior m Secuted P~rty's inte~eat. THE PARTIFS FURTHER AGREE Notea~ if aay, e:ecated in connecuoa with tlua •6reemeac~ •re seQu~te instruments and may be oegociated by Secvred Party ~ritbout rcle~siaa Debtor, thc coll~tet~l~ ot ony Su~ra~tor ot co~naker. Debtor consent~ to any exte~sion oE time o( . paymmt, lf there be mott than one Debtot, susrentor ot co~naker of this eareement or oE notes aecured heceby, the obliar tion of all sh~ll br primary, joinc aod se~enl. ~ai~er of oracquiesceace io ~nr def~ult by che Deboor.oc fsilure of che Securcd Pany to inaist uPon strict peil•~rmvnce br the Debcor of any ~ramnties or aaroemcnts in this security agreemmt, shall no~ -onsticute a waivet of any aubaequent or othe~ defoult or failurc. ~ Notices oo tither patty ahetl be in writina and ah~U be deli~ered persoaally ot by mail addresscd to che patty at the address herein set forth or otherwiae desianated in wricing. ~ The Unifotm Commetcial Code shall ~ovem the tiahts, dutiea and cemedies of the parties and any pco~isioces hetein declared in~alid undet any lav shall not inrdidate eny ocl~er provision ot tfiis aareement. ~ The follo~ving shall constitute a default by Debcot: Failure to pay the principsl or any instsilmen~ o( principal or of intetest on the indebtedness or any notcs when due. Failure by Debtoc to comply wi~h or per(ocru any provision of this agreemmt. ~ I Falae or misleadina representationa or sartanuea made or given by Debtot in connection wit6 chis aareement. ~ Subjectioo of the coll~tera( co le~y of e:ecution ot other judicial process. Commrncemcnt of any insolvency proceediog by or agaiast the Debtot ot of any guaranmr of or sucety Eor the Deboot's obliaations. Deatl~ of the Deboor or of any Guarancorof or surety for d~e Debtor's obligations. - Any reduction in che •alue of c6e collater4! or any act of the llebtor whicl~ imperils the prospect of full petformence or suis(aaion of tfie Debtor's obligations herein. Upon any de[ault o( the Debtor and at the option of the Secured Party~ the obligations ~ecured by t6is egreement al~all immed~ately become duc end payable in iull ~ritbout notice or demand and the Secured Party shail have all the tishts~ rem- ed'[es and privileges with respect to cepossession, retmtion and sale of ~6e colleteral and dssposition of the pioceeds as are zccorded to aSecvted Party by theapplicabie sections of the Unifocm Commercial Code respecting "Default". in effect ' as of the date of this Secucity Aareement. Upo n any default~ the Secured Party's reasoaable atromey's fees and the lega! and other e:penses for pursuing. seatchina For. receitin~, tnlcing. keeping, storin~. sdvertising, and seliing the collaterel shall be chatgeable to. t6e Drbtot. ~ The Debtor shall remain liable for any de[?ciency resulting fcom a sale of ~he collateral and shall pay any such de- ficiency forthwich on demand. ~ lE the Debtor shsll default in the perfoemance of any of ti~e pio~isions of this asreemcnt on the Debtor's parc to be per :I i fo~ed. Secuted Percy mry perfotm same (or the Debtor'a account and any monies expended in so doing shall be chu6eable ~i I arith intetesc to the Deboor and ~dded to the Indebtedness secured hercby. [n conjunction with, eddition m or subatitution Eor those righes~ Secuted Party, st his diacteeion, may: (1) enter upon ( Debmt's ptemises peaceably by Secured Parry's owm meana or w~ith legal process and ta{ce possession of the coltateral, or render it unussble, or dispose of the coliateral on t6e Debtor's premises snd the Debtor agtees noc to resist or intedere; (2) tequire Debtot m assemble the collateral and make it ovsilable to the Secured Party at a place to be designated by the Securcd Party, reasonably conrenient to bot6 patties (Debtor agrees that che Secured Party's address as set forth above is a piace teasonably convenient (or such assembling);(3) unless the collateral is perisbable or threatens to decline speedily in value or is of a type cusmmarily sold on a recognized markec, Secured Pany wili give Debtor reasonable notice of t6e time and plac~ oE anypublic sale thereo( or of the time after whichany private sale ot aoy ether intended disposition thete- ' of is to be made. The requirements o( reason•'~le notice w~ill b~ met if such notice is mailed, post~qe prepaid~ to the ad- ' wt dress oE che Debtor showe~ sbove~ at least threc ,iays before the time of sale oc dispositiun. - ~ Secured Party may assi4n this agteement and if assigned the assignee shall be entitled, upon notifying the Debtor. to petEotmance of all of Debtor s obligations and agreements heteunder and the assiFnee shall be rntitled to all of the righ:s and remcdies of t6eSecured Party hereunder.Debtor ai11 assert no claims or defense~ Debtor may have against the Secured ' Party agaiost the assignee. ~ The Secuted Party is hereby authorized to fele a Financing Statement. ~ 4 ~ ~ i 3 r 9 ~ ~ ~ ~ ~ 1 J ~ + ~ i~ , ~ ' ~ f ~ i ~ i ~ . I ~ , ~ i ~ i , F~~~ 4~ P~~F 9~1 ~ ; 2_ ~ _ _ _ ~ ..~'w~ ~ ~