|
��14��159
<br /> upon default under t�e Unif�rm Gommerc�al Cade, �nc�uding, w�thaut limiting the generality of
<br /> the foregfling, the nght ta tak�possessian of the �o��atera� ar any part thereof, and to tat�e suc�
<br /> �th�r measures as Lender may deem ne�ssary for �he �are, pr�tectian and preservat�on of the
<br /> �oi�ateral. i�Jpon request ar demand of Lender af�er the occurren�e and during the contir�uance
<br /> of an E�ent �f�efau�t, Indi�idual Banrav�er shal�, at its expens�, assemble �he Ca��at�ra� and
<br /> ma�� zt a�a�labl� tv Lender at a �onven�ent p�ace [at the Lar�d if tar��i��� pr�perty� r�a�anably
<br /> acc�ptab�e to Lender. Indi��dua1 Borrow�r shall pay to Lender on�.�man� any and a��reas�nal�l�
<br /> and documen�ed expenses, including reasanable and dvcumented �egal expenses and att��neys' �
<br /> fees, incurred or paid by Lender in protectin� its interest in th� �oilatera� and in enforcing its .
<br /> ri�hts hereunder v�rith respeGt to the�ollateral, in e�ther cas�, a#�er the�ccurrence and during the .
<br /> cvntir�uance of an Event of D�fault. Any no�ice af sa1e, disposition. or �ther ir�tend�d a�tion by
<br /> Lender �vith resp�ct to the �o��atera� sent ta Indivi.dual Borrower in ac�ardance w�th the
<br /> pravisions hereof at �east ten �1 Q) Busin�ss Days pr�ar to su�h action, sha��, exce�t as otherwise
<br /> pra�ided by app�icable �aw, constxtute r�asonab�e natice t� Ind�vidual Barrower. The prace�ds
<br /> of any disposit�on of�he Co�Iatera�, �r any pazt ther�of, may, ex�ept as otherwise requirec� by
<br /> ' app�icab�e�aw,be app�ied by Lender to the payment of the Debt in such priarity and proportions
<br /> as Len�ier in its dis�retion sha�I deem proper. Individua�Borro�er's(debtor's}pri.ncipa�plac�of
<br /> business is as set far�h an page one�1�hereo f and the a�idress of Lender�secured pa�rty)is a.s set
<br /> for�h on page one�1}hereof.
<br /> Section 1.4 „�ix,,,,t,ure_�'_�'���. C�ain of the �roperty i� or will b�came
<br /> "fixtures" �as th.at terrn is defined in the �niform �amm�rcial �ad�) vn the Land, and this
<br /> Se�urity In�trument, upon b�ing fi�ed for record in t�e rea� estate recards of the city or ca�,nfi�
<br /> wherein su�h f�xtures are situat�i, sha�� ap�rate a�s� as a financir�g st�tement riamir�g Indivi�ual
<br /> B�nra�ver as debtor ar�d Lend�r as se�ured party �Ied as a fixture fi�ing in ac�ordance with the
<br /> app�icable provisions of sa�id Va�iform �ammerc�al Code up�n such of t�ie Property that is or
<br /> may bec�me fixtur�s. Indi�idual Barrower authorizes Lender to file or r�c�rd financin�
<br /> s�atements vvith r�s�ect ta the Praperty with�ut the signature af the Indivi�dua� Borrawer in �uGh
<br /> form and in such offices as Lender reasonab�y determ�nes ap�rapriate t� perfect �he s�curity
<br /> interests of Len�ier. Sueh finar�cing statements may describe th�Col�at�ra�andlor the Property in
<br /> the same manr�er as described in this Martgage or may cvntain ara indicatian or descr�pt�an of
<br /> c���atearal that d�s�ribes such pr�perty in any ather mar�ner as Lender may determine, in ixs
<br /> reas�nab�e discretion, is necessary or prudent to ensure the perfect�an of the security inter�st �n
<br /> the Prop�rt�grant�d to L�n��r in c�nr�ection herewith, including, withvut limitation, describing
<br /> s�.ch praperty a� "A�1 assets of debtor wheth�r now owned or hereaf�er acquired", "Al�personal
<br /> property af debtar whether now�wned or hereai�er ac�uired", "A��persona�prop�rty of d�btar,
<br /> �n�luding,without�imitation, a���vods that are or are ta b�me fix.tures,whether now ovvned or
<br /> h�reaf�er acquired"or words of simi�ar meaning.
<br /> Secti�n 1.5 Pled es of Mon�e� H�ld, Subject to the terms of the Loan
<br /> I]ocurn�nts, Ind�v�dua� Borrower hereby p�edges tv Lend�r any and a�l monie� now or hereafter
<br /> he�d by Lend�r or on beha�f of Lender, inc�ud�ng, v�rit�aut limitation, any sums deposit�d in the
<br /> �ash Management Account, tYie Reserve Funds and N�t Proceeds, as additional securit�fvr the
<br /> �bligatians u,nti� expended or a�plied as prov�ded in this Security Instrument �r the vth�r L�an
<br /> Do�uments. -
<br /> 1473�5�.44-NY�SRD3A-MSW
<br />
|