|
<br />ADDITIONAL PROVISIONS 88-106785
<br />DEBTOR WARRANTS AND COVENANTSl (1) That excltpL for the .ecurlt~ InlerelL Ifl'lnll!ld hereby Deb Lor II, or to Lh. ex.
<br />I8nl. that CoUat..ral11 acquired .rterthe dill hereof, will be, thl ownt, ot tho Collaler.! free from an)' radVIINC lien, ..eurlly Inlernt or
<br />encumbrance; t1nd that Debtor will d.rend Lh. Conlt.lrala,alfllt .U elll"" and demandll Dr .n penon. at any time clalm!n, the ..me
<br />ar aft)' Inlarea.. therein. (2) That no finlDclnl .tatement cDverlnll thl! CoUateral or any proctllldll thereor I. on me In any publlc
<br />orne. and that at the requ... or Secured PII1Y. D.btor will Join with Secured Party in e:ltlllcutlngone or more nnanclnlZlt.t.ementJ;
<br />pUrlUlnt to the Nebruka Unlrorm Commercial Code in rorm ..UaI,dOry La Secured Party Bnd wll1 pay the cost of OUnll IUch
<br />financlnll13tem,nl., ,lbi. aecurlt)' _perrent an4 any contlnuaUon or termination slal'lment, In all pUbllc ornces wherever 0110111
<br />..mad b,. s.cured Party to be neceaury or detlrablll; and If the Collateral is aURched to real estate prior to the perfection of the
<br />lMCunty Internt "anted henby or If the CoUaterallncludes cropl or oil, (as or minerals to be extracted or timber to be:-cut, Ihlbtor
<br />wlU. oK d.mand of SecLl.red Party, fumlah Secured Party with u disclaimer or disclaimers or subordination agreement signed by all
<br />ptNOllll havinlln InltiNlt In the.Nal estlte. disclaimlnl or &ubordlnaUnl an)' Interest. in Lhe CoUateral which i. prior t.o l1!e il!terelt
<br />orSacuredParty. (3) Not. to lell. tran.reror dispOlI! of the CoUateral, nor take Lhe same or ntLempt to tab the aame from'the eou'nly
<br />whm,ktpt u abole .latrd. without the prior written conlent DC the Secured Party. (4) To pay all taxes and aneSllments of every
<br />nature which may be levied or uaeaed alfainst. the CallaLeral. (5) Not to permll or allow uny adverse lien, security InteresL or en-
<br />cumbrance whataoever upon the CoUateral. and not 1.0 permit the same lo be nttached or replevined. (6) That the ConaLeral,ls In
<br />100d condition. and that he will at hia own expense. keep the same in good condition and Cram time Lo time, forthwith, replace and
<br />repair all luch parla of the Collateral as may be broken. worn out or damau:ed without allowing any lien to be created upon the
<br />Colr.teral on account. of luch replacemenl or repairs. and that the Secured Parly may examine and Inspect the Collateral at any time.
<br />wh_l"llver louted. (7) That he will at his own expense keep the CoUateral insured in B company satisfactory t.o Sl!cured Pnrty aBRlnat
<br />lOll. .. appropriate. by theft. collision, fire and extended courage. with loss payable to Secured Party as its interest. may appear,
<br />and will on demand deliver said policies of insurance or furnish proof of such insurance to Secured Party. (8) At ita option Secured
<br />Party may procure such insurance. discharge laxeSt lIenF- or security interest.. or other encumbrances at any time levied or placed on
<br />the Collateral and may pay for the repair of any damage or injury to or Cor the preservation and maintenance of l;he CoUatersl.
<br />Debtor arreea to l"IIimbune Secured ParLy on demand for any payment or expense incurred by Secured Party purauRnt lo the Core-
<br />RoinR authorizaUon. Until such relmbursem~nt, the amount of any such payment. with interest at the rate ofU%per annum from
<br />date of payment. until reimbursement, shall be added to the Indebtedness owed by Debtor and shall be secured by this agreement.
<br />(9) That he will not use the Collateral in violation oC any applicable staluLe, regulation or ordinance and iC any of the Collateral
<br />iI motor vehicles the lame will not be rented, used in rental aerviee nDr in any speed or endurance contest.
<br />
<br />UNTIL DEFAULT Debtor may have p08It!Sllon oC thl!' Collateral and use It in any lawful mnnner not inconsistent with thil
<br />apement and not. inconsistent with nny poJicy of in.urancl! thereon, and upon default Secured Party Ilhall have the immediate
<br />rilht to the poueulon of the CoUatenl.
<br />
<br />DEBTOR SHALL BE IN DEFAULT under this aiTeemenl upon the happening or any of the fonowing events or conditions:
<br />(1) default. in the payment or performance of any obligation. covenant or liability contained or referred to herein or In any not~
<br />evldencln, the ume; (2) any warranty. reprellenUition or financial statement made or furnished to Secured Parly by or on behalf of
<br />Debtor lJ diJeovered to hive been !alle in any material respect when made or furnished; (3) any event which results in the acceler-
<br />aUon of the maturity of the lndebt.edne5& of Debtor La others under any Indenture. agreement or undertaking; (4) 1055. theft,
<br />damaae, de.truction .ale or encumbrance to or o! any of the Collateral, or the making of any levy. seizure or atUlchment thereof or
<br />thereon; (5) death. diuolution, termination of existence. Insolvency. business Cailure. appointment of a receiver of any parl of the
<br />properly of,lIIIirnment for the be-nefitof crediLora by, or the commencement of any proceeding under any bankruptcy Dt'insolvency
<br />laWl by or IlIunat Debtor or any lUarantor or .urety Cor Deblor.
<br />
<br />UPON SUCH DEFAULT and at any time thereafLer. or If iL deems itselC insecure, Secured Party may declare all Obligations
<br />secured hereby ImmediaLely due and payable and shall have the reml!dl~s of a liecured party under the Nebraska Uniform Commercial
<br />Code. Secured Party may require Debtor to assemble the Collaleral and deliver or make it available to Secured Party at a place to be
<br />delilmaLed by Secured Party which i. reasonably convenlenllo both parties. Unless the Collntp.ral is perishable or threatens to decUne
<br />l)H!edlly in value or is of a type cUltomarily sold on a recoanized market, Secured Part.y will Kin Debtor reuonable notl~ of the
<br />time and place of any public sale thereoC or oC the time arter which any private sale or any other Intended disposition thereof 1I to
<br />be made. The requirementaoC reallonable notice shall be met if Iluch notice Is mailed, pOllaK! prepaid, to the address of Debtor shown
<br />at t.h~ beJinninl of this aareement. at.leut five day. beFore the time of Lhe sale or dllpolltlon.
<br />No waiver by Secured Party of any deFault shan operate as a waiver oC nny other deCault or oC the saine default on a Cuture
<br />oceuion. The taking of this lecurity all'eemenL shall not waive or impair any other aecurity lOaid Secured Pa'ty may have or here-
<br />.fter acquire for the payment of the above indebtedness. nor shall the tnklng: of any liuch additional security waivp. or impair this
<br />security aareement; but IBid Secured Party may resort to any security it may have in the order it may dctlm proper, and notwith-
<br />.tandlnl any collat.eralll!curity. Secured Party shall retain its riehts ofset-oCr IIl1ainst Debtor.
<br />All rights o( Secured Party hereunder shall inure to the benefit oC its 8uccesIOrs and assigns; and all promises and
<br />duties of Debtor shall bind his hen, personal representatives or his or its successors or aMIgns. If there be more than one
<br />Debtor, their Uabllitisa hereunder shall be joint and several,
<br />This agreement shall become effective when it. is signed by Debtor.
<br />ADDENDUM
<br />The undersigned, hereinafter "Owner/Debtor". owns or has an interest in the collateral described on the reverse side of
<br />this agreement, but is not a P~1 to the ob1igatlon .,.ured by this agreement. By OXBCuting Ihis agreement, Owner/Dehtor
<br />undertakes no obligation for repayment of Bueli .0bligatioD except to t.he extent of provldlng said collateral as security for
<br />performanee of the obUgation. All provisions of tbis agreement apply t.o Owner/Debtor and the term "Debtor" as used in
<br />this agreement and any accompanying rmancing statement. refers collectively to the Debtor. Owner/Debtor or both as the
<br />c:ontext 1D81 require,
<br />
<br />Owner/Debtor
<br />
|