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85-• 004244. charge or expenses paid or incurred in connection with the collection and disbursement of said monies, may be used and applied at the option of Second Party as in the case of insurance proceedings under (1)(b) above; (7) This instrument is intended to be a security agreement pursuant to the Uniform Commercial Code for any of the items specified above as part of the Mortgaged Property which, under applicable law, may be subject to a security interest pursuant to the Uniform Commercial Code, and First Party hereby grants Second Party a security interest in said items. First Party agrees that Second Party may file this instrument, or a reproduction thereof, in the real estate records or other appropriate index, as a financing statement for any of the items specified above as part of the Mortgaged Property. Any reproduction 'of this instrument or of any other security agreement or financing statement shall be sufficient as a financing statement. In addition, First Party agrees to execute and deliver to Second Party, upon Second Party's request, any financing statements, as well as extensions, renewals, and amendments thereof, and reproductions of this instrument in such form as Second Party may require to perfect a security interest with respect to said items. First Party shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Second Party may reasonably require. Without the prior written consent of Second Party, First Party shall not create or suffer to be created pursuant to the Uniform Commercial Code any other security interest in said items, including replacements and additions thereto. Upon the occurrence of an Event of Default as hereinafter provided, Second Party shall have the remedies of a secured party under the Uniform Commercial Code and, at Second Party's option, may also invoke the remedies as otherwise provided in this instrument. In exercising any of the said remedies, Second Party may proceed against the items of real property. and any items of personal property specified above as part of the Mortgaged Property separately or together and in any order whatsoever, without in any way affecting the availability of Second Party's remedies under the Uniform Commercial Code or of the remedies otherwise provided in this instrument; It is expressly provided and agreed by First Party that in the event any one or more of the following events, each of which shall be and is hereby defined as an "Event of Default," shall occur, to wit: W-11 L 0431t IN L J