84000166 - Laserfiche WebLink

Browse

$4 -~" SiG0166 be sent to Mortgagor and to any other person entitled to notice under the Uniform Commercial Code of-the State- - of Nebraska (hereinafter ref erred. to as the-°Code"); pro- vided however, that if the fixtures or personal-property, or'part thereof, being sold are perishable, or threaten- to decline speedily in value, or are of a type customarily sold on a recognized market, Mortgagee may sell, lease; or otherwise dispose of-such fixtures. or personal property, or part thereof, being:-sold, leased; or otherwise disposed of without notification, advertisement, or other notice- of any kind. It is agreed-that notice sent or given '' not less than five {5) calendar days prior to the`tak- ing of the action to which the notice relates is reason- able-notification and notice for-the purposes of this Subsection(6)(C) of Article IV; (D) Surrender the insurance-policies maintained pursuant to Subsections (N) and (O) of Article III hereof, or any part thereof, and receive-and apply the unearned. premiums as a credit on the Secured Indebtedness, and, in connection therewith, Mortgagor hereby appoints Mort- gagee as the agent and attorney-in-fact for Mortgagor to collect such premiums; provided however, that Mort- gagee-shall have no obligation to keep any insurance in force with respect to the Mortgaged Property or any part thereof; and/or (E) Retain any or all of the Mortgaged Property which is fixtures or personalty in satisfaction of the Secured Indebtedness whenever the circumstances are such that Mortgagee is entitled to do so under the Code: ARTICLE V SECURITY AGREEMENT (1) This Mortgage is intended to be a mortgage covering real and personal property, and also a security agreement and financing statement. This Mortgage covers proceeds and Fixtures. Counterparts of this Mortgage may be filed as financing statements under the Uniform Commercial Code. (2) With respect to all personal property and fix- tures constituting a part of the Mortgaged Property, Mort- gagor hereby grants to Mortgagee a security interest in all such personal, property and fixtures, including, but not by way of limitation, all of Mortgagor`s rights now owned and at any time hereafter acquired in all equipment; inventory other personal property, and fixtures at any time-used on the Mortgaged Property or in connection with the. Mortgaged Pnopcrty. The above goods which are to become fixtures will be on the Mortgaged Property. This Mortgage may be-filed for record as a Financing Statement in the real estate records. Izi-the Event-of Default hereunder, Mortgagee shall be entitled to all the rights, powers and remedies afforded a secured party,by the Code with reference- to the personal property and Fixtures in which Mortgagee: has been granted a security inter- - est.by thi Mortgage, or Mortgagee may proceed as to both the real, and personal property covered hereby in accordance with- the rights and_remedies granted hereunder in respect to the real property cowered hereby, (3) Mortgagor is the record owner of the real estate covered; by this..Mortgage.: -g- ~k;:,