Res 1996-180 - Laserfiche WebLink

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Lf(1V\ Security Agreement - ., In,>ur:lnce. If D<:btOr fail5 to m;:¡int;:¡in in<;ur;:¡nce ;:¡s n:quired by thl<; Jgn:<:ment or other"'< ¡'c: by Sc:cu~d PJrt:<. then Secure:d PJrty m;:¡y purcha<;e: '\ingk.interest insur;:¡nce cover;:¡ge th;:¡t will prote.:t only Secured PJrty. Ii Secured p;¡rty purchases this insurance:. its premiums willlxcome p;:¡rt of the obligation. E",'ents of Def;¡ult . )~.ach of the following conditions is an event of default: t. if D<:btor dc:faults in timdy payment or performance of any obligation. covenant. or liability in any wrinen ~ement bet....een D<:btor and Secured Party or in any other transaction secure:d by this agreement: 2. if any warranty. covenant. or representation made to Secured Party by or on behalf of D:btor proves to have been false: in any material respect when made: ¡ 3. if a rc:ce:iver is appointed for Debtor or any of the collateral: I I 4. if the collateral is assigned for the benefit of creditors or. to the extent permitted by law. if bankruptcy or I insolvency proceedings commence ag:linst or by any of these parties: IXbtor: any partnership of which D:btor is a general parmer: and any maker. drawer. acceptor. endo~r. guarantor. surety. accommod;:¡tion party, or other person liable on or for any part of the obligation: 5. if any financing statement regarding the collateral but not related to this sc:curity interest and not favoring Secured Party is fikd: 6. if any lie:n attaches to any of the collateral: and 7. if any of the collateral is lost. stolen. damaged. or destroyed. unless it is promptly replaced with collaterJI of like quality or restored to its former condition. Remedies of Se-cured p;¡rt)" on Default . During the e::dstence of any event of default. Secured Party may declare the: unpaid principal and earned interest of the obligation immediately due in whole or part. enforce the obligation. and e:r>ercisc: any rights and remedies granted by chapter 9 of the: Te,;as Business and Commerce Code or by this agreement. including the: fç¡lIowing: I. require D<:btor to deliver to Secured Party all books and records relating to the: collateral: 2. require: Debtor to assemble: the collate:ral and make it available to Secured Party at a place reasonably convenient to both parties: 3. take possession of any of the collateral and for this purpose enter any premisc:s when: it is located if this can b:: one without breach of the peace: ' 4. se:II. lease. or otherv..isc: dispose of any of the: co!!ateral in accord with the rights. remedies. and duties of a se:cloIred party under chapters 2 and 9 of the Te:r>as Business and Commerce ~ode after giving notice as required by those: chapters: unless the collateral thre:atens to decline speedily in value. is perishable. or would typically Ix sold on a recognized market. Secured Party will give D:btor reasonabk notice of any public sale of the collateral or of a time after which it may be otherwise: disposed of without further notice to Dc:btor. in this event. notice will Ix deemed reasonable if it is mailed. postage prepaid. to Debtor at the address specified in this agreement at least ten days before any public sale or ten days before the time when the collateral may be otherwise disposc:d of with,out further notice to D<:btor. 5. surn:nder any insurance policies covering the collateral and receive the unearned premium: 6. apply any proceeds from disposition of the collateral after default in the manner specified in chapter 9 of the Tex3S Business and Commerce Code. including payment of Seèured Party's reasonable: attorney's fees and court e~penses: and 7. if disposition of the collateral leaves the obligation unsatisfied. collect the deficiency from D:btor. General Pnn"isions 1. Parties Bound. Secured Party's rights under this agreement shall inure to the benefit of its succeSSOrs and assigns. Assignment of any part of the obligation and ddiver)' by Secured Party of any part of the collateral will fully dis.:harge Secured Party from re:sponsibility for that part of the collateral. If IXbtor is more than one. all their representations. warranties. and agreements are joint and several. Debtor's obligations under this agreement shall bind D:btor's pcrsonal re:pre:sentativcs. suca:SSOr5. and assigns. 019'1"'- s-:....n ~ Ci' 7EXAS