Res 1993-213 - Laserfiche WebLink

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, - " F:J.-ß . " Security Agreement 2. In~urance. If Debtor fails to maintain insurance as required by this agreement or otherwi,e by Secured Party. then Secured Party may purchase single-interest insurance coverage that will protect only Secured Party, If Secured Party purchases this insurance. its premiums will become part of the obligation. Events of Default Each of the following conditions is an event of default: 1. if Debtor defaults in timely payment or performance of any obligation. covenant. or liability in any written agreement between Debtor and Secured Party or in any other transaction secured by this agreement: 2. if any warranty. covenant. or representation made to Secured Party by or on behalf of Debtor proves to have been false in any material respect when made: 3. if a receiver is appointed for Debtor or any of the collateral: 4. if the collateral is assigned for the benefit of creditors or. to the extent permitted by law. if bankruptcy or insolvency proceedings commence against or by any of these parties: Debtor; any partnership of which Debtor is a general partner: and any maker. drawer. acceptor. endorser. guarantor. surety. accommodation party. or other person liable on or for any part oí the obligation: 5. if any financing statement regarding the collateral but not related to this security interest and not favoring Secured Party is filed: 6. if any lien 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 collateral of like quality or restored to its former condition. Remedies of Seçured Part)' on Default . During the existence 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 exercise any rights and remedies granted by chapter 9 of the Te,'(as Business and Commerce Code or by this agreement. including the following: I. require Debtor to deliver to Secured Party all books and records relating to the collateral: 2, require Debtor to assemble the collateral 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 premises where it is located if this can b.: done without breach of the peace: 4. sell. lease. or otherwise dispose of any of the collateral in accord with the rights. remedies. and duties of a secured party under chapters 2 and 9 of the Texas Business and Commerce Code after giving notice as required by those chapters: unless the collateral threatens to decline speedily in value. is perishable. or would typically be sold on a recognized market. Secured Party will give Debtor reasonable notice of any public sale of the collateral or of a time after which it may be otherwise disposed of without further notice to Debtor. in this event. notice will be 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 disposed of wit~out further notice to Debtor: 5. suITender 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 Teus Business and Commerce Code. including payment of Seéured Party's reasonable attorney's fees and court expenses: and 7. if disposition of the collateral leaves the obligation unsatisfied. collect the deficiency from Debtor. General Pro'.: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 delivery by Secured Party of any part of the collateral will fully discharge Secured Party from responsibility for that part of the collateral. If Debtor is more than one. all their representations. warranties. and agreements are joint and several. Debtor's obligations under this agreement shalI bind Debtor's personal representatives. successors. and assigns. C) 1992 STATE BAR OF TEXAS