Security Agreement Page 10
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4.1
ORMS
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payment of the Indebtedness, nor shall the taking of any such additional security
waive or impair this Security Agreement; but Secured Party may resort to any
security it may have in the order it may deem proper, and Secured Party shall
retain its rights to set-off against Debtor, notwithstanding any rights to the
Collateral hereunder.
11. Advances by the Secured Party. Each and every covenant herein con-
tained shall be performed and kept by the Debtor solely at the Debtor’s expense.
If the Debtor shall fail to perform or keep any of the covenants of whatsoever kind
or nature contained in this instrument, the Secured Party, or any receiver appoint-
ed hereunder, may, but shall not be obligated to, make advances to perform the
same on the Debtor’s behalf, and the Debtor hereby agrees to repay such sums
upon demand plus interest as a part of the Indebtedness. No such advance shall
be deemed to relieve the Debtor from any default hereunder.
12. Defense of Claims. The Debtor will notify the Secured Party in writing,
promptly of the commencement of any legal proceedings affecting the lien hereof
or the Collateral or any part thereof, and will take such action, employing attor-
neys acceptable to the Secured Party or, as may be necessary to preserve the
Debtor’s and the Secured Party’s rights affected thereby; and should the Debtor
fail or refuse to take any such action, the Secured Party may, upon giving prior
written notice thereof to the Debtor, take such action on behalf and in the name
of the Debtor and at the Debtor’s expense. The Secured Party may also take
such independent action in connection therewith as it may, in its discretion, deem
proper, the Debtor hereby agreeing that all sums advanced or all expenses
incurred in such actions plus interest, will, on demand, be reimbursed to the
Secured Party, or any receiver appointed hereunder, and shall become part of
the Indebtedness.
13. Payment of the Indebtedness. If the Indebtedness shall be fully paid
and the covenants herein contained shall be performed, the entire right, title and
interest of the Secured Party shall thereupon cease; and the Secured Party in
such case shall, upon the request of the Debtor and at the Debtor’s cost and
expense, deliver to the Debtor proper instruments acknowledging satisfaction of
this Security Agreement.
14. Renewals, Amendments and Other Security. Renewals and exten-
sions of the Indebtedness may be given at any time and amendments may be
made to agreements relating to any part of the Indebtedness without notice to or
consent of the Debtor. The Secured Party may resort first to such other security
or any part thereof or first to the security herein given or any part thereof, or from
time to time to either or both, even to the partial or complete abandonment of
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