Security Agreement Page 11
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either security, and such action shall not be a waiver of any rights conveyed by
this Security Agreement, which shall continue as a lien upon the Collateral not
expressly released until the Indebtedness secured hereby is fully paid.
15. Release. No release from the lien of this Security Agreement or any part
of the Collateral by Secured Party shall in any way alter, vary, or diminish the
force, effect or lien of this Security Agreement on the balance of the Collateral.
16. Subrogation. This Security Agreement is made with full substitution and
subrogation of Secured Party in and to all covenants and warranties by another
heretofore given or made in respect of the Collateral or any part thereof.
17. Governing Law. This Security Agreement shall be governed by the laws
of the State of [State].
18. Instrument and Assignment, Etc. This Security Agreement shall be
deemed to be and may be enforced from time to time as an assignment, chattel
mortgage, contract, financing statement, real estate mortgage or security agree-
ment, and from time to time as any one or more thereof.
19. Limitation on Interest. No provision of this Security Agreement or of
the Indebtedness shall require the payment or permit the collection of interest in
excess of the maximum permitted by law or which is otherwise contrary to law. If
any excess of interest in such respect is herein or in the Indebtedness provided
for, or shall be adjudicated to be so provided for herein or in the Indebtedness,
the Debtor shall not be obligated to pay such excess.
20. Unenforceable or Inapplicable Provisions. If any provision hereof or
of the Indebtedness is invalid or unenforceable in any jurisdiction, or with respect
to any person or property, the other provisions hereof or of the Indebtedness in
such jurisdiction and the application thereof to any other person or property, shall
remain in full force and effect, and the remaining provisions hereof shall be liber-
ally construed in favor of the Secured Party in order to effectuate the provisions
thereof. The invalidity of any provision hereof in any jurisdiction shall not affect the
validity or enforceability of any such provision in any other jurisdiction.
21. Rights Cumulative. Each and every right, power and remedy herein
given to the Secured Party shall be cumulative and not exclusive; and each and
every right, power and remedy whether specifically herein given or otherwise
existing may be exercised from time to time and so often and in such order as
may be deemed expedient by the Secured Party, and the exercise, or the begin-
ning of the exercise, or any such right, power or remedy shall not be deemed a
waiver of the right to exercise, at the same time or thereafter, any other right,
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(Rev. 1, 9/99)
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