Security Agreement Page 12
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4.1
ORMS
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power or remedy. No delay or omission by the Secured Party in the exercise of
any right, power or remedy shall impair any such right, power or remedy then or
thereafter existing.
22. Waiver by the Secured Party. Any and all covenants in this Security
Agreement may from time to time by instrument in writing signed by the Secured
Party be waived to such extent and in such manner as the Secured Party may
desire, but no such waiver shall ever affect or impair the Secured Party’s rights or
liens hereunder, except to the extent specifically stated in such written instrument.
23. Successors and Assigns. This Security Agreement is binding upon the
Debtor, the Debtor’s successors and assigns, and shall inure to the benefit of the
Secured Party, its successors and assigns.
24. Section Headings. The section headings in this instrument are inserted
for convenience and shall not be considered a part of this Security Agreement or
used in its interpretation.
25. Counterparts. This Security Agreement may be executed in any number
of counterparts, each of which shall, for all purposes, be deemed to be an origi-
nal, and all of which are identical except that, to facilitate filing and recordation, in
any particular counterpart portions of the Exhibits hereto which describe proper-
ties situated in counties other than the county in which such counterpart is to be
recorded may have been omitted. All counterparts shall together constitute but
one and the same instrument.
26. Special Filing as Financing Statement. This Security Agreement shall
be a Security Agreement and a Financing Statement and Debtor hereby grants to
Secured Party, its successors and assigns, a security interest in all Collateral
described herein and all proceeds from the sale, lease or other disposition of the
Collateral or any part thereof. This Agreement shall be filed for record, among
other places, in the real estate records of each county in which the Collateral, or
any part thereof, is situated, and when filed in such counties shall be effective as
a financing statement covering fixtures, minerals, timber or located on properties
(and accounts arising therefrom). This Security Agreement shall also be filed as a
Financing Statement in the counties or in the office of the Secretary of State, as
appropriate, in respect of those items of Collateral of a kind or character defined
in or subject to the applicable provisions of the Uniform Commercial Code, as in
effect in the appropriate jurisdiction with respect to each of the properties, rights
and interests.
27. Notices. Any notice, request, demand or other instrument which may be
required or permitted to be given or served upon the Debtor or the Secured Party
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