Security Agreement Page 3
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course of business), and in the event Secured Party grants written con-
sent for the establishment of another security interest in the Collateral,
and with respect to the Security Agreements of record, Debtor will per-
form its obligations under those security agreements;(g)
Debtor will
pay as they become due all taxes or other liens or claims which may
become a charge against the Collateral;
(h) Debtor will insure the Collateral with companies and in amounts accept-
able to Secured Party, such amount being the full replacement value of
the Collateral or the maximum amount the insurer will permit, against
risks of theft, vandalism, fire and such other risks as are normally
insured against, including standard extended coverage. All insurance
policies shall be written for the benefit of Debtor and Secured Party as
their interests may appear, and the Secured Party shall be named as a
loss payee on an indorsement to all insurance policies. All policies,
indorsements and certificates evidencing the same shall be furnished to
Secured Party. All insurance policies shall provide for at least 10 days’
prior written notice of cancellation to Secured Party;
(i)
Debtor will maintain the Collateral in good condition and repair, and
Secured Party may examine and inspect the Collateral at any reason-
able time and wherever located;
(j)
The location of the Collateral will be at the address specified for the
Debtor in this Agreement. Debtor will not permit any part or all of the
Collateral to be removed from said location, except for temporary peri-
ods in its normal and customary use, without the prior written consent of
Secured Party, and Debtor will give immediate notice to Secured Party
of any change in location of any part or all of the Collateral (and in no
event will Debtor remove, or allow to be removed, any part of all of the
Collateral from the State of [State]);
(k) Debtor will indemnify and hold the Secured Party harmless from any
and all loss, damage, injury or other casualty to persons or property
caused or occasioned by the maintenance, operation and use of the
Collateral by Debtor, its agents, invitees or employees;(l)
Debtor will
from time to time supply Secured Party with a current list specifying the
Collateral at the request of Secured Party;
(m) With respect to any Collateral to be purchased with monies advanced by
Secured Party to Debtor, this Security Agreement creates a purchase
money security interest;
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(Rev. 1, 9/99)
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