Security Agreement Page 7
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make it available to Secured Party as directed by Secured Party. Secured Party
shall have the right and power to sell, at one or more sales, as an entirety or in
parcels, in public or private sales as it may elect, the Collateral, or any of it, at
such place or places and otherwise in such manner and upon such notice as the
Secured Party may deem appropriate, in its sole discretion, and to make con-
veyance to the purchaser or purchasers; and the Debtor shall warrant title to the
Collateral to such purchaser or purchasers. If the Collateral is to be sold in a pub-
lic sale, the Secured Party may postpone the sale of all or any portion of the
Collateral by public announcement at the time and place of such sale, and from
time to time thereafter may further postpone such sale by public announcement
made at time of sale fixed by the preceding postponement. The right of sale here-
under shall not be exhausted by one or any sale, and the Secured Party may
make other and successive sales until all of the Collateral is sold. It shall not be
necessary for the Secured Party to be physically present at any such sale, or to
have constructively in its possession, any or all of the personal property covered
by this Security Agreement, and the Debtor shall deliver all of such personal
property to the purchaser at such sale on the date of sale, and if it should be
impossible or impractical to take actual delivery of such property, then the title
and the right of possession to such property shall pass to the purchaser at such
sale as completely as if the same had been actually present and delivered.
(a) Judicial Proceedings. Upon occurrence of an event of default, the
Secured Party in lieu of or in addition to exercising the power of sale here-
inabove given, may proceed by a suit or suits in equity or at law, whether
for a foreclosure hereunder, or of the sale of the Collateral, or for the spe-
cific performance of any covenant or agreement herein contained or in aid
of the execution of any power herein granted, or for the appointment of a
receiver pending any foreclosure hereunder of the sale of the Collateral,
or for the enforcement of any other appropriate legal or equitable remedy.
(b) Certain Aspects of a Sale. The Secured Party shall have the right to
become the purchaser at any sale held by it or by any court, receiver or
public officer, and the Secured Party shall have the right to credit upon
the amount of the bid made therefor, the amount payable out of the net
proceeds of such sale to it. Recitals contained in any covenant made to
any purchaser at any sale made hereunder shall conclusively establish
the truth and accuracy of the matters therein stated, including, without
limiting the generality of the foregoing, non-payment of the unpaid prin-
cipal sum of, and the interest accrued on, the Indebtedness after the
same has become due and payable, and advertisement and conduct of
such sale in the manner provided herein.
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(Rev. 1, 9/99)
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