Agenda - Council - 08/12/2008 - Laserfiche WebLink

Home

d. Without removal,. rendering. any equipment unusable and disposing of the Collateral on Debtor's premises. e. Regardless of whether Secured Party takes possession of the Collateral, selling, leasing, licensing or otherwise disposing of the Collateral in its present condition or following any commercially reasonable preparation or processing (provided,. however, that Secured Party has no obligation to prepare or otherwise process the Collateral), at public. or private sale or disposition in accordance with the Uniform Commercial Code. Secured Party shall give Debtor such notice of any private. or public sale or ,disposition as may be required by the Uniform Commercial Code. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market; notice shall be deemed reasonable if given at least ten (10) days before the sale or disposition. Secured Party may sell the Collateral without giving any warranties as to the Collateral, and Secured Party may specifically disclaim any warranties, including warranties of title. If Secured Party sells any of the Collateral upon credit, Debtor will be credited only with payments actually made by the purchaser, received by Secured Party and applied to the Obligations, and if the purchaser then fails to pay for the Collateral, Secured Party may resell the Collateral and Debtor. shall be credited with the proceeds of the sale. f. Purchasing Collateral at a public disposition or at a private disposition if the Collateral is of a kind that is (i) customari.ly sold on a recognized market or (ii) the subject of widely distributed standard price quotations. If Secured Party purchases any of the Collateral being sold, Secured Party may pay for the Collateral by crediting some or all of the Obligations. g. Accepting Collateral in full. or partial satisfaction of the Obligations; subject to Debtor's consent or failure to object after notification. If after application of the proceeds of any sale or disposition of the Collateral, there is any balance owing on the Obligations, then Debtor remains liable for that deficiency. Secured Party may comply with any. applicable federal, state or local laws in connection with a sale or disposition of the Collateral, and such compliance will not be considered to affect adversely the commercial reasonableness of such sale or disposition. Secured Party shall have no obligation to attempt to satisfy the Obligations by collecting them from any other person liable for them, Secured Party, may release, continue, substitute, modify or waive any collateral provided by any other person to secure any of the Obligations, and Secured Party may release or enter into a compromise with any other person liable for any of the Obligations, all without affecting Secured Party's rights and remedies against Debtor. Secured Party shall have no obligation to marshal any assets in favor of Debtor or against or in payment of the Obligations or any other obligation owed to Secured Party by Debtor or any other person. To the extent allowed by law, Debtor waives any right that Debtor may have to require Secured Party to defend against or pursue any third person or any other collateral for any of the Obligations, and Debtor waives any defenses based upon any claim that Secured Party did not perfect or continue the Security Interest, impaired the Collateral, or did not obtain a commercially reasonable amount for the Collateral at a sale or disposition. Debtor also waives demand, protest, notice of protest, notice of default or dishonor, notice of payment or nonpayment (at maturity or otherwise), release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel paper, and guarantees at any time held by Secured Party on which Debtor may in any way be liable. Page 7 -96-