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

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All Secured Party's rights and remedies shall be cumulative and may be exercised .separately, successively or simultaneously. No waiver, delay or failure by Secured Party to exercise any right or remedy accruing. upon default shall (i) impair any right or remedy of Secured Party, (ii) waive any default, or (iii) affect any prior or subsequent default of the same or a different nature. Election by Secured. Party to pursue- any right or remedy shall not exclude pursuit of any other right or remedy, and an election to make expenditures or to take action to perform an obligation of Debtor under this Security Agreement, after Debtor's failure to perform, shall not affect Secured Party's right to declare a default and to exercise its rights and remedies. Upon default, Debtor will pay Secured Party for all reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing of the Collateral, including reasonable attorneys' fees and legal .expenses incurred by Secured Party. In addition, if Secured Party takes .possession of the Collateral; regardless of whether a default has occurred, the reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred by Secured Party in the custody, maintenance, preservation, use, or operation of the Collateral are chargeable to Debtor and are secured by the Collateral. 12. Governing Law. The Loan secured by this lien was made under a State of Minnesota Urban Initiative Fund (UIF) program which uses tax dollars to assist small business owners. If the United States is seeking to enforce this document, then under UIF regulations: a) When CMDC is the holder of the Note, this document and all documents evidencing or securing this Loan will be construed in accordance with federal law. b) CMDC may use local or state procedures for purposes such as filing papers, recording documents, giving notice, foreclosing liens, and other purposes. By using these procedures, CMDC does not waive any federal immunity from local or state control, penalty, tax or liability. No Borrower or Guarantor may claim or assert against CMDC any local or state law to deny any obligation of Borrower, or defeat any claim of CMDC with respect to this Loan. Any clause in this document requiring arbitration is not enforceable when CMDC is the holder of the Note secured by this instrument. Except as otherwise provided herein, this .Security Agreement is governed by the laws of Minnesota, including the Uniform Commercial Code as adopted by such jurisdiction, as such laws may be amended from time to time, and exclusive of such jurisdiction's choice of law provisions. Unless otherwise specified, definitions in the Uniform Commercial Code apply to the terms in this Security Agreement. 13. General Provisions. a. All Debtors signing this Security Agreement are jointly and severally liable. b. .Debtor agrees to execute all records and to take whatever other steps are required or requested by Secured Party, and to cooperate with Secured Party, at any time to comply with the documents evidencing or securing the Loan, and to effectuate the rights granted to Secured Page 8 _g~_