2018-666-E Economic Dev - Boro Beverage Company loan agreement

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LOAN AND SECURITY AGREEMENT Page 2 of 6 6.5Any warranty, representation or statement made by the Borrower in thisAgreement or otherwise to the Fundin connection with this Loan is found to be incorrect or misleading in any material respect; 6.6The Fundbelieves in good faith that the prospect of the Borrower’s payment or performance is impaired; 6.7The Borrower seeks an order of relief under Federal Bankruptcy laws; 6.8The Borrower becomes insolvent; or 6.9A federal or state tax lien is filed against the assets of the Borrower. 7.Remedies on Default –Upon the continuation of any Event of Default, the Fundmay, without any further demand or notice, exercise any one or more of the following remedies: 7.1Declare the unpaid balance of the Note immediately due and payable; 7.2Proceed by appropriate court action to enforce the Borrower’s performance of the applicable covenants of this Agreement or to recover for the breach thereof; 7.3Pursue collectionunder the guaranties; 7.4Pursue enforcement of the lien of the UCCFinancing Statement; and 7.5Avail itself of all other rights and remedies available at law and in equity. 8.Further Remedies –In addition to the remedies described in paragraph 7, during the continuation of an Event of Default the Fundmay avail itself of all the rights and remedies of a secured party under the UCC, and at its option may: 8.1Enter upon Borrower’s premises to take possession of the Collateral or to render it unusable, or require Borrower to assemble the Collateral at any place designated by Fundreasonably convenient to the parties; 8.2Give notice to the Borrower before taking any action pursuant to the UCC Financing Statement by mailing such notice to the Borrower’s address as shownin this Agreement, at least ten (10) days before the proposed action. 8.3Use the proceeds of the disposition of any Collateralto pay and discharge the Borrower’s obligations as set forth in this Agreement and in the Note;and 8.4Without other notice (exceptas set forth below or in the other documents executed and delivered pursuant to or in connection with the making of the loan contemplated by this Agreement) or demand whatsoever to the Borrower, all of which are hereby waived (to the extent permitted by law), and without advertisement, sell at public or private sale or otherwise realize upon, the whole, or from time to time, any part of the collateral, or any interest which the Borrower may have therein. 8.5If any automobile is part of the Collateral, the Borrower agrees that a sale by the Fundof such vehicle at a price based upon a recognized automobile quotation, publication or a sale at a recognized automobile wholesale auction shall be deemed “commercially reasonable.” 9.Financial records after a default –At any time the Borrower is in default or a payment due under the Agreement is not made, the Borrower hereby authorizes the Fundto make or cause to be DocuSign Envelope ID: EB3192FE-16C4-46A8-BD81-BD425A584053