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