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2015-677-E ED - Master Peace barber Shop Loan and Security Agreement
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2015-677-E ED - Master Peace barber Shop Loan and Security Agreement
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Last modified
12/18/2019 4:48:52 PM
Creation date
12/19/2018 10:54:45 AM
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Contract
Date
4/13/2015
Contract Starting Date
4/13/2015
Contract Document Type
Agreement
Amount
$15,000.00
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DocuSign Envelope ID:56COB206-26C6-403B-9D33-D169069A82E4 <br /> LOAN AND SECURITY AGREEMENT <br /> 8. Further Remedies — In addition to the remedies described in paragraph 7, during the <br /> continuation of an Event of Default the Company may avail itself of all the rights and <br /> remedies of a secured party 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 <br /> unusable, or require Borrower to assemble the Collateral at any place designated by <br /> Company reasonably 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 <br /> Agreement, at 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 <br /> Borrower's 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 <br /> and delivered pursuant to or in connection with the making of the loan contemplated <br /> by this Agreement) or demand whatsoever to the Borrower, all of which are hereby <br /> waived (to the extent permitted by law), and without advertisement, sell at public or <br /> private sale or otherwise realize upon, the whole, or from time to time, any part of the <br /> collateral, or any interest which the Borrower may have therein. <br /> 8.5 If any automobile is part of the Collateral, the Borrower agrees that a sale by the <br /> Company of such vehicle at a price based upon a recognized automobile quotation, <br /> publication or a sale at a recognized automobile wholesale auction shall be deemed <br /> "commercially reasonable." <br /> 9. Financial records after a default — At any time the Borrower is in default or a payment due <br /> under the Agreement is not made, the Borrower hereby authorizes the Company to make <br /> or cause to be made, at the Borrower's expense and in such manner and at such times as <br /> the Company require, (a) inspections and audits of any books, records, and papers in <br /> custody or control of the Borrower or others, relating to the Borrower's financial or <br /> business conditions, including the making of copies thereof and extracts thereof, and (b) <br /> inspections and appraisals of any Borrower assets. Should the Borrower fail to make any <br /> payment due under the Agreement, the Borrower will furnish to the Company for each <br /> one month period from the date of disbursement of the loan proceeds covered by this <br /> Agreement, and for a six month period thereafter, and semiannually thereafter (no later <br /> than 30 days following the expiration of any such period), and at such other times and in <br /> such form as the Company may prescribe, the financial and operating statement of the <br /> business. <br /> Page 3 of 9 <br />
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