TERMS AND PROVISIONS OF AGREEMENT
In the event that the trade in, or any part thereof is not to be delivered to Seller, until delivery to Purchaser of the property hereby purchased, the seller may at its option, request a revaluation of the property at the time of such delivery to determine the allowance to then be made for such trade-in. In the event Purchaser and Seller, cannot agree upon a valuation, then each party shall select one appraiser, and the two selected shall select a third party, and the determination of said appraisers, or a majority of them, shall be binding upon and shall form the basis for computing the trade-in allowance. Further, in the event that either party shall fail to select an appraiser within five (5) days after the Seller has notified Purchaser of its intention to revalue said trade-in, then any appraiser selected hereunder shall make the appraisal which shall be binding upon the parties.
Purchaser agrees to pay to Seller the list price of said property in effect at the time of delivery and in the event that such cash delivery once is increased, Purchaser may, if dissatisfied, therewith by written notice to Seller within five (5) days after being notified by Seller of any increase in price cancel this Agreement in which event, if property has been traded in as a part of the consideration for the purchase of said property from Seller, it shall be returned to Purchaser upon the payment of reasonable charge for storage and repairs, if any, or if such trade-in property has been previously resold by Seller, then the amount received therefor less any salesman's commission and any other selling expense, including storing, conditioning, repairing, insuring or advertising said property, for sale, shall be returned to Purchaser. Until the property hereby ordered is delivered to and accepted by Purchaser, all property traded in by Purchaser shall remain at Purchaser's risk.
In the event this Agreement is not cancelled by Purchaser as herein above provided, and Purchaser shall fail or refuse to accept delivery of the property hereby ordered or to comply with any other terms and provisions of this Agreement, then Seller, in addition to any other right or remedy afforded by law, may retain as liquidated damages any cash deposit made by Purchaser and any property traded in by Purchaser.
Purchaser authorizes Seller, upon acceptance of this Agreement by Seller, to complete for and on behalf of Purchaser, the forms of promissory note(s), security agreement and financing statements which Purchaser may have signed contemporaneously herewith in blank, by inserting in such instruments, in the first instances, dates, names of parties, the description of the property purchased, amount and terms of payment, and in the event of changes or substitutions herein prior to final delivery by inserting the description of the property finally delivered and the final amount and terms of payment therefor.
If the property specified herein is new equipment, then Purchaser is entitled to all warranties of the manufacturer. The Seller makes no warranties with respect to new equipment, except that the Seller is lawfully entitled to sell same.
If the equipment is sold as a Class "A" machine, i.e. rebuilt and reconditioned, in the event any major parts or workmanship are proved to be defective within a period of thirty (30) days from date of delivery, (warranty does not apply to tires and battery), Seller, at its own expense agrees to furnish such parts and perform such labor as made necessary by inherent defects of material or workmanship. If, however, any major parts or workmanship are proved to be defective after a period of thirty (30) days from the date of delivery, but not more than sixty (60) days, from date of delivery, Seller agrees to furnish such parts and labor necessary to correct such inherent defects of material or workmanship, and Purchaser hereby agrees to pay one-half of the standard charges covering the parts and labor so furnished by Seller in any case herein mentioned. Purchaser agrees to deliver the equipment to the place designated by Seller for the purpose of making such repairs.
If the equipment is sold as Class "B" machine, which as been "serviced and conditioned" by Seller to be in good working condition, any major parts (tire and battery excluded), workmanship proved to be defective within a period of thirty (30) days from date of delivery. Seller agrees to furnish such parts and labor necessary to correct such inherent defects of material and workmanship and Purchaser hereby agrees to pay one-half of the standard charges covering major parts and labor so furnished by Seller. Purchaser agrees to deliver the equipment to place designated by Seller for purpose of making such repairs.
On a class "C" machine sold on an “as is" basis, it is distinctly understood that Seller does not represent, warrant, or guarantee in any manner, the condition, quality or fitness of the property herein specified, and Purchaser so acknowledges.
THE WARRANTIES HEREIN CONTAINED, AND SELLER'S OBLIGATIONS THEREUNDER, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSES; AND SELLER SHALL NOT BE RESPONSIBLE FOR DAMAGES OR DELAYS CAUSED BY DEFECTIVE MATERIAL OR WORKMANSHIP ON EITHER NEW OR USED EQUIPMENT, NOR SHALL ANY ALLOWANCE BE MADE BY SELLER TO REPAIRS, PARTS, OR ALTERATIONS OF THE PROPERTY HEREIN SPECIFIED, UNLESS THE SAME ARE AUTHORIZED IN WRITING BY SELLER.
If the Collateral has been sold as a Class "B" machine, which has been serviced and "conditioned" by Secured party to be in good working condition, any major parts (tires and battery excluded), workmanship proved to be defective within a period of thirty (30) days from date of delivery, Secured party agrees to furnish such parts and labor necessary to correct such inherent defects of material and workmanship and Purchaser hereby agrees to pay one-half of the standard charges covering major parts and labor so furnished by Secured Party. Purchaser agrees to deliver the equipment to place designated by Secured Party for purpose of making such repairs.
On a Class "C" machine sold on as "as is" basis, it is distinctly understood that Secured party does not warrant, represent or guarantee in any manner the condition, quality or fitness of the Collateral and Debtor so acknowledges.
THE WARRANTIES HEREIN CONTAINED, AND SECURED PARTY'S OBLIGATIONS THEREUNDER, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSES; AND SECURED PARTY SHALL NOT BE RESPONSIBLE FOR DAMAGES OR DELAYS CAUSED BY DEFECTIVE MATERIAL OR WORKMANSHIP ON EITHER NEW OR USED COLLATERAL, NOR SHALL ANY ALLOWANCE BE MADE BY SECURED PARTY FOR REPAIRS, PARTS, OR ALTERATIONS OF THE PROPERTY HEREIN SPECIFIED, UNLESS THE SAME ARE AUTHORIZED IN WRITING BY THE SECURED PARTY.
If the Collateral, or any part thereof, is a motor vehicle subject to registration under the laws of the State of Iowa, then Debtor may pay in full at anytime before maturity the debt of this contract and in so paying such debt shall receive for such anticipation of payments a refund credit in an amount as provided by Sec. 537.25100 Code of Iowa. 1975.
DEBTOR WARRANTS, COVENANTS AND AGREES:
1.That no financing statement covering said Collateral, or any proceeds thereof, is on file in any public office.
2.That Debtor shall not sell, transfer, or otherwise dispose of the Collateral or any interest therein, and will not permit any other lien or security interest to be attached thereto without the prior written consent of Secured Party.
3.That Debtor shall promptly pay when due any and all taxes or charges which may be assessed or levied against the Collateral.
4.That Debtor shall keep said Collateral insured from loss or destruction by fire, theft, collision and all other perils, as Secured Party requires, in an amount not less than the full insurable value of the Collateral, or the amount secured hereby, whichever is lesser, with said insurance being payable to Secured Party as its interest may appear, and Debtor shall deliver to Secured Party a Certificate of said insurance which shall provide that said insurance may only be cancelled after ten (10) days written notice to Secured Party. To the extent of the security interest herein granted, Debtor hereby appoints the Secured Party the agent and attorney to the Debtor, in adjusting and canceling such insurance and endorsing settlement drafts, and hereby assigns to the Secured Party all sums, including return premiums and dividends, as additional security, specifically agreeing that Secured Party may cancel said insurance upon any default by Debtor and apply any refund to the balance due.
5.That Debtor will defend the Collateral against all claims and demands of all persons or any time claiming the same or any interest therein.
6.That Secured Party has the option, but is not obligated, without notice to Debtor, to pay and discharge taxes, liens, encumbrances or security interests upon the Collateral, to pay for the insurance on the Collateral, and to pay for repairs, maintenance and preservation of the Collateral. Any amounts so paid by Secured Party, shall become additional obligations secured by this Security Agreement and shall bear interest at the highest lawful contract rate from the dates of any such payments until repaid.
7.That Secured Party shall have the right to negotiate or assign the security interest evidenced by this agreement and the note(s) which it secures, and understand that Secured Party may do so, without any notice to Debtor. Debtor specifically agrees that if there is any assessment or transfer of the Security Agreement-or note(s), the assignee or transferee shall have all of the Secured Party's rights and remedies under this agreement, but the assignee shall not be chargeable with any obligations or liabilities of the Secured Party, and Debtor will assert as a defense, counterclaim, setoff, cross complaint or otherwise any claim, known or unknown, which he now or hereafter acquires against the original Secured Party herein in any action commenced by any assignee or transferee of this agreement and the note(s) which it secures.
8.That any extension of the time for payment of any installment hereunder, or the acceptance of only parts of such installment, or the failure of the Secured Party to enforce the strict performance of any covenant, promise or condition herein contained on the part of the Debtor to be performed, shall not operate as a waiver of the right of the Secured Party, thereafter to require that the terms hereof be strictly performed according to the tenor hereof. No party to this agreement shall be discharged from liability to the Secured Party by reason of the Secured Party's extending the time for payment of any installment or installments owing or due upon said secured obligation, or by reason of the Secured Party's waiver or modification of any terms of the note evidencing such obligation, or of any terms of the agreement.
9. That Debtor will keep the Collateral in good repair, and will not sell, lease, exchange, waste, or remove the Collateral from the country of his residence above specified, or otherwise dispose of the Collateral or execute any financing statement covering this Collateral or create any security interest in the Collateral except that created by this agreement, without the written consent of the Secured Party.
10.That this agreement shall be deemed to have been made in the State of Iowa and shall be construed according to the laws of said State. If any part of this agreement is contrary to the laws of any state, the other parts of this agreement shall remain valid, effective and enforceable.
11.That the rights and remedies herein conferred upon the Secured Party shall be cumulative and not alternative and shall be in addition and not in substitution of, or in derogation of the rights and remedies conferred by the Uniform Commercial Code of Iowa and any other laws.
12.That all rights of the Secured Party hereunder shall insure to the benefit of its successors and assigns any and all obligations of the Debtor shall bind his heirs, personal representatives, successors or assigns. If there be more than one Debtor, there obligations hereunder shall be joint and several.
13.That at any reasonable time, the Debtor will allow the Secured Party or representatives of the Secured Party to examine and inspect the Collateral wherever located. That if the Collateral hereunder is inventory or equipment used for business purposes, the Debtor will keep accurate books and records of the Collateral and shall allow the Secured Party or representatives of the Secured Party to examine said books and records at any reasonable time as well as the Collateral itself.
14.That if the Collateral is inventory, the security interest herein granted shall also extend to all proceeds realized by the Debtor from the sale of the Collateral.
15.That upon the occurrence of any of the following events, the Secured Party may accelerate any obligation secured by this agreement and may declare Debtor in default under this agreement said events being as follows: (a) If the Debtor fails to perform any obligation contained in any note evidencing any obligation hereby secured. (b) If the Debtor fails or neglects to fully comply with any provision, term, covenant, or warranty of this Security Agreement. (c) If any warranty, representation of statement made or furnished to the Secured Party by or on behalf of the Debtor was false in any material respect when made or furnished. (d) If there occurs the dissolution, termination of existence or business failure of the Debtor, or there is commenced any proceeding under any bankruptcy or insolvency laws by or against the Debtor or any guaranty or security for the Debtor, or if the Debtor shall make an assignment for the benefit of creditors. (e) If any loss, theft, or damage or destruction of the Collateral not covered by insurance containing a loss payable clause naming Secured Party occurs. (f) If a judgement is entered against the Debtor or any guarantor or surety for the Debtor in any court, in any jurisdiction or if any event occurs which results in the acceleration of the maturity of the indebtedness of the Debtor to the Secured Party or others under any other undertaking, or (g) The occurrence of any event that causes the Secured Party to deem itself insecure.
16.That upon default or breach of any of the terms, covenants, conditions or agreements of this Security Agreement herein provided to be observed and performed by Debtor, or at any time thereafter, Secured Party may without notice declare all obligations owed hereunder immediately due and payable and shall have all the rights and remedies of a secured party under the Uniform Commercial Code of Iowa and any other applicable laws. Debtor will, at Secured Party's request, assemble the Collateral and make it available to the Secured Party at such place as is designated by the Secured Party, which shall be reasonably convenient, if being specifically agreed by the Debtor that at any regular place of business of Secured Party which may be designated by the Secured Party shall be deemed reasonably convenient to Debtor and Secured Party. Any requirements of reasonable notice by the Secured Party shall be met if such notice is mailed by certified mail, postage prepaid to the address of the Debtor shown at the beginning of this Agreement (or to such other address as the Debtor may have requested in writing) at least seven (7) days before the time of the event set forth in such notice and such notice shall be deemed to have been given upon the date that the envelope containing the notice properly addressed is deposited in the United States mail. Expense of retaking, holding, repairing, preparing for sale, selling and the like include the Secured Party's reasonable attorney fees and legal expenses, allowable by law, incurred by Secured Party in enforcing its rights under this agreement.
17.That the Collateral shall in no use or manner become attached to real estate, nor shall it become a fixture.
Purchaser agrees to pay to Seller the list price of said property in effect at the time of delivery and in the event that such cash delivery once is increased, Purchaser may, if dissatisfied, therewith by written notice to Seller within five (5) days after being notified by Seller of any increase in price cancel this Agreement in which event, if property has been traded in as a part of the consideration for the purchase of said property from Seller, it shall be returned to Purchaser upon the payment of reasonable charge for storage and repairs, if any, or if such trade-in property has been previously resold by Seller, then the amount received therefor less any salesman's commission and any other selling expense, including storing, conditioning, repairing, insuring or advertising said property, for sale, shall be returned to Purchaser. Until the property hereby ordered is delivered to and accepted by Purchaser, all property traded in by Purchaser shall remain at Purchaser's risk.
In the event this Agreement is not cancelled by Purchaser as herein above provided, and Purchaser shall fail or refuse to accept delivery of the property hereby ordered or to comply with any other terms and provisions of this Agreement, then Seller, in addition to any other right or remedy afforded by law, may retain as liquidated damages any cash deposit made by Purchaser and any property traded in by Purchaser.
Purchaser authorizes Seller, upon acceptance of this Agreement by Seller, to complete for and on behalf of Purchaser, the forms of promissory note(s), security agreement and financing statements which Purchaser may have signed contemporaneously herewith in blank, by inserting in such instruments, in the first instances, dates, names of parties, the description of the property purchased, amount and terms of payment, and in the event of changes or substitutions herein prior to final delivery by inserting the description of the property finally delivered and the final amount and terms of payment therefor.
If the property specified herein is new equipment, then Purchaser is entitled to all warranties of the manufacturer. The Seller makes no warranties with respect to new equipment, except that the Seller is lawfully entitled to sell same.
If the equipment is sold as a Class "A" machine, i.e. rebuilt and reconditioned, in the event any major parts or workmanship are proved to be defective within a period of thirty (30) days from date of delivery, (warranty does not apply to tires and battery), Seller, at its own expense agrees to furnish such parts and perform such labor as made necessary by inherent defects of material or workmanship. If, however, any major parts or workmanship are proved to be defective after a period of thirty (30) days from the date of delivery, but not more than sixty (60) days, from date of delivery, Seller agrees to furnish such parts and labor necessary to correct such inherent defects of material or workmanship, and Purchaser hereby agrees to pay one-half of the standard charges covering the parts and labor so furnished by Seller in any case herein mentioned. Purchaser agrees to deliver the equipment to the place designated by Seller for the purpose of making such repairs.
If the equipment is sold as Class "B" machine, which as been "serviced and conditioned" by Seller to be in good working condition, any major parts (tire and battery excluded), workmanship proved to be defective within a period of thirty (30) days from date of delivery. Seller agrees to furnish such parts and labor necessary to correct such inherent defects of material and workmanship and Purchaser hereby agrees to pay one-half of the standard charges covering major parts and labor so furnished by Seller. Purchaser agrees to deliver the equipment to place designated by Seller for purpose of making such repairs.
On a class "C" machine sold on an “as is" basis, it is distinctly understood that Seller does not represent, warrant, or guarantee in any manner, the condition, quality or fitness of the property herein specified, and Purchaser so acknowledges.
THE WARRANTIES HEREIN CONTAINED, AND SELLER'S OBLIGATIONS THEREUNDER, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSES; AND SELLER SHALL NOT BE RESPONSIBLE FOR DAMAGES OR DELAYS CAUSED BY DEFECTIVE MATERIAL OR WORKMANSHIP ON EITHER NEW OR USED EQUIPMENT, NOR SHALL ANY ALLOWANCE BE MADE BY SELLER TO REPAIRS, PARTS, OR ALTERATIONS OF THE PROPERTY HEREIN SPECIFIED, UNLESS THE SAME ARE AUTHORIZED IN WRITING BY SELLER.
ADDITIONAL TERMS AND PROVISIONS OF SECURITY AGREEMENT
If the Collateral is new property, the Debtor is entitled to all warranties with respect to new property If the Collateral has been sold as a Class 'A" machine, i.e. rebuilt and reconditioned, in the event any major parts or workmanship are proved to be defective within a period of thirty (30) days from date of delivery, (tire and battery excluded), Secured Party, at its own expense, agrees to furnish such parts and perform such labor as made necessary by inherent defects of material or workmanship. If, however, any parts or workmanship are proved to be defective after a period of thirty (30) days from date of delivery but no more than sixty (60) days thereafter, Secured Party agrees to furnish such parts and labor necessary to correct such inherent defects of material and workmanship, and Debtor hereby agrees to pay one-half (1/2) of the regular charges covering the parts and labor so furnished by Secured Party in any case herein mentioned. Debtor agrees to deliver the equipment to the place designated by Secured Party for purpose of making such repairs.If the Collateral has been sold as a Class "B" machine, which has been serviced and "conditioned" by Secured party to be in good working condition, any major parts (tires and battery excluded), workmanship proved to be defective within a period of thirty (30) days from date of delivery, Secured party agrees to furnish such parts and labor necessary to correct such inherent defects of material and workmanship and Purchaser hereby agrees to pay one-half of the standard charges covering major parts and labor so furnished by Secured Party. Purchaser agrees to deliver the equipment to place designated by Secured Party for purpose of making such repairs.
On a Class "C" machine sold on as "as is" basis, it is distinctly understood that Secured party does not warrant, represent or guarantee in any manner the condition, quality or fitness of the Collateral and Debtor so acknowledges.
THE WARRANTIES HEREIN CONTAINED, AND SECURED PARTY'S OBLIGATIONS THEREUNDER, ARE IN LIEU OF ALL OTHER WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR PARTICULAR PURPOSES; AND SECURED PARTY SHALL NOT BE RESPONSIBLE FOR DAMAGES OR DELAYS CAUSED BY DEFECTIVE MATERIAL OR WORKMANSHIP ON EITHER NEW OR USED COLLATERAL, NOR SHALL ANY ALLOWANCE BE MADE BY SECURED PARTY FOR REPAIRS, PARTS, OR ALTERATIONS OF THE PROPERTY HEREIN SPECIFIED, UNLESS THE SAME ARE AUTHORIZED IN WRITING BY THE SECURED PARTY.
If the Collateral, or any part thereof, is a motor vehicle subject to registration under the laws of the State of Iowa, then Debtor may pay in full at anytime before maturity the debt of this contract and in so paying such debt shall receive for such anticipation of payments a refund credit in an amount as provided by Sec. 537.25100 Code of Iowa. 1975.
DEBTOR WARRANTS, COVENANTS AND AGREES:
1.That no financing statement covering said Collateral, or any proceeds thereof, is on file in any public office.
2.That Debtor shall not sell, transfer, or otherwise dispose of the Collateral or any interest therein, and will not permit any other lien or security interest to be attached thereto without the prior written consent of Secured Party.
3.That Debtor shall promptly pay when due any and all taxes or charges which may be assessed or levied against the Collateral.
4.That Debtor shall keep said Collateral insured from loss or destruction by fire, theft, collision and all other perils, as Secured Party requires, in an amount not less than the full insurable value of the Collateral, or the amount secured hereby, whichever is lesser, with said insurance being payable to Secured Party as its interest may appear, and Debtor shall deliver to Secured Party a Certificate of said insurance which shall provide that said insurance may only be cancelled after ten (10) days written notice to Secured Party. To the extent of the security interest herein granted, Debtor hereby appoints the Secured Party the agent and attorney to the Debtor, in adjusting and canceling such insurance and endorsing settlement drafts, and hereby assigns to the Secured Party all sums, including return premiums and dividends, as additional security, specifically agreeing that Secured Party may cancel said insurance upon any default by Debtor and apply any refund to the balance due.
5.That Debtor will defend the Collateral against all claims and demands of all persons or any time claiming the same or any interest therein.
6.That Secured Party has the option, but is not obligated, without notice to Debtor, to pay and discharge taxes, liens, encumbrances or security interests upon the Collateral, to pay for the insurance on the Collateral, and to pay for repairs, maintenance and preservation of the Collateral. Any amounts so paid by Secured Party, shall become additional obligations secured by this Security Agreement and shall bear interest at the highest lawful contract rate from the dates of any such payments until repaid.
7.That Secured Party shall have the right to negotiate or assign the security interest evidenced by this agreement and the note(s) which it secures, and understand that Secured Party may do so, without any notice to Debtor. Debtor specifically agrees that if there is any assessment or transfer of the Security Agreement-or note(s), the assignee or transferee shall have all of the Secured Party's rights and remedies under this agreement, but the assignee shall not be chargeable with any obligations or liabilities of the Secured Party, and Debtor will assert as a defense, counterclaim, setoff, cross complaint or otherwise any claim, known or unknown, which he now or hereafter acquires against the original Secured Party herein in any action commenced by any assignee or transferee of this agreement and the note(s) which it secures.
8.That any extension of the time for payment of any installment hereunder, or the acceptance of only parts of such installment, or the failure of the Secured Party to enforce the strict performance of any covenant, promise or condition herein contained on the part of the Debtor to be performed, shall not operate as a waiver of the right of the Secured Party, thereafter to require that the terms hereof be strictly performed according to the tenor hereof. No party to this agreement shall be discharged from liability to the Secured Party by reason of the Secured Party's extending the time for payment of any installment or installments owing or due upon said secured obligation, or by reason of the Secured Party's waiver or modification of any terms of the note evidencing such obligation, or of any terms of the agreement.
9. That Debtor will keep the Collateral in good repair, and will not sell, lease, exchange, waste, or remove the Collateral from the country of his residence above specified, or otherwise dispose of the Collateral or execute any financing statement covering this Collateral or create any security interest in the Collateral except that created by this agreement, without the written consent of the Secured Party.
10.That this agreement shall be deemed to have been made in the State of Iowa and shall be construed according to the laws of said State. If any part of this agreement is contrary to the laws of any state, the other parts of this agreement shall remain valid, effective and enforceable.
11.That the rights and remedies herein conferred upon the Secured Party shall be cumulative and not alternative and shall be in addition and not in substitution of, or in derogation of the rights and remedies conferred by the Uniform Commercial Code of Iowa and any other laws.
12.That all rights of the Secured Party hereunder shall insure to the benefit of its successors and assigns any and all obligations of the Debtor shall bind his heirs, personal representatives, successors or assigns. If there be more than one Debtor, there obligations hereunder shall be joint and several.
13.That at any reasonable time, the Debtor will allow the Secured Party or representatives of the Secured Party to examine and inspect the Collateral wherever located. That if the Collateral hereunder is inventory or equipment used for business purposes, the Debtor will keep accurate books and records of the Collateral and shall allow the Secured Party or representatives of the Secured Party to examine said books and records at any reasonable time as well as the Collateral itself.
14.That if the Collateral is inventory, the security interest herein granted shall also extend to all proceeds realized by the Debtor from the sale of the Collateral.
15.That upon the occurrence of any of the following events, the Secured Party may accelerate any obligation secured by this agreement and may declare Debtor in default under this agreement said events being as follows: (a) If the Debtor fails to perform any obligation contained in any note evidencing any obligation hereby secured. (b) If the Debtor fails or neglects to fully comply with any provision, term, covenant, or warranty of this Security Agreement. (c) If any warranty, representation of statement made or furnished to the Secured Party by or on behalf of the Debtor was false in any material respect when made or furnished. (d) If there occurs the dissolution, termination of existence or business failure of the Debtor, or there is commenced any proceeding under any bankruptcy or insolvency laws by or against the Debtor or any guaranty or security for the Debtor, or if the Debtor shall make an assignment for the benefit of creditors. (e) If any loss, theft, or damage or destruction of the Collateral not covered by insurance containing a loss payable clause naming Secured Party occurs. (f) If a judgement is entered against the Debtor or any guarantor or surety for the Debtor in any court, in any jurisdiction or if any event occurs which results in the acceleration of the maturity of the indebtedness of the Debtor to the Secured Party or others under any other undertaking, or (g) The occurrence of any event that causes the Secured Party to deem itself insecure.
16.That upon default or breach of any of the terms, covenants, conditions or agreements of this Security Agreement herein provided to be observed and performed by Debtor, or at any time thereafter, Secured Party may without notice declare all obligations owed hereunder immediately due and payable and shall have all the rights and remedies of a secured party under the Uniform Commercial Code of Iowa and any other applicable laws. Debtor will, at Secured Party's request, assemble the Collateral and make it available to the Secured Party at such place as is designated by the Secured Party, which shall be reasonably convenient, if being specifically agreed by the Debtor that at any regular place of business of Secured Party which may be designated by the Secured Party shall be deemed reasonably convenient to Debtor and Secured Party. Any requirements of reasonable notice by the Secured Party shall be met if such notice is mailed by certified mail, postage prepaid to the address of the Debtor shown at the beginning of this Agreement (or to such other address as the Debtor may have requested in writing) at least seven (7) days before the time of the event set forth in such notice and such notice shall be deemed to have been given upon the date that the envelope containing the notice properly addressed is deposited in the United States mail. Expense of retaking, holding, repairing, preparing for sale, selling and the like include the Secured Party's reasonable attorney fees and legal expenses, allowable by law, incurred by Secured Party in enforcing its rights under this agreement.
17.That the Collateral shall in no use or manner become attached to real estate, nor shall it become a fixture.