- In the event that Seller shall extend credit to Buyer by agreement of the parties or otherwise, the occurrence of any of the following events shall constitute default hereunder.
- Failure to pay when due any and all of the obligations;
- Any statement, representation or warranty made herein by or on behalf of Buyer shall be false or breached in any material respect;
- Failure to observe or perform any other covenant or agreement herein;
- Death of the Buyer who is a natural person or of any partner of Buyer which is a partnership;
- Should Buyer or any one of them if more than one, becomes insolvent (however evidenced) or commit any act of bankruptcy or make a general assignment for the benefit of creditors or it is instituted by or against any of them for any relief by any bankruptcy or insolvency loss, or if a receiver is appointed of or a writ or order, of attachment or garnishment is made or issued, or if any proceeding or procedure is commenced for any remedy supplementary to or in enforcement of a judgment is employed against or with respect to any property of any of them;
- Termination or suspension of the transaction of the usual business of Buyer;
- Should Seller have reasonable cause to deem the property unsafe or in jeopardy, or should the property be lost or substantially destroyed, or
- Should Seller reasonably believe that due and punctual payment of any or all of the obligation is impaired.2. Upon occurrence of any event of default under Paragraph 1 above and at any time thereafter, Seller may exercise any one or more of the following rights or remedies:
2. Upon occurrence of any event of default under Paragraph 1 above and at any time thereafter, Seller may exercise any one or more of the following rights or remedies:
- Declare all obligations to be immediately due and payable and the same shall be immediately due and payable without any demand for payment or other notice to Buyer;
- Exercise and enforce any and all rights and remedies available after default to the secured party or Seller under the Uniform Commercial Code as adopted in the State of Minnesota, including but not limited to the right to go onto the property of Buyer where the property is located and take possession of the property without judicial process to the extent permitted by the law; if notice to Buyer of any intended disposition of the property is required in a particular instance, such notice shall be deemed commercially reasonable if given in a manner as specified in Paragraph 4 hereof, at least ten calendar days preceding the date of intended disposition; Buyer agrees upon request of Seller to assemble the property and make it available to Seller at a place to be designated by Seller which is reasonably convenient for both parties.
- Exercise or enforce any or all other rights or remedies available to Seller by law or agreement against the property, against the Buyer or against any other person or property.
3. At the request of Seller, Buyer will join with Seller as secured party in executing one or more financing statements pursuant to the Uniform Commercial Code in a form satisfactory to Seller as secured party. Without limiting the foregoing, Buyer agrees that whenever the Uniform Commercial Code requires any of Seller’s representatives as Buyer’s attorney and agent with full power of substitution to sign or endorse Buyer’s name on any such financing statement or document, and authorizes Seller as secured party to file such financing statement in all places where necessary to perfect Seller as secured party’s security interest in the property, and Buyer hereby ratifies all acts of said attorney and said substitute, and agrees to hold Seller as secured party and said attorney harmless form any acts of commission or omission or any error of judgment or mistake of fact or law pertaining thereto.
This contract can be waived modified or amended and the security interest granted herein can be released only exclusively in writing and signed by Seller. A waiver signed by Seller shall be effective only in the specific instance and for the specific purpose given. mere delay or failure to act shall not preclude the exercise or enforcement of any of the rights or remedies of Seller as secured party. All rights and remedies of Seller shall be cumulative and may be exercised singularly or concurrently at Seller’s option, and the exercise or enforcement of any one such right or remedy shall be neither a condition nor a bar to the exercise or enforcement of any other. All notices to be given to Buyer shall be deemed sufficiently given if mailed by registered or certified mail, postage prepaid, or delivered to Buyer at his address set forth on the face of this contract or at the most recent address of Buyer shown of Seller’s records. This contract shall be governed by the substantive laws of the State of Minnesota. This contract and the provisions hereof are to be binding upon the heirs, executors, administrators or successors of Buyer. If this contract is signed by more than one person as Buyer, the term “Buyer” shall refer to each of them separately and to both and all of the jointly; all such persons shall be jointly and severally obligated hereunder, and all provisions hereof regarding the obligations of such persons shall apply to any obligation of any or all of them. In the vent of any default by Buyer as set forth above or the requirements by Seller to exercise any of the rights or remedies of Seller, Seller shall be entitled to all attorneys fees and costs in enforcing such rights or remedies against Buyer in addition to all obligations declared to be due and payable under this contract. In the case any one or more of the provisions of this contract shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegally or enforceability shall not affect any other provision of the contract.
Buyer deposit is non-refundable.
