Creditors Right to Expend Money to Protect Collateral Sample Clauses

Creditors Right to Expend Money to Protect Collateral. If in any respect the Debtor fails to comply with the covenants and conditions herein contained regarding the procuring of insurance, the payment of taxes, assessments, and other charges, the keeping of the Collateral in repair and free of liens and other claims, or to comply with any other covenant contained in this Agreement or the Loan Agreement, the Creditors shall have the right, without prejudice to any other remedies arising by reason of such default: (1) to advance or expend moneys for the purpose of procuring such insurance, or for the payment of insurance premiums, taxes, assessments or other charges; (2) to save the Collateral from sale or forfeiture for any unpaid tax, assessment, or otherwise; (3) to redeem the same from any tax or other sale; (4) to purchase any tax title thereon; (5) to remove or purchase any mechanics’ liens or other encumbrance thereon; (6) to make repairs thereon; (7) to comply with any other covenant herein contained; (8) to prosecute and defend any suit in relation to the Collateral; or (9) in any manner, to protect the Collateral and the title thereto. All sums so advanced for any of the aforesaid purposes with interest thereon at the highest legal rate, but not in excess of twelve percent (12%) per annum, shall be deemed a charge upon the Collateral in the same manner as the Notes at the time outstanding are secured and shall be forthwith paid to the Creditors upon demand. It shall not be obligatory for the Creditors in making any such advances or expenditures to inquire into the validity of any such title, tax, assessment, sale, mechanics’ lien, or other encumbrance thereof.
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Related to Creditors Right to Expend Money to Protect Collateral

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