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indebtedness shall not be limited by any election of remedies if he chooses to foreclose this Security Interest by suit. <br />The right to take possession of the Collateral under the terms herein shall also exist cumulative with said suit and one <br />method shall not bar the other, but both may be exercised at the same or different times, nor shall one be a defense to <br />the other. <br />IN THE EVENT OF DEFAULT Debtor authorizes Secured Party, at Secured Party's option, to collect and <br />receipt for any and all sums becoming due upon the Collateral, such sums to be held by Secured Party without liability <br />for interest thereon and applied toward the payment of the Note hereby secured as and when same becomes payable. <br />Secured Party, at its option, shall have the full control ofthe Collateral and the liens securing same until the Note hereby <br />secured is fully paid, and shall have the further right to release the lien or liens securing the Collateral upon full and fmal <br />payment thereof to Secured Party; but Secured Party is under no obligation to make or enforce the collection of the <br />Collateral and the failure of Secured Party from any cause to make or enforce the collection thereof shall not in any way <br />prejudice the right of Secured Party to thereafter make or enforce collection thereof or in any way affect the indebtedness <br />to Secured Pariy hereby secwed; PROVIDED HOWEVER: This provision shall not preclude the payment of funds <br />for payment of the "Taxable Sales Tax Revenue Bonds - Series 2010", and subsequent bonds issued as contemplated <br />herein. Shouid the sales tax funds be withheld by the Comptroller of Public Accounts of the State of Texas or the City <br />of Paris, Debtor shall have the duty to proceed to collect same, and upon receipt of such funds to immediately pay <br />Secured Party the indebtedness then due and owing to Secured Party. <br />THE LAW governing this secured transaction shall be the Uniform Commercial Code as adopted in Texas, <br />and other applicable laws of the State of Texas. All terms used herein which are defined in the Uniform Commercial <br />Code of Texas shall have the same meaning herein as in such Code. <br />EXECUTED this 1 st day of September, 2011. <br />PARIS ECONOMIC DEVELOPMENT <br />CORPORATION <br />A Texas Non-Stock, Non-Profit Industrial <br />Development Corporation <br />BY: <br />M. PIKE BURKHART, SR., President <br />Duly Authorized <br />THE STATE OF TEXAS <br />COUNTY OF LAMAR <br />THIS instrument was acknowledged before me on the day of September, 2011, by M. PIKE <br />BURKHART, SR., in the capacity therein stated. <br />Notary Public, State of Texas <br />-2- <br />- - 129 <br />