Buyer will pay all invoices in accordance with the stated terms or service charges may be assessed on delinquent invoices at the rate of 11⁄2% per month (18% per annum) together with any court costs, reasonable attorney's fees and all other costs of collection that the Seller may incur in enforcing the terms of this agreement, all without relief from valuation and appraisement laws. On default of terms, Seller has the right to take possession of the collateral without judicial process.
The Buyer authorizes the Seller to process a bank draft for all invoices not paid within 60 days of delivery date. If legal action becomes necessary by either Seller or Buyer, it is also agreed that this or any contemporaneous or subsequent agreement will be governed as to validity, interpretation, construction,effect and all other respects by the laws of the state of New York. Parties hereby waive trial by jury and agree that the Municipal, Superior or Circuit Court of Rockland County, New York, shall be the court of proper venue and jurisdiction in the event of legal action.
The Buyer further grants to the Seller a security interest in Buyer's equipment, contract rights, inventories,receivables and proceeds of sales as collateral to secure the Buyer's performance of all obligations. The Buyer further authorizes the Seller to file a financing statement without the Buyer's signature. Buyer agrees not to change their corporate name without prior notice to and consent from Seller.
Applicant hereby agrees to immediately notify Seller of any sale of a significant portion of the assets or business of Applicant, or a sale of a substantial interest in the capital stock or other ownership interest of Applicant.