[Letter from William P. Nelson to Harris L. Kempner, July 12, 1965] Page: 3 of 6
[3] p. ; 28 x 21 cm.View a full description of this letter.
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kL 108 7.57 SC-NC
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COLLATERAL NOTE
$.1.3.,2 . .. New York,..December..th,_.. __19 57
'after date, for value received, the undersigned (jointly and severally, if more than one) promise to pay to
THE BANK OF NEw YORK (herein called the "Bank") or order, at the office of the Bank
ONE HUNDRED TWENTY-THREE THOUSAND TWO HUNDRED Dollars,
with interest at 5 per cent per annum and after maturity at the legal rate, having deposited as collateral security for the pay-
ment of this note, and of any other present or future obligation or liability of any kind of the undersigned to the holder hereof,
due or to become due, secured or unsecured, absolute or contingent, joint or several, and hows6 er or whensoever acquired by said holder
hereof, the following property:
Harris Kempner Certificate of Beneficial Interest No. 444 for 700 shares in the name
of Harris L. Kempner
If this note becomes due and payable on a Saturday, Sunday or public holiday under the law of the State of New York, the maturity
hereof shall be extended to the next succeeding business day and interest hereon shall be payable at the above rate per annum during such
extension.
The undersigned hereby agree to deliver to the Bank whenever called for by it such additional collateral security of a kind and
of a market value satisfactory to the Bank, so that there will, at all times, be with the Bank a margin of security for the payment of
all such obligations or liabilities of the undersigned which shall be satisfactory to it. The undersigned further agree to pay promptly when
due all premiums on all life insurance policies, if any, held by the Bank as collateral security hereunder, and within twenty days after the
due dates of such premiums to furnish to the Bank receipts for such payment. Each of the undersigned hereby gives to the Bank a
lien for all of such obligations and liabilities, including this note, upon all the property or securities of any kind now or hereafter in the
possession of the Bank for his account or in which he may have an interest, whether or not such property or securities are in the possession
of the Bank for the expressed purpose of being used by the Bank as collateral security, and hereby authorizes the Bank to charge at any
time any of such obligations and liabilities against any balance of account standing to his credit on the books of the Bank.
Upon the failure of the undersigned to furnish promptly satisfactory additional security upon demand, or upon the death of the
insured under any life insurance policy held as collateral security hereunder, or if any premium on said policies should remain unpaid
for twenty days after it becomes due, or in case of default in the payment of any obligation or liability of the undersigned to the Bank,
or upon the insovency, however evidenced, general assignment, receivership, bankruptcy, failure, dissolution or death of the undersigned
or any endorser or guarantor of this note, or upon the financial condition or credit standing of the undersigned or any such endorser or
guarantor being materially impaired in the sole opinion of the Bank or any of its officers, this note and all other obligations and liabilities
of the undersigned then owned or held by the Bank shall become andbe due and payable forthwith, anything herein or in such other obli-
gations or liabilities expressed to the contrary, notwithstanding.
Upon failure of the undersigned to pay this note, or any other obligation or liability of the undersigned when becoming
or made due, as aforesaid, then, and in any such event, the Bank may immediately, without demand and without notice to the
undersigned, which demand and notice are hereby expressly waived, and without advertisement, (a) sell at public or private sale,
grant options to purchase or otherwise realize upon, in the Borough of Manhattan, New York City, or elsewhere, the whole or from time
to time any part of the property or securities of the undersigned upon which the Bank shall have a lien as aforesaid, or any interest
which the undersigned may have therein (whether or not such interest or such property or securities is shared or undivided in owner-
ship with persons, not parties hereto), and (b) exercise any and all rights, options, powers, benefits or privileges given to the Bank upon
the life insurance policies, if any, deposited as collateral security hereunder, and may apply the proceeds of sale or amounts realized from
such insurance policies toward the payment of any such indebtedness or obligations or liabilities of the undersigned together with interest,
in such order as the Bank shall elect, the undersigned (jointly and severally, if more than one) remaining liable for any deficiency remain-
ing unpaid after such application.
At any such sale the Bank may itself purchase the whole or any part of the property or securities sold, free from any right
of redemption on the part of the undersigned, which right is hereby waived and released.
The Bank, at its discretion, may, whether or not any of such liabilities be due, in its name, or in the name of the under-
signed, demand, sue for, collect and receive any money or property at any time due, and may compromise, settle or extend time
of payment of any of the demands or obligations represented by any of the, security hereby pledged, and the undersigned do hereby
constitute and appoint the Bank their true and lawful attorney to compromise, settle or extend payment of said demands or obliga-
tions as the undersigned might or could do personally.
The undersigned further agree to pay on demand all expenses (including reasonable expenses for legal services of every
kind) of, or incidental to, the care, sale or collection of, or realization upon, any of the collateral security or in any way relating to the
enforcement or protection of the rights of the Bank hereunder.
The Bank may, without any notice to the undersigned, in its absolute discretion, and for its own benefit, lend, use, transfer
or repledge with any person, firm or corporation all or any part of the security, by itself or mingled with the property of others,
in bulk or otherwise. The Bank may assign and transfer this note, and may deliver the security pledged hereunder, or any part
thereof, to the assignee or transferee of this note,. who shall become vested with all the powers and rights above given to the Bank
in respect thereto; and the Bank shall thereafter be relieved and fully discharged from any liability or responsibility in the premises.
The Bank may, without any notice to the undersigned, transfer, or cause to be transferred, all or any part of such security to its
name, or to the name of its nominee.
No delay on the -part of hela ky-4r aisfrzz, any--powetr igliereurrder-sa operate as ive
thereof nor shall any partial exercise or waiver by the Bank of any power or right hereunder preclude the later exercise of the
same or any other power or right hereunder.
Each and every right and remedy hereby granted to the Bank or allowed it by law shall be cumulative and not exclusive
the one of any other, and may be exercised by the Bank from time to time and as often as may be necessary.
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Nelson, William P. [Letter from William P. Nelson to Harris L. Kempner, July 12, 1965], letter, July 12, 1965; (https://texashistory.unt.edu/ark:/67531/metapth1425573/m1/3/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu.; crediting Rosenberg Library.