Legal SRA Issuance Form

LEGAL SRA ISSUANCE FORM

This Security Release Authorization (SRA) Issuance Form is entered into as of Effective Date: by and between Secured Party: , with principal address , and Grantor (Debtor): , with principal address .

RECITALS

WHEREAS, Secured Party is the holder of a security interest created by a security instrument titled , recorded in as Instrument/Book/Page or No. on (the "Security Instrument").

WHEREAS, the Security Instrument grants Secured Party a security interest in certain collateral described as:

WHEREAS, the parties desire that Secured Party issue an authorization releasing the security interest in whole or in part, subject to the terms and conditions set forth herein.

NOW, THEREFORE

In consideration of the mutual covenants contained in this Form and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Form, the following terms shall have the meanings set forth below: "Released Collateral" means the collateral identified in Section 2; "Remaining Obligations" means the continuing liabilities secured by the Security Instrument after issuance of the release; and "Effective Release Date" means the date specified in Section 2.

2. RELEASE

Subject to the conditions in Section 3, Secured Party hereby issues a release of the security interest in the following scope:

Full release of all security interest in the Collateral
Partial release limited to the Collateral described below

3. CONDITIONS TO RELEASE

The obligations of Secured Party to issue the release are expressly conditioned upon satisfaction of the following prior to the Effective Release Date: (a) receipt of all sums required as consideration: ; (b) delivery of any instruments, endorsements, estoppel certificates, or affidavits reasonably requested by Secured Party; and (c) payment of any recording or processing fees identified below.

4. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other that: (a) it is duly organized, validly existing and in good standing under applicable law and has full power and authority to execute and deliver this Form and perform its obligations; (b) execution, delivery and performance of this Form have been duly authorized by all necessary corporate or other action; and (c) this Form constitutes a legal, valid and binding obligation enforceable against it in accordance with its terms.

5. COVENANTS

Grantor covenants to Secured Party that it will not create, permit, or suffer any lien, security interest, or encumbrance on the Released Collateral after the Effective Release Date that would impair the effectiveness of this Release without prior written consent of Secured Party. Secured Party covenants to cooperate in the execution and, where required, the recording of documents reasonably necessary to effect the release.

6. INDEMNIFICATION

Grantor agrees to indemnify, defend and hold harmless Secured Party from and against any losses, liabilities, costs or expenses (including reasonable attorneys' fees) arising out of any breach of Grantor's representations, covenants or obligations under this Form or from any claim that the release was wrongful due to undisclosed encumbrances or misstatements.

7. RECORDING

Upon satisfaction of all conditions set forth herein, Secured Party shall execute and deliver any instrument of release suitable for recording in the jurisdiction identified above. Any costs of recording shall be borne by unless otherwise agreed.

8. NOTICES

All notices required or permitted under this Form shall be in writing and shall be delivered to the addresses set forth in the opening paragraph or to such other address as a party designates by written notice to the other. Notices shall be deemed given upon personal delivery, one business day after courier delivery, or three business days after deposit in the United States mail, postage prepaid, certified or registered.

9. GOVERNING LAW

This Form shall be governed by and construed in accordance with the laws of the State of without regard to conflict of law principles.

10. ENTIRE AGREEMENT

This Form constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous oral or written agreements, understandings, or representations concerning the same.

11. SEVERABILITY

If any provision of this Form is held to be invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, such provision shall be severed and the remaining provisions shall remain in full force and effect.

12. AMENDMENTS; WAIVER

No amendment or waiver of any provision of this Form shall be effective unless in writing and signed by both parties. The waiver by any party of a breach of any provision shall not constitute a waiver of any subsequent breach.

13. COUNTERPARTS

This Form may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures delivered by electronic transmission shall be treated as originals.

14. AUTHORIZATION AND CERTIFICATION

Each signatory below certifies that he or she is duly authorized to execute this Form on behalf of the party for which he or she signs and that the information provided herein is true and correct to the best of such signatory's knowledge.

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