Fill and Sign the Louisiana Possessory Form

STATE OF LOUISIANA PARISH OF [_PARISH_] POSSESSORY COLLATERAL SECURITY AGREEMENT BE IT KNOWN, that on [_Date_] before me, [_NOTARY_] , Notary Public, duly commissioned and qualified, and in the presence of the undersigned witnesses, personally came and appeared: [_MORTGAGOR_1_] , whose Tax Identification Number is [_TIN_1_] , and [_MORTGAGOR_2_] , whose Tax Identification Number is [_TIN_2_] , husband and wife domiciled in [_Mortgagor_Parish_] , whose present mailing address is [_Mortgagor_Address_] ; (herein sometimes referred to jointly as "Mortgagor"); and [_CREDITOR_] , whose Tax Identification Number is [_TIN_3_] , a banking corporation chartered under the laws of the State of Louisiana, having its principal place of business at [_Creditor_Address_] , herein represented by [_CREDITOR_AGENT_] , its [_Creditor_Office_] duly authorized; hereafter referred to as "Creditor"; who, after being by me duly sworn, did depose and say, as follows: Reference is hereby made to that certain Act of Collateral Mortgage ("Mortgage") executed by Mortgagor on [_Note_Date_] and herein delivered to Creditor, affecting certain immovable property described therein, securing that certain promissory note ("Collateral Mortgage Note") described in the Mortgage in the principal sum of [_$Principal_] executed [_Note_Date_] and payable to Bearer on demand, with interest at the rate of [_Rate_] ( [_Rate %_] ) per cent per annum from its date until paid. IT IS AGREED AND UNDERSTOOD AS FOLLOWS: 1. The Collateral Mortgage Note is hereby pledged and delivered by Mortgagor to Creditor as security for the payment of any and every debt, liability or obligation (both in principal, interest, penalties, charges, costs and fees), due or to become due, direct or indirect, primary or secondary, joint or several, absolute or contingent, however represented (by agreements, promissory notes, money loaned and advanced, overdrafts, letters of credit or otherwise) whether now existing or to arise hereafter, owed to Creditor by [_Mortgagor_or_Other_] or by any individual party signing this agreement, including, but not limited to: (a) The indebtedness evidenced by that certain promissory note ("Hand Note") of [_Maker_] dated [_Hand_Note_Date_] in the principal amount of [_$Hand_Note_Principal_] , with interest, attorney's fees and other obligations as set forth therein; and (b) Any extension, renewal, amendment, restatement, or restructuring of the Hand Note; and (c) All other indebtedness of [_Mortgagor_or_Other_] to Creditor hereafter arising; the maximum amount to be secured hereunder to be [_$Maximum_] . All obligations secured by this delivery and agreement shall be accorded equal rank and priority. 2. Mortgagor agrees that upon demand by Creditor, or upon the occurrence of an event of default as defined in the Mortgage or in any other loan, collateral or restructuring agreement, or the failure of [_Mortgagor_or_Other_] to pay any portion of any secured Obligation when due, the entire unpaid indebtedness secured by this delivery and agreement shall, at the election of the holder of the Collateral Mortgage Note, become due and payable immediately, without putting in default, presentment, demand for payment, protest or notice of nonpayment, dishonor or protest or any other notice or demand of any kind, and the holder of the Collateral Mortgage Note, shall have the right at its option to enforce payment in full of the secured Obligations and any mortgage, collateral or security agreement securing the same. Upon any default as referred to above, the holder of the Collateral Mortgage Note shall have the right either to enforce judicially the pledge of the Collateral Mortgage Note, or - 1 - to sell or otherwise dispose of the Collateral Mortgage Note (either at public or private sale and without notice, advertisement or appraisement, all of which are expressly waived) non- judicially and without the intervention of any court of law as provided by Article 3165, Louisiana Revised Civil Code, at such price and on such terms as the holder of the Collateral Mortgage Note may deem best, either for cash or any other consideration, or on credit or for future delivery. In order to facilitate any non-judicial sale of the Collateral Mortgage Note, Mortgagor does hereby irrevocably designate and appoint Creditor as its lawful Agent and Attorney-in-Fact to effectuate and accomplish any non-judicial sale and specifically authorizes and empowers Creditor to provide any endorsements necessary to convey and transfer the Collateral Mortgage Note, this being an agency coupled with an interest. Creditor shall not be liable for failure to use due diligence in connection with the sale or other disposition of the Collateral Mortgage Note. At any such sale, Creditor may purchase the Collateral Mortgage Note, free from any claim or right of redemption on the part of the Mortgagor, which claim or right is hereby waived and released. 3. Creditor agrees that: (a) Notwithstanding the face amount of the Collateral Mortgage Note, the liability of the Mortgagor shall be limited to, and neither Creditor or any other holder of the Collateral Mortgage Note shall enforce the same for an amount exceeding, the aggregate amount of the Obligations and the indebtedness under the Collateral Mortgage Note shall be deemed to be limited as provided in this paragraph; and (b) Except as provided in Section 2 hereof, Creditor will not sell, assign, deliver or otherwise surrender possession of the Collateral Mortgage Note to any other party except upon and subject to such terms and conditions as will render the Collateral Mortgage Note subject to the provisions hereof. 4. Creditor, on behalf of itself and any future holder or holders of the Collateral Mortgage Note, hereby accepts this delivery and agreement and acknowledges receipt of the Collateral Mortgage Note. 5. This Agreement shall be interpreted, construed and enforced in accordance with the laws of the State of Louisiana. 6. To the extent necessary to accomplish the foregoing, this agreement shall be interpreted as granting to Creditor a security interest under Louisiana Commercial Laws (La. R.S. 10:9-101 et seq .) in the collateral mortgage note executed by Mortgagor and further described above. In witness whereof, this Agreement done and passed in multiple originals, on the day, month and year hereinabove first written, by Mortgagor and Creditor in the presence of the undersigned competent witnesses who have hereunto executed, affixed and signed their names with Mortgagor and Creditor and me, Notary, all in the presence of each other after due reading of the whole. WITNESSES: _____________________ ________________________ [_MORTGAGOR_1_] _____________________ ________________________ [_MORTGAGOR_2_] [_CREDITOR_] By: ________________________ [_CREDITOR_AGENT_] [_Creditor_Office_] __________________________________ [_NOTARY_] , NOTARY PUBLIC * * * * * * * * * * - 2 - POSSESSORY COLLATERAL SECURITY AGREEMENT - F1BSEC02: This is a security agreement evidencing delivery of a collateral mortgage note as collateral for specified existing obligations and those of specified parties arising thereafter, with provisions dealing with remedies upon default. WORD KEY : EXPLANATION : [_PARISH_] Parish of execution. [_Date_] Date of execution. [_NOTARY_] Notary before whom executed. [_MORTGAGOR_1_] Name of first party who is delivering note as collateral. Where one delivers a collateral note for the obligation of another, this party will not be the borrower. Name should be consistent with name in acquisition of the mortgaged property. For alternative appearances, see document Appearances - F1AAPP1. [_TIN_1_] Tax Identification Number of first mortgagor. [_MORTGAGOR_2_] Name of second mortgagor. [_TIN_2_] Tax Identification Number of second mortgagor. [_Mortgagor_Parish_] Parish of mortgagors' domicile. [_Mortgagor_Address_] Mailing address of mortgagors. [_CREDITOR_] Party to whom Collateral Mortgage Note is delivered as collateral. [_TIN_3_] Tax Identification Number of creditor. [_Creditor_Address_] Address of the principal place of business of the creditor. [_CREDITOR_AGENT_] Name of person appearing for Creditor. [_Creditor_Office_] Office held by person appearing for Creditor. [_Note_Date_] Date of collateral mortgage note. [_$Principal_] Principal amount of collateral mortgage note (with $). [_Rate_] Interest rate (in words). [_Rate%_] Interest rate (in numerals with %). [_Mortgagor_or_Other_] Indicate party whose debts are secured by the agreement. [_Maker_] Maker of promissory note secured. [_Hand_Note_Date_] Date of promissory note secured. [_$Hand_Note_Principal_] Principal amount of promissory note secured (with $). [_$Maximum_] Maximum amount secured (with $). - 3 -