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- 1 - SECURITY AGREEMENT THIS SECURITY AGREEMENT is executed on the ____ day of _________________, 20____, by and between ______________________________ and ______________________________ , "Borrowers" and ______________________________ , "Lender". Recitals A. ______________________________ and ______________________________ ("Borrowers"), are indebted to the Lender in the sum of $_________________ (the "Loan") under a Promissory Note executed on the same date as this Agreement. B. The Lender has required as a condition to making the Loan to the Borrowers that (among other things) the Borrowers execute this Security Agreement. Agreement NOW THEREFORE, in consideration of the foregoing recitals, the sum of $10.00 in hand paid by the Lender to the Borrower, and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower and Lender hereby agree as follows: 1. Liability Secured. This Agreement is entered into as security for the following (hereinafter referred to as the "Liabilities"): (a) the payment of the Loan evidenced by the Note, and every extension or renewal thereof; and (b) all other indebtedness, obligations (including obligations of performance) and liabilities of the Borrowers, or any of them, to the Lender of every kind, type and description whatsoever, direct or indirect, absolute or contingent, due or to become due, now existing or hereafter incurred, contracted or arising, or acquired by the Lender from a
The borrowers or by any of them in any manner whatsoever, or by them from the borrowers or by any of them, or by them from any other person or entity, and includes a mortgage, conditional sale or purchase agreement, a deed of trust, deed of promise, contract of sale of security, lease or other encumbrance of any kind, mortgage or lien upon any real or personal estate or land of any type, description or value whatsoever and any loan, credit, security agreement, hyphenation or other obligation of or arising from a mortgage or lien upon any of the foregoing, except where this agreement expressly excludes the mortgage or lien. Further, in consideration of the lender's providing the same security in the name of the borrower pursuant to all of which it has a right to assume without the borrower's knowledge pursuant to a. Section 603 of title 31, it has a right to assume, including the performance of any obligation by a person in default with respect to such mortgage or lien except for those obligations and liabilities arising out of the loan agreement. B. Any obligations of either borrower arising out of or in connection with the loans made herein described. C. Any obligations of the lender that arise out of or in connection with the loans made herein described by either borrower unless the lender has given prior consent to such obligation (, a condition precedent authorization or other applicable legal process). D. All other contracts, agreements or assignments, either written or oral, whether temporary or irrevocable, or whether made for consideration or not, entered into, executed or made in the course of the transaction set forth herein, whether for consideration or not, and whether for legal or material consideration, any part of which may be the subject of assignment, if enforceable by law. 2. Interest rate. The specified interest rate shall be the prevailing rate or rates prevailing at the time of lending. Such prevailing rate may vary as may be agreed upon between the parties. 4. Adjustments. Neither party may make any adjustment or modification of this security agreement if it would reduce the sum of the outstanding principal obligations and the amount of such outstanding principal obligations, or otherwise materially affect any of the circumstances set forth in paragraph 1, unless it, at its own expense, enters into a new agreement with the other party, which agreement shall be binding on the other party; provided however that it shall be binding upon the lender, without the consent of the borrower or any of the borrowers. 5. Severability. If any part.