home
***
CD-ROM
|
disk
|
FTP
|
other
***
search
/
Cream of the Crop 1
/
Cream of the Crop 1.iso
/
BUSINESS
/
GUIDE61A.ARJ
/
LHARC1.EXE
/
1706.ARM
< prev
next >
Wrap
Text File
|
1991-04-22
|
2KB
|
65 lines
/* Para. 1706: Security Agreement: Short form closer */
DEBTOR shall maintain the collateral in good repair, ordinary
wear and tear excepted, and shall insure the same for its full
value. DEBTOR shall provide to secured party certificates of
insurance. SECURED PARTY shall be named as a loss payee on a long
form standard loss payable clause. Should DEBTOR fail to maintain
such coverage, SECURED PARTY may obtain the same and DEBTOR shall
pay SECURED PARTY for the same, together with interest at the
highest legal rate on the amounts advanced by the SECURED PARTY.
Upon default, as is defined herein, SECURED PARTY shall have all
of the rights given to a secured party under the Uniform
Commercial Code, Article 9.
Default shall be defined as:
1. Any failure to comply with any covenant of the indebtedness
secured by this agreement, including but not limited to a failure
to timely pay as provided;
2. The entry of a judgment, tax lien or other charge against the
DEBTOR which is not satisfied or superseded within thirty days of
inception;
3. Such other commercially reasonably reason that leads SECURED
PARTY to believe that its security is in peril.
DEBTOR shall execute any and all financing statements or other
documents which are requested by SECURED PARTY and which SECURED
PARTY determines is necessary to perfect SECURED PARTY'S LIEN.
DEBTOR appoints SECURED PARTY agent as its agent to file and any
all financing statements which may be necessary or required to
perfect SECURED PARTY's security interest, and DEBTOR authorizes
SECURED PARTY to execute the same for DEBTOR.
This document represents the entire agreement between the
parties, and there are no agreements or representations which are
not stated herein. This agreement may not be modified unless it
is in writing and signed by both parties.
Dated: ________________________
For @001, SECURED PARTY:
________________________________________________________________
For @002, DEBTOR:
________________________________________________________________