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Iowa _______________________ (Position) Security Agreement 4 lease Print) __________________________________ (Position) LENDER: ___________________________________________________ (Signature) __________________________________ (Name ­ Please Print) ___________ave caused this Agreement to be executed the day and year first written above. BORROWER: ____________________________________________________ (Signature) ___________________________________ (Name ­ Pconstrued in accordance with the laws of the State of _______________________________. [The remainder of this page intentionally left blank.] Security Agreement 3 IN WITNESS WHEREOF, the parties h_________ ________________________________ Either party may change such addresses from time to time by providing notice as set forth above. 11. GOVERNING LAW: This Agreement shall be governed by and ce, addressed as follows: LENDER: ________________________________ ________________________________ ________________________________ BORROWER: ________________________________ _______________________. NOTICE: Any notice required or otherwise given pursuant to this Agreement shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery servied invalid or unenforceable by any court of competent jurisdiction, and if limiting such provision would make the provision valid, then such provision shall be deemed to be construed as so limited. 10: If any part or parts of this Agreement shall be held unenforceable for any reason, the remainder of this Agreement shall continue in full force and effect. If any provision of this Agreement is deemsion of this Agreement. Furthermore, no waiver by Lender of any default shall operate as a waiver of any other default or the same default on a future occasion. Security Agreement 2 9. SEVERABILITYilure of either party to enforce any provisions of this Agreement shall not be deemed a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every proviof the Parties. 7. CUMULATIVE RIGHTS: The Parties' rights under this Agreement are cumulative, and shall not be construed as exclusive of each other unless otherwise required by law. 8. WAIVER: The faull of the Note. 6. BINDING EFFECT: The covenants and conditions contained in this Agreement shall apply to and bind the Parties and the heirs, legal representatives, successors and permitted assigns an; and (c) any surplus to Borrower, in accordance with the UCC or as a court of competent jurisdiction may direct. 5. TERMINATION: This Agreement shall terminate upon the payment and performance in f priorities: (a) any reasonable costs, fees, or expenses, of Lender made in connection with the sale/disposition of the Collateral; (b) to Lender in an amount equal to any unpaid obligations of the Loa mutually convenient location, which Lender shall reasonably select. The proceeds of any sale or disposition of any part of the Collateral shall be distributed by the Lender in the following order of the foregoing, Grantor expressly agrees that in any such default Lender may take immediate and exclusive possession of the Collateral. Lender may require Borrower to make the Collateral available in the Loan secured by this Agreement, immediately due and payable and shall have all the rights and remedies of a Lender under the Uniform Commercial Code (the "UCC"). Without limiting the generality ofcy, an assignment for the benefit of creditors or the institution of bankruptcy proceedings, whether voluntary or involuntary. 4. REMEDIES: Upon default and at any time thereafter, Lender may declare yment or performance of the Note, (b) any material breach by Borrower of any warranty, representation, or covenant in this Agreement, (c) dissolution, termination of existence, declaration of insolvenble time. (j) Borrower will promptly pay all taxes and assessments due on the Collateral. 3. DEFAULT: Borrower shall be in default under this Agreement upon any of the following: (a) default in the panotice to Lender. (i) Borrower will make all necessary repairs and improvements to ensure that the Collateral remain in good working order. Lender may examine and inspect the Collateral at any reasonathe Borrower and Lender as their interest appear. The policies shall further provide that the Lender's interest in those policies will not be invalidated without at least ten (10) days prior, written maintain applicable insurance at all times with respect to Collateral against the risk of fire, theft and other such risks and in such amounts as Lender may require. The policies shall be payable to erest. (g) Borrower will not change its principal residence or principal place of business without giving Lender at least seven (7) days prior written notice. Security Agreement 1 (h) Borrower willother security interest or lien on the Collateral. (f) Borrower, upon Lender's request, will execute any financing statement or other document necessary to perfect or otherwise record the security intgal and equitable owner of the Collateral. (d) No other security agreement, financing statement, or other security instrument covering the Collateral exists. (e) Borrower will not create or allow any spose or otherwise transfer the Collateral or any interest in the Collateral without prior written consent from the Lender. (c) Except for the security interest granted above, Borrower is the sole, leepresents and warrants that: (a) The Collateral will be kept at ______________________________________ and will not be removed except in the ordinary course of business. (b) Borrower will not sell, diribe the Collateral. The description must be specific enough to clearly identify the property or the security interest will be invalid.] 2. REPRESENTATIONS, WARRANTIES AND COVENANTS: Borrower hereby r_________________________________________ ________________________________________________________________________ ________________________________________________________________________ [Please desc______________________ ________________________________________________________________________ ________________________________________________________________________ _______________________________grants to Lender a security interest in all of Borrower's rights, title and interest in the following (collectively referred to as the "Collateral"): __________________________________________________er executes and delivers this Agreement. Now, Therefore, Borrower hereby represents, warrants and agrees as follows: 1. GRANT: As security for the payment and performance of the Note, Borrower hereby Borrower (the "Loan") as evidenced by that certain Promissory Note dated ___________________, 20__ (the "Note"), and Whereas, Lender is willing to make the Loan, but only upon a condition that Borrow_________________________ ("Borrower") and _______________________________________ ("Lender") (collectively referred to as the "Parties"). Whereas, Lender has or will make certain advances of money to___________ (Position, if applicable) Promissory Note 2 SECURITY AGREEMENT This Security Agreement (the "Agreement") is dated as of ________________________, 20____, by and between ________________ State of _______________________________. BORROWER: ____________________________________________________ (Signature) ___________________________________ (Name ­ Please Print) __________________________ Either party may change such addresses from time to time by providing notice as set forth above. 12. GOVERNING LAW: This Note shall be governed by and construed in accordance with the laws of the___ _____________________________________ _____________________________________ BORROWER: _____________________________________ _____________________________________ __________________________________is Note shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows: LENDER: __________________________________ion, and if limiting such provision would make the provision valid, then such provision shall be deemed to be construed as so limited. 11. NOTICE: Any notice required or otherwise given pursuant to thd unenforceable for any reason, the remainder of this Note shall continue in full force and effect. If any provision of this Note is deemed invalid or unenforceable by any court of competent jurisdicturthermore, no waiver by Lender of any default shall operate as a waiver of any other default or the same default on a future occasion. 10. SEVERABILITY: If any part or parts of this Note shall be helf the Lender to enforce any part of this note shall not be deemed a waiver or limitation of the Lender's right to subsequently enforce and compel strict compliance with every provision of this Note. Fassigns. 8. CUMULATIVE RIGHTS: The parties' rights under this Agreement are cumulative, and shall not be construed as exclusive of each other unless otherwise required by law. 9. WAIVER: The failure o reasonably attorney's fees. 7. BINDING EFFECT: The covenants and conditions contained in this Note shall apply to and bind the Borrower and its heirs, legal representatives, successors and permitted ollection or enforcement, or if it is collected or enforced through probate, bankruptcy, or other judicial proceeding, then Borrower shall pay Lender all costs of collection and enforcement, includingthis Note immediately due pursuant to applicable law. Promissory Note 1 In the event the Note shall be in default and given to an attorney for collection or enforcement, or if suit is brought for cismissed within 30 days), or (e) any default as described in the Security Agreement. Upon the occurrence of any default Lender may declare the unpaid principal of the Loan and all accrued interest on rrower files for relief under bankruptcy laws or any other laws for the benefit of creditors, (d) an involuntary petition is filed against Borrower under any bankruptcy laws (unless such petition is dault under this Note upon any of the following: (a) failing to timely pay any principal amount due after demand is made, (b) Borrower dissolves, terminates its existence, or declares insolvency (c) Boder of this Note and must be made in United States funds. 5. SECURITY: This Note is secured by the Collateral described in the Security Agreement. 6. DEFAULT AND ACCELERATION: Borrower shall be in defo accrued interest and the balance to the outstanding principal of the Loan. 4. PAYMENT LOCATION: All payments hereunder shall be made to such address as may from time to time be designated by any hol__________ percent (__%) or the maximum rate permissible by law, whichever is less. 3. PREPAYMENT: Borrower may prepay this Note in whole or in part, without penalty. Payments shall be applied first til the full amount of this Note is paid in full. 2. INTEREST: The annual interest rate on the outstanding principal amount of the Loan from the date hereof until payment of the Note in full shall be _l be paid in monthly installments of $____________, with the first payment beginning on _______________, 20____ and continuing every month thereafter with a like amount on the same date each month untonal rights and obligations of Lender are set forth in the Security Agreement. _______, 20__ 1. REPAYMENT: The outstanding principal amount of the Loan and accrued interest, as described below, shalis executed and delivered in connection with that certain Security Agreement dates as of _______________________, 20____, and executed by Borrower in favor of Lender (the "Security Agreement"). Additi________________________ ($_________________) (the "Loan") together with any accrued and unpaid interest thereon in the manner described below. This Promissory Note (the "Note") is referred to in and ert location] For value received, the undersigned ("Borrower"), hereby promises to pay to the order of ____________________________________ ("Lender"), the principal sum of ___________________________consult with your attorney to ensure that it adequately addresses your specific situation. SECURED INSTALLMENT PROMISSORY NOTE $___________________________ [insert loan amount] _________________ [ins etc.), therefore both the Lender and Borrower should become familiar with the laws of their state before entering into these types of agreements. In addition, before using the form you should always ry notes, security agreements and security interests are governed by state law. Many of the state laws differ considerably (e.g. regarding rules of perfecting a security interest, usury interest laws,security interest typically involves filing a public notice with the secretary of state. Check your local laws to determine what steps you will need to take to perfect your security interest. Promissot to the public. This gives the Lender rights in the collateral that are superior to any other third party's rights. In other words, the Lender will have first dibs on the collateral. Perfection of a collateral. In addition to entering into a security agreement, a Lender may want to "perfect" his security interest. "Perfecting a security interest" is basically giving notice of the security interesith a security interest, as memorialized in the security agreement, the Lender should not have to stand in line with the other creditors, but rather should be able to take immediate possession of the Third, in case of default, the Lender should not have to go to court to collect. The security agreement gives him immediate rights in the property. And finally, if the Borrower declares bankruptcy, wateral. Second, it may help the Lender prove that he has a priority in the collateral (i.e. no other creditors or lenders have a right to it or that the Lender's right is superior to other creditors).greement sets out the rights of the Lender with regard to the collateral. A security agreement will benefit the Lender in a number of ways. First, it will specify what property is included in the collthe Borrower fails to repay the loan. To ensure that that collateral is collectible in the case of a default, the parties will usually enter into another agreement-- a security agreement. A security asory note will set forth, among other things, the repayment schedule, the interest rate, and defaults. Often the Lender will want some additional assurance, usually in the form of collateral, in case romissory note (a monthly-installment promissory note) the Borrower promises to repay the principal of the loan and accrued interest, if any, over a period time in equal monthly installments. A promisomissory Note and Security Agreement When a person or entity ("Lender") loans money to another person or entity ("Borrower"), the loan is typically formalized with a promissory note. In this type of pefore negotiating any document with another party. The purchase and use of these forms is subject to the "Disclaimers and Terms of Use" found at findlegalforms.com. Information Secured Installment Prould only be a starting point for you and should not be used or signed before first consulting with an attorney to ensure that they address your particular situation. An attorney should be consulted brity interests vary from time to time and from state to state (e.g. usury laws, filing requirements, etc.). These forms are not intended to be and are not a substitute for legal advice. These forms shes, the security agreement may need to be "perfected." To perfect a security agreement, the filing of a public notice is usually required. Laws regarding promissory notes, security agreements and secugh, it will be considered usury and invalid. Check with a local bank to determine the market, commercial interest rate. To ensure that the lender's security interest is given priority over third partithe original Promissory Note and should then sign and date it. The original Promissory Note should then be given back to the Borrower. Be careful when choosing an interest rate. If your rate is too hithe Borrower. When the borrower's obligations under the Note are satisfied (i.e. the Note is paid off), the lender should write "Cancelled", "Satisfied in Full" or "Paid in Full" on the front face of ly one Note should be signed (signing two copies of the Note could evidence the creation of two Notes). The original Note should be held by the Lender and a copy of the signed note should be given to (the person or entity loaning the money) must sign the Agreement; however, only the borrower must sign the Note. Two copies of the Agreement should be signed so that each party has an original, but onhe Security Agreement (the "Agreement"); (2) Information about the Note and Agreement; (3) the Note; and (4) the Agreement. Both the borrower (the person or entity borrowing the money) and the lender Instructions & Checklist Secured Installment Promissory Note and Security Agreement This package contains: (1) Instructions and Checklist for the Secured Installment Promissory Note (the "Note") and t Iowa