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Utah Agreement 4 ___ (Position) LENDER: ___________________________________________________ (Signature) __________________________________ (Name ­ Please Print) __________________________________ (Position) Security day and year first written above. BORROWER: ____________________________________________________ (Signature) ___________________________________ (Name ­ Please Print) _______________________________ State of _______________________________. [The remainder of this page intentionally left blank.] Security Agreement 3 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed theEither 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 construed in accordance with the laws of the______________________ ________________________________ ________________________________ BORROWER: ________________________________ ________________________________ ________________________________ iven pursuant to this Agreement shall be in writing and mailed certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows: LENDER: __________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. NOTICE: Any notice required or otherwise gll 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 deemed invalid or unenforceable by any court of er 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. SEVERABILITY: If any part or parts of this Agreement shaons 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 provision of this Agreement. Furthermore, no waivrties' rights under this Agreement are cumulative, and shall not be construed as exclusive of each other unless otherwise required by law. 8. WAIVER: The failure of either party to enforce any provisinants and conditions contained in this Agreement shall apply to and bind the Parties and the heirs, legal representatives, successors and permitted assigns of the Parties. 7. CUMULATIVE RIGHTS: The Pardance with the UCC or as a court of competent jurisdiction may direct. 5. TERMINATION: This Agreement shall terminate upon the payment and performance in full of the Note. 6. BINDING EFFECT: The cove 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 Loan; and (c) any surplus to Borrower, in acco 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 priorities: (a) any reasonable costs, fees,t in any such default Lender may take immediate and exclusive possession of the Collateral. Lender may require Borrower to make the Collateral available in a mutually convenient location, which Lenderely 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 of the foregoing, Grantor expressly agrees thars or the institution of bankruptcy proceedings, whether voluntary or involuntary. 4. REMEDIES: Upon default and at any time thereafter, Lender may declare the Loan secured by this Agreement, immediatterial breach by Borrower of any warranty, representation, or covenant in this Agreement, (c) dissolution, termination of existence, declaration of insolvency, an assignment for the benefit of credito 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 payment or performance of the Note, (b) any ma necessary repairs and improvements to ensure that the Collateral remain in good working order. Lender may examine and inspect the Collateral at any reasonable time. (j) Borrower will promptly pay allpear. 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 notice to Lender. (i) Borrower will make allwith 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 the Borrower and Lender as their interest apcipal residence or principal place of business without giving Lender at least seven (7) days prior written notice. Security Agreement 1 (h) Borrower will maintain applicable insurance at all times teral. (f) Borrower, upon Lender's request, will execute any financing statement or other document necessary to perfect or otherwise record the security interest. (g) Borrower will not change its prind) No other security agreement, financing statement, or other security instrument covering the Collateral exists. (e) Borrower will not create or allow any other security interest or lien on the Collar any interest in the Collateral without prior written consent from the Lender. (c) Except for the security interest granted above, Borrower is the sole, legal and equitable owner of the Collateral. (ral will be kept at ______________________________________ and will not be removed except in the ordinary course of business. (b) Borrower will not sell, dispose or otherwise transfer the Collateral o specific enough to clearly identify the property or the security interest will be invalid.] 2. REPRESENTATIONS, WARRANTIES AND COVENANTS: Borrower hereby represents and warrants that: (a) The Collate______________________________________________________________________ ________________________________________________________________________ [Please describe the Collateral. The description must be___________________________________________________ ________________________________________________________________________ ________________________________________________________________________ __of Borrower's rights, title and interest in the following (collectively referred to as the "Collateral"): ________________________________________________________________________ _____________________, Therefore, Borrower hereby represents, warrants and agrees as follows: 1. GRANT: As security for the payment and performance of the Note, Borrower hereby grants to Lender a security interest in all certain Promissory Note dated ___________________, 20__ (the "Note"), and Whereas, Lender is willing to make the Loan, but only upon a condition that Borrower executes and delivers this Agreement. Now______________________________________ ("Lender") (collectively referred to as the "Parties"). Whereas, Lender has or will make certain advances of money to Borrower (the "Loan") as evidenced by that ssory Note 2 SECURITY AGREEMENT This Security Agreement (the "Agreement") is dated as of ________________________, 20____, by and between _________________________________________ ("Borrower") and _ORROWER: ____________________________________________________ (Signature) ___________________________________ (Name ­ Please Print) __________________________________ (Position, if applicable) Promirom 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 State of _______________________________. B__________________________________ BORROWER: _____________________________________ _____________________________________ _____________________________________ Either party may change such addresses fied return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows: LENDER: _____________________________________ _____________________________________ ___e 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 this Note shall be in writing and mailed certif 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 jurisdiction, and if limiting such provision would makt 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 held unenforceable for any reason, the remainder 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. Furthermore, no waiver by Lender of any defaulights under this Agreement are cumulative, and shall not be construed as exclusive of each other unless otherwise required by law. 9. WAIVER: The failure of the Lender to enforce any part of this noteT: The covenants and conditions contained in this Note shall apply to and bind the Borrower and its heirs, legal representatives, successors and permitted assigns. 8. CUMULATIVE RIGHTS: The parties' re 1 enforced through probate, bankruptcy, or other judicial proceeding, then Borrower shall pay Lender all costs of collection and enforcement, including reasonably attorney's fees. 7. BINDING EFFECble law. In the event the Note shall be in default and given to an attorney for collection or enforcement, or if suit is brought for collection or enforcement, or if it is collected or Promissory Notas 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 this Note immediately due pursuant to applica 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 dismissed within 30 days), or (e) any default g: (a) failing to timely pay any principal amount due after demand is made, (b) Borrower dissolves, terminates its existence, or declares insolvency (c) Borrower files for relief under bankruptcy lawstates funds. 5. SECURITY: This Note is secured by the Collateral described in the Security Agreement. 6. DEFAULT AND ACCELERATION: Borrower shall be in default under this Note upon any of the followinstanding 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 holder of this Note and must be made in United Spermissible by law, whichever is less. 3. PREPAYMENT: Borrower may prepay this Note in whole or in part, without penalty. Payments shall be applied first to accrued interest and the balance to the out__. 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 ___________ percent (__%) or the maximum rate h in the Security Agreement. _______, 20__ 1. REPAYMENT: The outstanding principal amount of the Loan and any accrued interest thereon shall be due and payable to Lender on _____________________, 20certain Security Agreement dates as of _______________________, 20____, and executed by Borrower in favor of Lender (the "Security Agreement"). Additional rights and obligations of Lender are set fort "Loan") together with any accrued and unpaid interest thereon in the manner described below. This Promissory Note (the "Note") is referred to in and is executed and delivered in connection with that ("Borrower"), hereby promises to pay to the order of ____________________________________ ("Lender"), the principal sum of ___________________________________________________ ($_________________) (thet adequately addresses your specific situation. SECURED TERM PROMISSORY NOTE $___________________________ [insert loan amount] _________________ [insert location] For value received, the undersigned wer 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 consult with your attorney to ensure that iinterests are governed by state law. Many of the state laws differ considerably (e.g. regarding rules of perfecting a security interest, usury interest laws, etc.), therefore both the Lender and Borro 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. Promissory notes, security agreements and security ts 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 security interest typically involves filingsecurity agreement, a Lender may want to "perfect" his security interest. "Perfecting a security interest" is basically giving notice of the security interest to the public. This gives the Lender righ 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 collateral. In addition to entering into a ld 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, with a security interest, as memorialized ine 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). Third, in case of default, the Lender shouwith 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 collateral. Second, it may help the Lender provsure that that collateral is collectible in the case of a default, the parties will usually enter into another agreement-- a security agreement. A security agreement sets out the rights of the Lender s, the repayment schedule, the interest rate, and defaults. Often the Lender will want some additional assurance, usually in the form of collateral, in case the Borrower fails to repay the loan. To enm promissory note) the Borrower promises to repay the principal of the loan and accrued interest, if any, on or before a certain date in the future. A promissory note will set forth, among other thingurity 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 promissory note (a tering 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 Term Promissory Note and Sec 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 before negotiat 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 should only be aty 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 security interests 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 parties, the securiromissory 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 high, it will beWhen 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 the original Pould 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 Borrower. 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 only one Note shreement (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 (the person orInstructions & Checklist Secured Term Promissory Note and Security Agreement This package contains: (1) Instructions and Checklist for the Secured Term Promissory Note (the "Note") and the Security Ag Utah