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Virginia _____________ (Signature) __________________________________ (Name ­ Please Print) __________________________________ (Position) Security Agreement 4 ____________________________________ (Signature) ___________________________________ (Name ­ Please Print) __________________________________ (Position) LENDER: ______________________________________this page intentionally left blank.] Security Agreement 3 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the day and year first written above. BORROWER: ________________oviding notice as set forth above. 11. GOVERNING LAW: This Agreement shall be governed by and construed in accordance with the laws of the State of _______________________________. [The remainder of __________________________ BORROWER: ________________________________ ________________________________ ________________________________ Either party may change such addresses from time to time by pr certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows: LENDER: ________________________________ ________________________________ ______ake the provision valid, then such provision shall be deemed to be construed as so limited. 10. NOTICE: Any notice required or otherwise given pursuant to this Agreement shall be in writing and mailed Agreement shall continue in full force and effect. If any provision of this Agreement is deemed invalid or unenforceable by any court of competent jurisdiction, and if limiting such provision would mate as a waiver of any other default or the same default on a future occasion. 9. SEVERABILITY: If any part or parts of this Agreement shall be held unenforceable for any reason, the remainder of thision of that party's right to subsequently enforce Security Agreement 2 and compel strict compliance with every provision of this Agreement. Furthermore, no waiver by Lender of any default shall opernot be construed as exclusive of each other unless otherwise required by law. 8. WAIVER: The failure of either party to enforce any provisions of this Agreement shall not be deemed a waiver or limitatto and bind the Parties and the heirs, legal representatives, successors and permitted assigns of the Parties. 7. CUMULATIVE RIGHTS: The Parties' rights under this Agreement are cumulative, and shall ay direct. 5. TERMINATION: This Agreement shall terminate upon the payment and performance in full of the Note. 6. BINDING EFFECT: The covenants and conditions contained in this Agreement shall apply osition of the Collateral; (b) to Lender in an amount equal to any unpaid obligations of the Loan; and (c) any surplus to Borrower, in accordance with the UCC or as a court of competent jurisdiction mtion of any part of the Collateral shall be distributed by the Lender in the following order of priorities: (a) any reasonable costs, fees, or expenses, of Lender made in connection with the sale/disp possession of the Collateral. Lender may require Borrower to make the Collateral available in a mutually convenient location, which Lender shall reasonably select. The proceeds of any sale or disposis of a Lender under the Uniform Commercial Code (the "UCC"). Without limiting the generality of the foregoing, Grantor expressly agrees that in any such default Lender may take immediate and exclusivehin thirty (30) days. 4. REMEDIES: Upon default and at any time thereafter, Lender may declare the Loan secured by this Agreement, immediately due and payable and shall have all the rights and remedieon, termination of existence, declaration of insolvency, an assignment for the benefit of creditors or the institution of bankruptcy proceedings, whether voluntary or involuntary, if not dismissed witment upon any of the following: (a) default in the payment or performance of the Note, (b) any material breach by Borrower of any warranty, representation, or covenant in this Agreement, (c) dissolutimay examine and inspect the Collateral at any reasonable time. (j) Borrower will promptly pay all taxes and assessments due on the Collateral. 3. DEFAULT: Borrower shall be in default under this Agreeidated without at least ten (10) days prior, written notice to Lender. (i) Borrower will make all necessary repairs and improvements to ensure that the Collateral remain in good working order. Lender Lender may require. The policies shall be payable to the Borrower and Lender as their interest appear. The policies shall further provide that the Lender's interest in those policies will not be invaleven (7) days prior written notice. (h) Borrower will 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 t or other document necessary to perfect or otherwise record the security interest. (g) Borrower will not change its principal residence or principal place of business without giving Lender at least sal exists. (e) Borrower will not create or allow any other security interest or lien on the Collateral. Security Agreement 1 (f) Borrower, upon Lender's request, will execute any financing statemenrity interest granted above, Borrower is the sole, legal and equitable owner of the Collateral. (d) No other security agreement, financing statement, or other security instrument covering the Collaterry course of business. (b) Borrower will not sell, dispose or otherwise transfer the Collateral or any interest in the Collateral without prior written consent from the Lender. (c) Except for the secuNTATIONS, WARRANTIES AND COVENANTS: Borrower hereby represents and warrants that: (a) The Collateral will be kept at ______________________________________ and will not be removed except in the ordina________________________________________ [Please describe the Collateral. The description must be specific enough to clearly identify the property or the security interest will be invalid.] 2. REPRESE_____________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________): ________________________________________________________________________ ________________________________________________________________________ ___________________________________________________payment and performance of the Note, Borrower hereby grants to Lender a security interest in all of Borrower's rights, title and interest in the following (collectively referred to as the "Collateral"o make the Loan, but only upon a condition that Borrower executes and deliver this Agreement. Now, Therefore, Borrower hereby represents, warrants and agrees as follows: 1. GRANT: As security for the , Lender has or will make certain advances of money to Borrower (the "Loan") as evidenced by that certain Promissory Note dated ___________________, 20__ (the "Note"), and Whereas, Lender is willing t____________________________ and _______________________________________ ("Lender") residing at __________ ________________________________________ (collectively referred to as the "Parties"). WhereasENT This Security Agreement (the "Agreement") is dated as of ________________________, 20____, by and between _________________________________________ ("Borrower") residing at _______________________________________________________ (Signature) ___________________________________ (Name ­ Please Print) __________________________________ (Position, if applicable) Promissory Note 4 SECURITY AGREEMnotice as set forth above. 12. GOVERNING LAW: This Note shall be governed by and construed in accordance with the laws of the State of _______________________________. BORROWER: _____________________________________________ BORROWER: ______________________________ ______________________________ ______________________________ Either party may change such addresses from time to time by providing certified return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows: LENDER: ________________________________ ________________________________ _______ valid, then such provision shall be deemed to be construed as so limited. Promissory Note 3 11. NOTICE: Any notice required or otherwise given pursuant to this Note shall be in writing and mailed hall 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 make the provision 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 of this Note seemed 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 default shall operates 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 note shall not be ds 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' rights under thithrough probate, bankruptcy, or other judicial proceeding, then Borrower shall pay Lender all costs of collection and enforcement, including reasonably attorney's fees. 7. BINDING EFFECT: The covenantpplicable 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 enforced fault 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 this Note immediately due pursuant to ay 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 dismissed within 30 days), or (e) any dellowing: (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 bankruptc SECURITY: This Note is secured by the Collateral described in the Security Agreement. Promissory Note 2 6. DEFAULT AND ACCELERATION: Borrower shall be in default under this Note upon any of the fopal 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 States funds. 5.commercial loan rates]. 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 outstanding princirly/annually/ with the final payment amount as described in Section 1] [choose one]. [When choosing an interest rate consider tax and usury issues. You can check with a local bank to determine market om the date hereof until payment of the Note in full shall be ___________ percent (__%) or the maximum rate permissible by law, whichever is less. The interest shall be due and payable [monthly/quarteh thereafter with a like amount on the same date each month until the full amount of this note is paid in full. 2. INTEREST: The annual interest rate on the outstanding principal amount of the Loan frhe following] The outstanding principal amount of the Loan shall be paid in monthly installments of $____________, with the first payment beginning on _______________, 20____ and continuing every mont_____________ $______________________ $______________________ $______________________ $______________________ $______________________ [If the Loan is to be repaid in equal monthly installments, use t _________________, 20_______ _________________, 20_______ _________________, 20_______ _________________, 20_______ _________________, 20_______ _________________, 20_______ Payment Amount $_________use the following. If there are more than six payment dates, copy additional line.] The outstanding principal amount of the Loan is to be paid to the Lender in the following installments: Payment Datetanding principal amount of the Loan and any accrued interest thereon shall be due and payable to Lender on _____________________, 20__. Promissory Note 1 [If the Loan is to be paid on a schedule, ision below to reflect the agreed upon repayment schedule. CHOOSE ONE] 1. REPAYMENT: [If the Loan will come due on a specific date, and the entire Loan repaid at that time--use the following] The outs_________________, 20____, and executed by Borrower in favor of Lender (the "Security Agreement"). Additional rights and obligations of Lender are set forth in the Security Agreement. [Alter the prov interest thereon in the manner described below. This Promissory Note (the "Note") is referred to in and is executed and delivered in connection with that certain Security Agreement dates as of ______rder of ____________________________________ ("Lender"), the principal sum of ___________________________________________________ ($_________________) (the "Loan") together with any accrued and unpaid___________________ $___________________________ [insert loan amount] _______, 20__ _____________ [insert location] For value received, the undersigned ("Borrower"), hereby promises to pay to the o________ ________________________________ ________________________________ BORROWER: [insert BORROWER name and address] ________________________________ ________________________________ _____________torney to ensure that it adequately addresses your specific situation. SECURED PROMISSORY NOTE This agreement is made by and between: LENDER: [insert LENDER name and address] ________________________th 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 consult with your atgreements 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, etc.), therefore bopically 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. Promissory notes, security as 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 security interest tyion 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 interest to the public. Thiest, 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 collateral. In additefault, 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, with a security interay 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). Third, in case of de 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 collateral. Second, it mo 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 agreement sets out thorth, 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 the Borrower fails t Borrower promises to repay the principal of the loan over a period time or on some future date. In addition, the Borrower may also agree to pay interest on the principal. A promissory note will set fand 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 instrument, thenegotiating 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 Promissory Note nly 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 before nterests 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 ocurity 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 i 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 sessory 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 be 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 Promild be signed (signing two copies of the Note could evidence the creation of two Notes). The lender should hold the original Note and a copy of the signed note should be given to the borrower. [_] Whenntity 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 shout (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 or eInstructions & Checklist Secured Promissory Note and Security Agreement [_] This package contains: (1) Instructions and Checklist for the Secured Promissory Note (the "Note") and the Security Agreemen Virginia