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Wisconsin eement 4 (Position) LENDER: ___________________________________________________ (Signature) __________________________________ (Name ­ Please Print) __________________________________ (Position) Security Agr and year first written above. BORROWER: ____________________________________________________ (Signature) ___________________________________ (Name ­ Please Print) __________________________________ te of _______________________________. [The remainder of this page intentionally left blank.] Security Agreement 3 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed the dayer 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 Sta__________________ ________________________________ ________________________________ BORROWER: ________________________________ ________________________________ ________________________________ Eith 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: ______________etent 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 givene 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 compy 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 shall bof 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 waiver bs' 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 provisions s 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 Partiece 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 covenantexpenses, 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 accordanll 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, or 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 Lender shadue 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 that inr 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, immediately al 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 creditors oes 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 materiessary 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 all tax. 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 all nec 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 appearl 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 withl. (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 principao 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 Collateray 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. (d) Nwill 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 or ancific 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 Collateral __________________________________________________________________ ________________________________________________________________________ [Please describe the Collateral. The description must be spe_______________________________________________ ________________________________________________________________________ ________________________________________________________________________ ______orrower's rights, title and interest in the following (collectively referred to as the "Collateral"): ________________________________________________________________________ _________________________erefore, 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 of Bain 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, Th__________________________________ ("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 certy Note 2 SECURITY AGREEMENT This Security Agreement (the "Agreement") is dated as of ________________________, 20____, by and between _________________________________________ ("Borrower") and _____WER: ____________________________________________________ (Signature) ___________________________________ (Name ­ Please Print) __________________________________ (Position, if applicable) Promissortime 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 _______________________________. BORRO______________________________ BORROWER: _____________________________________ _____________________________________ _____________________________________ Either party may change such addresses from return receipt requested, postage prepaid, or delivered by overnight delivery service, addressed as follows: LENDER: _____________________________________ _____________________________________ _______e 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 certified 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 make thall 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 of ll 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 default shs 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 note shahe 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' right 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 EFFECT: Tlaw. 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 Note 1escribed 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 applicable 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 as da) 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 laws or s 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 following: (ding 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 Stateissible 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 outstan2. 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 permh in the Security Agreement. _______, 20__ 1. REPAYMENT: The outstanding principal amount of the Loan and any accrued interest shall be fully due and payable UPON DEMAND of any holder of this Note. certain 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 ___________________________________________________ ($_________________) (thehat it adequately addresses your specific situation. SECURED PROMISSORY NOTE $___________________________ [insert loan amount] _________________ [insert location] For value received, the undersigned 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 attorney to ensure trity 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 both the Lender and iling 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 secu 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 typically involves fto 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. This gives the Lendered 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 addition to entering in 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 interest, as memorializ 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 default, the Lendernder 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 may help the LenderTo 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 the rights of the Lethings, 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. ory note (an on-demand promissory note) the Borrower promises to repay the loan and accrued interest, if any, at any time upon the request of the Lender. A promissory note will set forth, among other ry 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 promisse 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 On-Demand Promisso 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 befor 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 shouldthe 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 securityit 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 parties, 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 high, 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 the ne 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 only oecurity 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 (theInstructions & Checklist Secured On-Demand Promissory Note and Security Agreement This package contains: (1) Instructions and Checklist for the Secured On-Demand Promissory Note (the "Note") and the S Wisconsin