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Security Agreement for Borrowing Money
1. Names
This Security Agreement is between Chaplain Dr Rachel Sakhi, doing businessas Princess Al-Shehari (Borrower), and Darshan Jourha (Lender).
2. Grant of Security Interest
Borrower grants to Lender a continuing security interest in the following property(the Secured Property), which consists of:2000 White DaewooLicense Number 117xgzVehicle Identification Number klajb52z8yk400760.
3. Security for Promissory Note
Borrower is granting this security interest to secure performance of a promissorynote dated November 25, 2008 that Borrower executed in favor of Lender. Thepromissory note obligates Borrower to pay Lender $180,000 with interest at therate of 6% per year, on the terms stated in the promissory note.
4. Financing Statement
Concurrently with the execution of this Security Agreement, Lender will file aUniform Commercial Code Financing Statement to secure Lender's interest in theSecured Property. Borrower agrees to sign any other documents that Lender reasonably requests to further protect Lender's security interest in the SecuredProperty.
Security Agreement for Borrowing Money — Page 1
 
5. Use and Care of the Secured Property
Until the promissory note is fully paid, Borrower agrees to:
A.
Keep at 6710 Carleton Avenue South, Units A-E, Seattle, Washington98108 the Secured Property owned by the Borrower's business and use itonly in the operation of the business.
B.
Maintain the Secured Property in good repair.
C.
Not sell, transfer or release the Secured Property unless Lender consents.Borrower may sell inventory in the ordinary course of Borrower's business,but will reasonably renew and replenish inventory to keep it at its currentlevel.
D.
Pay all taxes on the Secured Property as taxes become due.
E.
Insure the Secured Property against normal risks, with an insurance policythat names Borrower and Lender as beneficiaries as their interestsappear.
F.
Deliver to Lender a copy of the insurance policy insuring the SecuredProperty and provide annual proof to the Lender that Borrower has paidthe premiums on the policy.
G.
Allow Lender to inspect the Secured Property at any reasonable time.
6. Borrower's Default
If Borrower is more than 160 days late in making any payment required by thepromissory note or if Borrower fails to correct any violations of paragraph 5 of thisSecurity Agreement within 160 days of receiving written notice from Lender,Borrower will be in default.
 
7. Lender's Rights
If Borrower is in default, Lender may exercise the remedies contained in theUniform Commercial Code for the state of Washington and any other remedieslegally available to Lender. Lender may, for example:
A.
Remove the Secured Property from the place where it is then located.
B.
Require Borrower to make the Secured Property available to Lender at aplace designated by Lender that is reasonably convenient to Borrower andLender.
C.
Sell, lease or otherwise dispose of the Secured Property.
8. Notice to Borrower 
Lender will give Borrower at least ten days notice of when and where theSecured Property will be sold, leased or otherwise disposed of. Any noticerequired by this paragraph or by statute will be deemed given to Borrower if sentby first class mail to Borrower at 6710 Carleton Avenue South, Units A-E, Seattle,Washington 98108.
9. Entire Agreement
This is the entire agreement between the parties. It replaces and supersedes anyand all oral agreements between the parties, as well as any prior writings.
10. Successors and Assignees
This agreement binds and benefits the heirs, successors and assignees of theparties.
11. Governing Law
This agreement will be governed by and construed in accordance with the lawsof the state of Washington.
Security Agreement for Borrowing Money — Page 3
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