The Security Agreement provides a framework for securing the indebtedness of a debtor by granting lender a security interest in certain assets owned by debtor. The assets securing the indebtedness of debtor are defined as set forth in a list attached to the Agreement as an exhibit (not included). The debtor warrants title to the assets and specifies location. The operative language establishing the security interest grants lender a lien in the assets, which can be exercised to obtain ownership thereof in the event a default occurs in the payment of indebtedness. The events of default are set forth with particularity and include payment failure, insolvency, misrepresentation, attachment or levies on the assets or failure to perform any term or condition of the applicable note. Debtor pays all costs of enforcement and waives any right of notice prior to taking of possession of the assets by secured party. The terms of the Security Agreement and the filing of related UCC notices (if any) are subject to state law so be sure to consult with local counsel before finalizing your document. You can find answers to your questions using our extensive library of audio questions and answers.
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