HomeMy WebLinkAbout1876 SECURITY AGREEMENT
FOR VALUE RECEIVED, the terms of which are fully stated in
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a promissory note of even date herewith 5execuooted by the undersigned,
in t~ig princ~ al $moun~ UMBERTO~De~.~CA, hereinafter referred
debtor,/pays a to t ~ or er o
to as the secured party, the undersigned hereby bargain and convey a
security interest to the said secured party in the property more
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particularly described in the attached inventory, together with all
accessions thereto.
This conveyance is made to secure all or part of the purchase
price of the above-described property, which is being bought for
business purposes and any other indebtedness that may hereafter be
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owing by the debtor to the secured party. The goods shall be main- -
tained in good condition by the debtor and shall not be disposed of
except with the written consent of the secured party. All complaints
respecting the goods shall be taken up with the seller of the goods;
the secured party or any assignee of his rights hereunder, having no ?
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responsibility for the goods at the time of sale or thereafter.
If all obligations secured by this agreement are fully paid
when due the interest created herein shall be null and void.
In the event of default of any such obligation or of any
of the debtor's duties herein all sums secured by this collateral
shall become due and payable at the option of the secured party, and
the secured party may take possession of the property and foreclose
his interest as is provided by law.- In order better to ensure the
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secured party's exercise of his rights, the debtor agrees to make
the property available to the secured party at a mutually convenient
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place.
After default and before the goods have been disposed of
under this agreement, the debtor shall have the right to redeem his
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interest in the goods by paying all sums secured together with all
costs and expenses caused by such default.
If the debtor does not redeem the goods the secured party
may at his option in addition to any other remedy provided by law
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go~K 3U4 P~~E 1874