VII. SECURITY: The Loan Amount under this Agreement shall be: (check one)
☐ - UNSECURED. There shall be NO SECURITY provided in this Agreement.
☐ - SECURED. There shall be property described as: ________________________________
that shall transfer to the possession and ownership of the Lender IMMEDIATELY pursuant to
Section X(a) of this Agreement.
The Security may not be sold or transferred without the Lender’s consent until the Due Date. If
Borrower breaches this provision, Lender may declare all sums due under this Agreement
immediately due and payable, unless prohibited by applicable law. The Lender shall have the
sole-option to accept the Security as full-payment for the Borrowed Money without further
liabilities or obligations. If the market value of the Security does not exceed the Borrowed
Money, the Borrower shall remain liable for the balance due while accruing interest at the
maximum rate allowed by law.
VIII. PREPAYMENT. The Borrower has the right to pay back the loan in-full or make additional
payments, at any time, without penalty.
IX. REMEDIES. No delay or omission on part of the holder of this Agreement in exercising any
right hereunder shall operate as a waiver of any such right or of any other right of such holder,
nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver of
the same or any other right on any future occasion. The rights and remedies of the Lender shall
be cumulative and may be pursued singly, successively, or together, in the sole discretion of the
X. EVENTS OF ACCELERATION. The occurrence of any of the following shall constitute an
"Event of Acceleration" by the Lender under this Agreement:
a.) Borrower’s failure to pay any part of the principal or interest as and when due under this
b.) Borrower’s becoming insolvent or not paying its debts as they become due.
XI. ACCELERATION. Upon the occurrence of an Event of Acceleration under this Agreement,
and in addition to any other rights and remedies that Lender’s may have, Lender shall have the
right, at its sole and exclusive option, to declare all monies under this Agreement immediately
due and payable.
a.) This includes any rights of possession in relation to the Security described in
XII. SUBORDINATION. The Borrower’s obligations under this Agreement are subordinated to
all indebtedness, if any, of the Borrower, to any unrelated third-party lender to the extent such
indebtedness is outstanding on the date of this Agreement and such subordination is required
under the loan documents providing for such indebtedness.
XIII. WAIVER BY BORROWER. All parties to this Agreement, including the Borrower and any
sureties, endorsers, and guarantors hereby waive protest, presentment, notice of dishonor, and
notice of acceleration of maturity and agree to continue to remain bound for the payment of
principal, interest and all other sums due under this Agreement notwithstanding any change or
changes by way of release, surrender, exchange, modification or substitution of any security for