Security Agreement Page 2
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4.1
ORMS
ORM
such Indebtedness which may be made from time to time by agreement
between Debtor and Secured Party, together with interest thereon;
(e) All other present or future, direct or indirect, absolute or contingent, lia-
bilities, obligations and indebtedness of Debtor to Secured Party, howev-
er created, and specifically including all or part of any renewal or exten-
sion of the Note whether or not the Debtor executes any extension
agreement or renewal instruments.
4. Warranties and Covenants of Debtor. Debtor expressly warrants and
covenants and agrees that:
(a) Debtor is and will continue to be the owner of the Collateral free from
any lien, security interest or encumbrance, other than that created by
this Security Agreement; Debtor will defend the Collateral against all
claims and demands of all other persons at anytime claiming the same
or any interest therein; and Debtor will not sell the Collateral (except in
the ordinary course of business) without the prior written consent of the
Secured Party;(b) No effective financing statement covering any of the
Collateral or any proceeds thereof is on file in any public office, nor will
Debtor (except as provided herein) execute any financing statement
affecting the Collateral during the term of this Security Agreement with-
out the prior consent of the Secured Party;
(c) Debtor will pay the Indebtedness to Secured Party as the same
becomes due and payable;
(d) Debtor will from time to time as required by Secured Party join with
Secured Party in executing one or more financing statements pursuant to
the Uniform Commercial Code of [State] (and any assignments, exten-
sions or modifications thereof) in form satisfactory to Secured Party;
(e) Debtor will pay all costs of filing any financing, continuation, assignment
or termination statements with respect to the security interest created by
this Security Agreement and hereby appoints Secured Party its
attorney-in-fact to do, at Secured Party’s option and at Debtor’s
expense, all acts and things which Secured Party may deem necessary
to perfect and continue perfected the security interest created by this
Security Agreement;
(f)
Without the prior written consent of Secured Party, Debtor will not volun-
tarily or involuntarily encumber, or agree to encumber any portion of the
Collateral (including the replacement of such Collateral in the ordinary
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