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<br /> even date herewith, a Second Deed of Trust �ecuring eaid
<br /> ��Y��; Promiaeory Note dated of even date herewith and encumbering the
<br /> __���=�;;�,,��— Property, and a Security Agrenmont aecuring eaid Promia�rory Not�
<br /> ------= dated cf even da�e k�erewithj
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<br /> �' '�� 3 . Promiesozy Note by Piney Ridge, L.L.C. , in favor of `z
<br /> � Barnaby's, in the amount of $55,000.00 dated of even date
<br /> _ � .,�,.�,,.��...;�f Inc.,
<br /> � }��,u:;;,_�=o�� herewith and a Security Agreement aecuring eaid Promioaory Note _
<br /> .,r.�.•T�y dated of even date herewith.
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<br /> �� � � � B�atioa Z.3 T�rmiaation o! S�aurity int�r�st. Upon payment _
<br /> �i1F r.��::..'.�::��"- �
<br /> in full of the Liabilities secured hereby, the security interest _
<br /> .���` `"'"""�"'s°`� hereunder ahall terminate and Lender ahall promptly execute and
<br /> .:�.."�,,..,.,.
<br /> ���.:_:Y.�. . .. deliver to Debtor the appropriate instruments required to
<br /> �;-,�;;$��' terminate and release any and all Financing 3tatements filed or
<br /> :�- •:> ry,�; :�A�{��., L;• . recorded in connection herewith.
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<br /> # Bsaticn 3.7. Waiver. The Lender shall not be deemed to have __
<br /> � waived any of its rights hereunder or in the collateral (or any
<br /> part thereof) unless such waiver ie in writing, and no delay or
<br /> omiseion by the Lender in exerciaing any right ahall operate ae a
<br /> waiver thereof or of any other rights. The Lender may permit the
<br /> Debtor to remedy any default without waiving the default so e�
<br /> remedied and the Lender may waive any default without waiving any
<br /> " r .: . _ other aubsequent or prior default by the Debtor.
<br /> S�ation 3.2 Partiea Bound. Each person aigning this
<br /> � Agreement, �l.liei than the Lender, is a Debtor, and the
<br /> ` . Liabilities hereunder of all the Debtora are joint and sevexal. �'-
<br /> This Agreement benefits the Lender, its succeasors and assigns,
<br /> ; ` and binda the Debtors and their respective heirs, per.sonal �'^�
<br /> � - representatives, successors and assigns . t•.-
<br /> � Section 3.3 Notiaes. Written notice, when required by law, :�,
<br /> ��i ► sent to the address of the Debtor at least 10 calendar days
<br /> ; � (counting the day of sending) before the date of a proposed � a�
<br /> disposition of the Collateral is reasanable notice.
<br /> . ��.-�
<br /> S�etion 3�.4 Tez�aa. This Agreement and the securi.ty intereat
<br /> in the collateral created hereby shall torminate when the �
<br /> � Liabil.ities have been paid in full and all other agreements .
<br /> between the Debtor and the Lender relating to the Liabilities r '`
<br /> . have terminated, and prior to such payment and termination, this �
<br /> shall be a aontinuing agreement . G
<br /> ` } , ,
<br /> i ' I 3ection 3.5. Execution of Docuatenta. The Debtor will
<br /> • ! � execute all neceasary documents to accomplish the purpose hereof,
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