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WELLS 200214442 T A6curity Agreement FARGO �y.47h d Party In this security a� greement, I, me and my refer to the owner named above. You antl fur refer to the _ E The Security Agre rent By signing this �enty,I giv�e /you security " est t ec re the obligations o/ �i 7 y 'Y' m (Ne'Baimw.^Pf The security interest protects you in case the Borrower does not live up to the obligation described below (check one box): ❑ Borrower's obligation to pay every debt Borrower owes you now or may owe you in the future. 0 Bonower'sol igation to pay the debt covered by (describe note, etc.) n _ and extensions, renewals, and replacements The security interest covers the property described below: i � iU- If some of the property will be attached to real estate, the real estate is described as follows: and the record owner is Additional provisions Ownership of the Security Interest I have full ownership of all the property listed on this agreement. No one else has an interest in the property. I will not sell any of the property or give anybody else an interest in it without written permission from you. (Inventory may be sold as part of my regular business operations.) Complying with Local Law I will not keep the property in any county or state that requires me to file a financing statement to protect your security interest unless I have filed a financing statement there. Protecting Your Security Interest I will: • keep all the secured property in good repair (or working order); • replace broken and worn parts; • allow you to inspect the property as you wish, • notify you in writing immediately of any loss or damage; • keep the property insured against fire (including extended coverage),theff and collision (for motor vehicles), and any other risks you name, • provide you with financing statements at your request . LNO1 W(89 78) am using a motor vemcle as secudty.rpiy make sure your • fail to take care of the property • o not keep the property insured you ask, d y >' • do not make sure that necessary financing s or • do not hdfill my other obligations; VI you may r`r u you choose) take the necessary steps p oQp/y�u interest. For example, you may pay taxes, insure the propery, file financing statements, or make repairs. Collection Casts 1 will repay you it you spend any money protecting your security interest or enforcing this agreement. This includes amounts you spend as a result of lawsuits or bankmptcy proceedings. I will pay you interest at the highest rate allowed by law on any amounts I owe under this paragraph. Insurance I will instruct the issuer of each insurance policy covering the property to pay you directly. Default I will be in default if • Borrower does rrot pay all obligations to you when they are due; • 1 /ail to perform any part of this agreement, • I fail to perform any part of any other legal (and binding) agreement I have with you; • I have made false or misleading statements in connection with this loan; • Others file claims against me; • Someone tries by legal proceedings to get the money or property in which I have granted you a security interest; • A case under the U.S. Bankruptcy Code is started by me or against me, the Borrower, or any guarantor of the indebtedness secured by this security interest; • I do not keep required insurance on the security, or 1 fail to pay related taxes on the security when due, or 1 use the security for an unlawful purpose; I die, or • you feel in good faith that I am not able or willing to live up to the terms of our agreement. Your Rights If I am in default, you may: • exercise any rights you have under any other agreement with me; • exercise your rights as a secured party. For example, you may repossess and sell my property, Changes in This Agreement Any changes must be made in writing and signed by you. N I Die I understand that this agreement is binding on my heirs (or their representatives). Stare Law The laws of the state where your main office is located govern this agreement. Signatures I recei and read a filled -in copy of this agreement before signi it. 1 agree to all it ter o..i•r�wre X 5/ 67),f cam 6,37 aeoress