pf_02729 - Laserfiche WebLink

Home

'. Execution Copy BORROWER'S SECURITY AGREEMENT Borrower: Computype, Inc. Lender: City of Roseville, Minnesota Address: 2285 West County Road C Roseville, Minnesota 55113 Address; 2660 Civic Center Drive Roseville, Minnesota 55113 Security Interest. This security interest secures the payment and performance of each and every debt, liability and obligation of every type and description which the Borrower may now or at any time owe to the Lender, whether now existing or hereafter arising, direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or unliquidated. joint. several, or joint and several, arising under that certain promissory note of the Borrower in the principal amount of $700,000 payable to the order of First Bank National Association, a national banking association, in which a 100% participation has been acquired by the Lender (the "Note"). This security interest also secures all extensions, renewals, modifications and replace,Vlents of the above described obligations. Such obligations are hereinafter collectively referred to as the "Secured Obligations". The Borrower grants the Lender a security interest in the following property (hereinafter the "Collateral"); Equipment All equipment (as the term is defined in the applicable Uniform Commercial Code) acquired by the Borrower with proceeds of the Note and equipment identified on Exhibit A to this Agreement, wherever located, now owned or hereafter at any time acquired by Borrower or in whic~- Borrower obtains rights. The Collateral shall include (i) all substitutions and replacements for and proceeds of any and all of the foregoing property, and in the case of all tangible Collateral, all accessions, accessories. attachments, parts, equipment and repairs now or hereafter attached or affixed to or used in connection with any such goods and (ii) all warehouse receipts, bills of lading and other documents of title now or hereafter covering such goods. Borrower warrants, represents and agrees that: 1. The Collateral may be acquired with the proceeds of the Note and other funds. 2. If part of the Collateral now constitutes, or as and when acquired by Borrower will constitute, inventory or equipment (as those terms are defined in the applicable'Uniform Commercial Code) such collateral is or will be kept at the following 10eation or locations; 2285 West County Road C Roseville, Minnesota 55113 and will not be removed from such location or locations unless, prior to any such removal, Borrower has given written notice to the Lender of the location or locations to which the Borrower desires to remove the same, and the Lender has given its written consent to such removal. If any of the locations where Borrower now or hereafter keeps the Collateral are leased by the Bonower, the Borrower shall at Lender's request, obtain a Landlord's waiver in a form satisfactory to Lender. All of the Borrower's inventory and equipment shall, if so provided above, constitute Collateral, even if located at a location not set forth above.