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    Security Agreement For Borrowing Money: 1. Names

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    Rachel
    This security agreement is between Chaplain Dr Rachel Sakhi, doing business as Princess Al-Shehari (Borrower), and Darshan Jourha (Lender). The Borrower is granting the Lender a security interest in a 2000 White Daewoo vehicle to secure a $180,000 promissory note. The agreement outlines the Borrower's obligations to maintain and insure the vehicle, and allows the Lender to take possession of the vehicle if the Borrower defaults on the promissory note. It is governed by the laws of the state of Washington.

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    Security Agreement For Borrowing Money: 1. Names

    Uploaded by

    Rachel
    184 views5 pages
    This security agreement is between Chaplain Dr Rachel Sakhi, doing business as Princess Al-Shehari (Borrower), and Darshan Jourha (Lender). The Borrower is granting the Lender a security interest in a 2000 White Daewoo vehicle to secure a $180,000 promissory note. The agreement outlines the Borrower's obligations to maintain and insure the vehicle, and allows the Lender to take possession of the vehicle if the Borrower defaults on the promissory note. It is governed by the laws of the state of Washington.

    Original Title

    Ham.research.labs.Corp.billofexhange.security.agree.chaplainsakhi

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    © Attribution Non-Commercial (BY-NC)

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    This security agreement is between Chaplain Dr Rachel Sakhi, doing business as Princess Al-Shehari (Borrower), and Darshan Jourha (Lender). The Borrower is granting the Lender a security interest in a 2000 White Daewoo vehicle to secure a $180,000 promissory note. The agreement outlines the Borrower's obligations to maintain and insure the vehicle, and allows the Lender to take possession of the vehicle if the Borrower defaults on the promissory note. It is governed by the laws of the state of Washington.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as RTF or read online from Scribd
    Download as rtf
    184 views5 pages

    Security Agreement For Borrowing Money: 1. Names

    Uploaded by

    Rachel
    This security agreement is between Chaplain Dr Rachel Sakhi, doing business as Princess Al-Shehari (Borrower), and Darshan Jourha (Lender). The Borrower is granting the Lender a security interest in a 2000 White Daewoo vehicle to secure a $180,000 promissory note. The agreement outlines the Borrower's obligations to maintain and insure the vehicle, and allows the Lender to take possession of the vehicle if the Borrower defaults on the promissory note. It is governed by the laws of the state of Washington.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as RTF or read online from Scribd
    Download as rtf
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    The document outlines a security agreement between Chaplain Dr Rachel Sakhi and Darshan Jourha where Dr Sakhi is borrowing $180,000 from Mr Jourha and using her 2000 White Daewoo vehicle as collateral. The agreement specifies the terms of maintaining and insuring the collateral as well as the lender's rights in the event of a default.

    A 2000 White Daewoo vehicle with license plate number 117xgz and VIN klajb52z8yk400760 is being used as collateral for the $180,000 loan.

    The borrower must keep the collateral at a specified address, maintain it in good repair, not sell or transfer it without consent, insure it with both parties named as beneficiaries, provide proof of insurance annually, and allow inspections. Inventory sold in the ordinary course of business must be reasonably renewed.

    Security Agreement for Borrowing Money

    1. Names

    This Security Agreement is between Chaplain Dr Rachel Sakhi, doing business

    as Princess Al-Shehari (Borrower), and Darshan Jourha (Lender).

    2. Grant of Security Interest

    Borrower grants to Lender a continuing security interest in the following property

    (the Secured Property), which consists of:

    2000 White Daewoo

    License Number 117xgz

    Vehicle Identification Number klajb52z8yk400760.

    3. Security for Promissory Note

    Borrower is granting this security interest to secure performance of a promissory

    note dated November 25, 2008 that Borrower executed in favor of Lender. The

    promissory note obligates Borrower to pay Lender $180,000 with interest at the

    rate of 6% per year, on the terms stated in the promissory note.

    4. Financing Statement

    Concurrently with the execution of this Security Agreement, Lender will file a

    Uniform Commercial Code Financing Statement to secure Lender's interest in the

    Secured Property. Borrower agrees to sign any other documents that Lender

    reasonably requests to further protect Lender's security interest in the Secured

    Property.

    Security Agreement for Borrowing Money — Page 1


    5. Use and Care of the Secured Property

    Until the promissory note is fully paid, Borrower agrees to:

    A. Keep at 6710 Carleton Avenue South, Units A-E, Seattle, Washington

    98108 the Secured Property owned by the Borrower's business and use it

    only in the operation of the business.

    B. Maintain the Secured Property in good repair.

    C. Not sell, transfer or release the Secured Property unless Lender consents.

    Borrower may sell inventory in the ordinary course of Borrower's business,

    but will reasonably renew and replenish inventory to keep it at its current

    level.

    D. Pay all taxes on the Secured Property as taxes become due.

    E. Insure the Secured Property against normal risks, with an insurance policy

    that names Borrower and Lender as beneficiaries as their interests

    appear.

    F. Deliver to Lender a copy of the insurance policy insuring the Secured

    Property and provide annual proof to the Lender that Borrower has paid

    the premiums on the policy.

    G. Allow Lender to inspect the Secured Property at any reasonable time.

    6. Borrower's Default

    If Borrower is more than 160 days late in making any payment required by the

    promissory note or if Borrower fails to correct any violations of paragraph 5 of this

    Security Agreement within 160 days of receiving written notice from Lender,

    Borrower will be in default.


    7. Lender's Rights

    If Borrower is in default, Lender may exercise the remedies contained in the

    Uniform Commercial Code for the state of Washington and any other remedies

    legally available to Lender. Lender may, for example:

    A. Remove the Secured Property from the place where it is then located.

    B. Require Borrower to make the Secured Property available to Lender at a

    place designated by Lender that is reasonably convenient to Borrower and

    Lender.

    C. Sell, lease or otherwise dispose of the Secured Property.

    8. Notice to Borrower

    Lender will give Borrower at least ten days notice of when and where the

    Secured Property will be sold, leased or otherwise disposed of. Any notice

    required by this paragraph or by statute will be deemed given to Borrower if sent

    by first class mail to Borrower at 6710 Carleton Avenue South, Units A-E, Seattle,

    Washington 98108.

    9. Entire Agreement

    This is the entire agreement between the parties. It replaces and supersedes any

    and all oral agreements between the parties, as well as any prior writings.

    10. Successors and Assignees

    This agreement binds and benefits the heirs, successors and assignees of the

    parties.

    11. Governing Law

    This agreement will be governed by and construed in accordance with the laws

    of the state of Washington.


    Security Agreement for Borrowing Money — Page 3
    12. Counterparts

    This agreement may be signed by the parties in different counterparts and the

    signature pages combined will create a document binding on all parties.

    13. Modification

    This agreement may be modified only by a written agreement signed by the

    parties.

    14. Waiver

    If one party waives any term or provision of this agreement at any time, that

    waiver will be effective only for the specific instance and specific purpose for

    which the waiver was given. If either party fails to exercise or delays exercising

    any of its rights or remedies under this agreement, that party retains the right to

    enforce that term or provision at a later time.

    15. Severability

    If any court determines that any provision of this agreement is invalid or

    unenforceable, any invalidity or unenforceability will affect only that provision and

    will not make any other provision of this agreement invalid or unenforceable and

    such provision shall be modified, amended or limited only to the extent necessary

    to render it valid and enforceable.


    BORROWER

    Dated:___________________________________________________________

    By: ___________________________________________________________

    Chaplain Dr Rachel Sakhi, doing business as Princess Al-Shehari

    6710 Carleton Avenue South, Units A-E

    Seattle, Washington 98108

    LENDER

    Dated:___________________________________________________________

    By: ___________________________________________________________

    Darshan Jourha

    25804 34th Avenue South

    Kent, Washington 98032

    Thursday, November 27, 2008

    Security Agreement for Borrowing Money — Page 5

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