Security Agreement by pellcity27


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									                                     SECURITY AGREEMENT

       THIS SECURITY AGREEMENT (this "Agreement") made and entered into this first day
of July, 2000, by and between SMITH PLAZA, LLC, a Mississippi limited liability partnership
(hereinafter referred to as Debtor), and DOE LIFE INSURANCE COMPANY, a corporation of
the State of Mississippi, having its principal office at 000 Capitol Street, Jackson, Mississippi
39000 (hereinafter referred to as Secured Party);
       WHEREAS, Debtor is the present owner in fee simple of real property located in Rankin
County, Mississippi (hereinafter referred to as "Premises"), which real property is more
particularly described as follows:
       Lot 00 of Block 00 as shown on the A. L. Jones Official Map of the City of
       Flowood, Mississippi, 1976 Edition,
       WHEREAS, Secured Party is loaning to Debtor the sum of Three Hundred
Thousand Dollars ($300,000.00) evidenced by a Promissory Note; and
       WHEREAS, said indebtedness shall be secured by a Deed of Trust covering the
Premises and recorded in the Records of Deeds of Trust in the office of the Chancery Clerk of
Rankin County, Mississippi; and
       WHEREAS, Secured Party, as a condition to making the loan to be secured by said
Deed of Trust, has required Debtor to enter into this agreement in order to grant a security
interest in the personal property located on
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