Combined Form of Security Agreement and Promissory Note

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					               Combined Form of Security Agreement and Promissory Note

$(Dollar Amount of Note)                                                       Date ___________

        For value received, the undersigned, (Name of Debtor), of (Address of Debtor), promises
to pay to the order of (Name of Secured Party), together with any other holder of this Note,
hereinafter called Secured Party, at its office at (Address of Secured Party), $(Dollar Amount of
Note), with interest at the rate of ______% per annum. Payment shall be made in successive
equal monthly installments of $______________, except the final installment, which shall be the
balance due on this Note. Each such installment is payable on the (number) day of each month,
commencing on (date).

1.       Security
         To secure the payment of this Note, Debtor grants to Secured Party a security interest in
the following property and all accessories, parts, and equipment now or later affixed to the
same: (Description of Collateral). Such property shall be in this agreement collectively referred
to as Collateral.

2.     Warranties and Commitments
       Debtor warrants and agrees that:

       A.     To the extent, if any, that Debtor advises Secured Party that any of Collateral is
       being acquired with the proceeds of the Note, such proceeds may be disbursed by
       Secured Party directly to the seller of such Collateral.

       B.     Collateral, other than any part of Collateral that prior to the execution of this
       Agreement Debtor advises Secured Party in writing consists of equipment normally used
       in more than one state, shall be kept at the address of Debtor shown above and shall not
       be moved without the prior written consent of Secured Party..

       C.       If any of Collateral shall consist of equipment of a type normally used in more
       than one state, whether or not actually so used, Debtor shall immediately give written
       notice to Secured Party of any change in the principal place of business of Debtor, and
       of any use of any such Collateral in any state other than a state that Debtor h
Shared By:
Description: Combined Form of Security Agreement and Promissory Note
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),