Michigan Security Agreement between Jon H. Rowberry and Franklin Covey Company

• Category: Corporations - Public - Security
• State: Multi-State
• Control #: US-EG-9055
• Format: Word; Rich Text

Description

Security Agreement between Jon H. Rowberry and Franklin Covey Company dated September 23, 1999. 3 pages Title: Understanding the Michigan Security Agreement between Jon H. Row berry and Franklin Covey Company Keywords: Michigan Security Agreement, Jon H. Row berry, Franklin Covey Company, types Introduction: In this article, we will delve into the details of the Michigan Security Agreement between Jon H. Row berry and Franklin Covey Company. We will discuss the purpose, key components, and potential variations of this agreement. 1. Overview: The Michigan Security Agreement is a legally binding contract entered into between Jon H. Row berry and Franklin Covey Company. This agreement outlines the rights and obligations of both parties concerning the security interest held by Franklin Covey Company over the provided collateral. 2. Purpose of the Agreement: The primary purpose of the Michigan Security Agreement is to secure the performance of a specific obligation undertaken by Jon H. Row berry towards Franklin Covey Company. This obligation can be related to a loan, credit, lease, or any other form of financial transaction. 3. Key Components of the Agreement: a) Collateral Description: The agreement specifies the collateral that will be secured, which typically includes assets such as real estate, equipment, accounts receivable, intellectual property, or any other valuable property. b) Granting Security Interest: Jon H. Row berry grants Franklin Covey Company a security interest over the designated collateral, which ensures that Franklin Covey Company can take possession or seize the assets if the agreed-upon obligations are not met. c) Obligations and Conditions: The agreement establishes the precise obligations and conditions that Jon H. Row berry must fulfill to avoid default. These may include timely payments, insurance requirements, or other specified performance expectations. d) Default and Remedies: The agreement defines the consequences of a default, including potential enforcement actions that Franklin Covey Company may take, such as foreclosure, repossession, or legal proceedings. 4. Types of Michigan Security Agreements: Various types of Michigan Security Agreements may exist between Jon H. Row berry and Franklin Covey Company, depending on the nature of the underlying transaction. These may include: a) Mortgage Security Agreement: When the collateral is real estate, this agreement becomes a mortgage security agreement, ensuring the loan's repayment through the foreclosure process if necessary. b) UCC Security Agreement: Under the Uniform Commercial Code (UCC), collateral other than real estate can be secured through a UCC Security Agreement. This type of security agreement applies to personal property like equipment, inventory, or accounts receivable. c) Intellectual Property Security Agreement: If the collateral involves intellectual property, such as patents, trademarks, or copyrights, an Intellectual Property Security Agreement may be established to provide security for the loan. Conclusion: The Michigan Security Agreement between Jon H. Row berry and Franklin Covey Company is a critical legal instrument that ensures the protection of the parties' interests in a financial transaction. By understanding its purpose, components, and potential types, all parties involved can ensure compliance and avert potential disputes.

Title: Understanding the Michigan Security Agreement between Jon H. Row berry and Franklin Covey Company Keywords: Michigan Security Agreement, Jon H. Row berry, Franklin Covey Company, types Introduction: In this article, we will delve into the details of the Michigan Security Agreement between Jon H. Row berry and Franklin Covey Company. We will discuss the purpose, key components, and potential variations of this agreement. 1. Overview: The Michigan Security Agreement is a legally binding contract entered into between Jon H. Row berry and Franklin Covey Company. This agreement outlines the rights and obligations of both parties concerning the security interest held by Franklin Covey Company over the provided collateral. 2. Purpose of the Agreement: The primary purpose of the Michigan Security Agreement is to secure the performance of a specific obligation undertaken by Jon H. Row berry towards Franklin Covey Company. This obligation can be related to a loan, credit, lease, or any other form of financial transaction. 3. Key Components of the Agreement: a) Collateral Description: The agreement specifies the collateral that will be secured, which typically includes assets such as real estate, equipment, accounts receivable, intellectual property, or any other valuable property. b) Granting Security Interest: Jon H. Row berry grants Franklin Covey Company a security interest over the designated collateral, which ensures that Franklin Covey Company can take possession or seize the assets if the agreed-upon obligations are not met. c) Obligations and Conditions: The agreement establishes the precise obligations and conditions that Jon H. Row berry must fulfill to avoid default. These may include timely payments, insurance requirements, or other specified performance expectations. d) Default and Remedies: The agreement defines the consequences of a default, including potential enforcement actions that Franklin Covey Company may take, such as foreclosure, repossession, or legal proceedings. 4. Types of Michigan Security Agreements: Various types of Michigan Security Agreements may exist between Jon H. Row berry and Franklin Covey Company, depending on the nature of the underlying transaction. These may include: a) Mortgage Security Agreement: When the collateral is real estate, this agreement becomes a mortgage security agreement, ensuring the loan's repayment through the foreclosure process if necessary. b) UCC Security Agreement: Under the Uniform Commercial Code (UCC), collateral other than real estate can be secured through a UCC Security Agreement. This type of security agreement applies to personal property like equipment, inventory, or accounts receivable. c) Intellectual Property Security Agreement: If the collateral involves intellectual property, such as patents, trademarks, or copyrights, an Intellectual Property Security Agreement may be established to provide security for the loan. Conclusion: The Michigan Security Agreement between Jon H. Row berry and Franklin Covey Company is a critical legal instrument that ensures the protection of the parties' interests in a financial transaction. By understanding its purpose, components, and potential types, all parties involved can ensure compliance and avert potential disputes.