New Mexico 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 New Mexico Security Agreement between Jon H. Row berry and Franklin Covey Company: A New Mexico Security Agreement is a legal document executed between Jon H. Row berry and Franklin Covey Company to establish a collateral arrangement, ensuring the repayment of a financial obligation or loan. This legally binding contract aims to protect the interests of Franklin Covey Company by granting them a security interest or lien on specific assets owned by Jon H. Row berry. The New Mexico Security Agreement defines the terms and conditions under which Franklin Covey Company has the right to claim ownership over the designated collateral in case of a default by Row berry. This agreement is crucial to mitigate the risk associated with lending money or extending credit and ensures that Franklin Covey Company has a legal recourse to recover their investment. Key provisions commonly included in a New Mexico Security Agreement are: 1. Collateral Description: The agreement begins by providing a comprehensive description of the assets being offered as collateral. It typically includes details like the type of assets, such as real estate, vehicles, equipment, or investments. 2. Security Interest: This section establishes the security interest held by Franklin Covey Company over the designated assets. It outlines the rights and privileges conferred upon the lender in case of default, including the right to take possession of the collateral and sell it to recover the outstanding debt. 3. Perfection of Security Interest: This part explains the necessary steps taken to ensure the security interest is perfected or legally enforceable. It might require filing appropriate forms, such as UCC-1 Financing Statements, with the New Mexico Secretary of State or other relevant authorities. 4. Payment Obligations: The New Mexico Security Agreement includes a section outlining the borrower's obligations to make timely payments, including principal, interest, and any associated fees or charges. It might specify the repayment schedule, interest rate, and penalties for late payments. 5. Default and Remedies: This provision details the actions that Franklin Covey Company can take in the event of default. It outlines the various remedies available, such as the right to foreclose on the collateral, repossess or sell it to recover the unpaid debt. 6. Representations and Warranties: Both parties make certain representations and warranties about their authority to enter into the agreement, the validity of the collateral, and the absence of any third-party claims or liens on the assets. Some types of New Mexico Security Agreements between Jon H. Row berry and Franklin Covey Company might be: 1. Real Estate Security Agreement: This type of agreement focuses on securing a loan or financial arrangement using real property owned by Jon H. Row berry, such as land or buildings, as collateral. 2. Vehicle Security Agreement: In this case, the agreement is specific to securing a loan against a vehicle or a fleet of vehicles owned by Row berry, providing Franklin Covey Company a security interest in the collateral. 3. Equipment Security Agreement: This variant pertains to collateralizing equipment owned by Jon H. Row berry, including machinery, tools, or other business-related assets, to secure a financial transaction with Franklin Covey Company. It is crucial to consult legal professionals in New Mexico while drafting and executing a Security Agreement to ensure compliance with state-specific laws and regulations.

New Mexico Security Agreement between Jon H. Row berry and Franklin Covey Company: A New Mexico Security Agreement is a legal document executed between Jon H. Row berry and Franklin Covey Company to establish a collateral arrangement, ensuring the repayment of a financial obligation or loan. This legally binding contract aims to protect the interests of Franklin Covey Company by granting them a security interest or lien on specific assets owned by Jon H. Row berry. The New Mexico Security Agreement defines the terms and conditions under which Franklin Covey Company has the right to claim ownership over the designated collateral in case of a default by Row berry. This agreement is crucial to mitigate the risk associated with lending money or extending credit and ensures that Franklin Covey Company has a legal recourse to recover their investment. Key provisions commonly included in a New Mexico Security Agreement are: 1. Collateral Description: The agreement begins by providing a comprehensive description of the assets being offered as collateral. It typically includes details like the type of assets, such as real estate, vehicles, equipment, or investments. 2. Security Interest: This section establishes the security interest held by Franklin Covey Company over the designated assets. It outlines the rights and privileges conferred upon the lender in case of default, including the right to take possession of the collateral and sell it to recover the outstanding debt. 3. Perfection of Security Interest: This part explains the necessary steps taken to ensure the security interest is perfected or legally enforceable. It might require filing appropriate forms, such as UCC-1 Financing Statements, with the New Mexico Secretary of State or other relevant authorities. 4. Payment Obligations: The New Mexico Security Agreement includes a section outlining the borrower's obligations to make timely payments, including principal, interest, and any associated fees or charges. It might specify the repayment schedule, interest rate, and penalties for late payments. 5. Default and Remedies: This provision details the actions that Franklin Covey Company can take in the event of default. It outlines the various remedies available, such as the right to foreclose on the collateral, repossess or sell it to recover the unpaid debt. 6. Representations and Warranties: Both parties make certain representations and warranties about their authority to enter into the agreement, the validity of the collateral, and the absence of any third-party claims or liens on the assets. Some types of New Mexico Security Agreements between Jon H. Row berry and Franklin Covey Company might be: 1. Real Estate Security Agreement: This type of agreement focuses on securing a loan or financial arrangement using real property owned by Jon H. Row berry, such as land or buildings, as collateral. 2. Vehicle Security Agreement: In this case, the agreement is specific to securing a loan against a vehicle or a fleet of vehicles owned by Row berry, providing Franklin Covey Company a security interest in the collateral. 3. Equipment Security Agreement: This variant pertains to collateralizing equipment owned by Jon H. Row berry, including machinery, tools, or other business-related assets, to secure a financial transaction with Franklin Covey Company. It is crucial to consult legal professionals in New Mexico while drafting and executing a Security Agreement to ensure compliance with state-specific laws and regulations.