Travis Texas Security Agreement is a legally binding document that outlines the terms and conditions agreed upon by parties involved, Jon H. Row berry and Franklin Covey Company, in relation to security provisions of a financial or commercial nature. This agreement is entered into to protect the rights and interests of all parties involved, ensuring the fulfillment of obligations and preventing potential risks. The Travis Texas Security Agreement between Jon H. Row berry and Franklin Covey Company encompasses several key elements. Firstly, it establishes the nature of the security interest granted by Jon H. Row berry to Franklin Covey Company, typically in the form of collateral. This collateral can be in the form of tangible assets like real estate, equipment, or inventory, or intangible assets like patents, trademarks, or accounts receivable. The agreement further defines the scope and extent of the security interest, including any limitations or restrictions imposed on both parties. This may encompass restrictions on transferring or encumbering the collateral, obtaining additional debts against the collateral, or changing its condition without prior consent. Additionally, the agreement outlines the rights and responsibilities of the parties involved. Franklin Covey Company is granted certain rights to seize and sell the collateral in case Jon H. Row berry fails to fulfill their obligations, such as defaulting on a loan or breaching a contract. These rights are governed by the laws of Travis Texas, which determine the procedures and processes involved in executing these rights. Furthermore, the agreement may address the procedures for handling disputes and conflicts that may arise during the term of the agreement. This could include provisions for mediation, arbitration, or litigation, specifying the applicable jurisdiction and governing law. There are variations of Travis Texas Security Agreements based on the specific context or purpose of the agreement. Some notable types include: 1. Mortgage Security Agreement: This type of security agreement is specifically related to real estate properties. Jon H. Row berry pledges a property as collateral for a loan or mortgage by Franklin Covey Company. 2. UCC-1 Financing Statement: Under the Uniform Commercial Code, this security agreement is filed to provide notice to other potential creditors of Jon H. Row berry's collateral pledged to Franklin Covey Company. 3. Security Agreement for Intellectual Property: In cases where Jon H. Row berry holds valuable intellectual property assets, such as patents or copyrights, this agreement secures Franklin Covey Company's interest in those assets. Overall, Travis Texas Security Agreement plays a crucial role in safeguarding the rights of both parties involved. It ensures the protection of collateral, defines obligations and responsibilities, and provides a legal framework for resolving any disputes that may arise during the agreement's term, fostering a sense of trust and security between Jon H. Row berry and Franklin Covey Company.
Travis Texas Security Agreement between Jon H. Rowberry and Franklin Covey Company
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