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F he will immediately notify sp in writing of any

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Unformatted text preview: done that may impair the value of the Collateral or the security intended to be afforded by this Agreement. F. He will immediately notify S.P. in writing of any change of the Debtor’s place of residence, place or places of business, or the location of the Collateral. G. He will not remove the Collateral from the State of North Carolina without prior written consent by S.P. Sample Security Agreement Sample (cont.) (cont.) 6. IT IS FURTHER AGREED THAT THE DEBTOR SHALL BE IN DEFAULT UNDER THIS AGREEMENT: A. If the Debtor uses any of the Collateral in violation of any statute or ordinance or the Debtor is found to have a record or reputation for violating the laws of the United States or any State relating to liquor or narcotics; or B. or If the Debtor shall fail to perform any covenant or Agreement made by him herein; C. If the Debtor shall fail to make due and punctual payment of any of the Obligations secured hereby when and as any part or all of such Obligation becomes due and payable; or D. If any warranty, representation, or statement made or furnished to S.P. by or on behalf of the Debtor in c...
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