Common use of Secured Obligation Clause in Contracts

Secured Obligation. This Note is secured by the Maker’s personal property, including but not limited to all accounts, equipment, inventory, chattel paper, instruments, contracts, and all other goods and personal property, whether tangible or intangible, now owned or hereafter acquired, as evidenced by one or more security agreements executed and delivered by Maker to Payee either previously, in conjunction herewith or at a future date, and in form and substance satisfactory to Payee (the “Security Agreement”). This Note may also be secured by the Maker’s real property, as described in one or more mortgages, deeds of trust or other security instruments executed and delivered by Maker to Payee, either previously, in conjunction herewith or at a future date, and in form and substance satisfactory to Payee (the “Mortgage”).