Common use of SECURED Clause in Contracts

SECURED. There shall be property to secure this Agreement described as: The Security shall transfer to the possession and ownership of the Lender immediately pursuant to Section 11 of this Agreement. The Security may not be sold or transferred without the Lender’s consent until the Due Date. If Borrower breaches this provision, Lender may declare all sums due under this Agreement immediately due and payable, unless prohibited by applicable law. The Lender shall have the sole option to accept the Security as full payment for the Borrowed Money without further liabilities or obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance due while accruing interest at the maximum rate allowed by law.

SECURED. There shall be property to secure this Agreement Note described as: [SECURITY DESCRIPTION] ("Security"). The Security shall transfer to the possession and ownership of the Lender immediately pursuant to Section 11 of this AgreementNote. The Security may not be sold or transferred without the Lender’s 's consent until the Due Date. If Borrower breaches this provision, Lender ▇▇▇▇▇▇ may declare all sums due under this Agreement Note immediately due and payable, unless prohibited by applicable law. The Lender shall have the sole option to accept the Security as full payment for the Borrowed Money without further liabilities or obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance due while accruing interest at the maximum rate allowed by law.

SECURED. There shall be property to secure this Agreement Note described as: The Security shall transfer to the possession and ownership of the Lender immediately pursuant to Section 11 of this AgreementNote. The Security may not be sold or transferred without the Lender’s consent until the Due Date. If Borrower breaches this provision, Lender may declare all sums due under this Agreement Note immediately due and payable, unless prohibited by applicable law. The Lender shall have the sole option to accept the Security as full payment for the Borrowed Money without further liabilities or obligations. If the market value of the Security does not exceed the Borrowed Money, the Borrower shall remain liable for the balance due while accruing interest at the maximum rate allowed by law.