Common use of Security Charge Clause in Contracts

Security Charge. In order to better secure to ▇▇▇▇▇▇▇’▇ Petroleum all moneys payable or to become payable pursuant to this Agreement, the Customer hereby: a. charges in favour of ▇▇▇▇▇▇▇’▇ Petroleum any and all right, title, estates or interest which the Customer has or may hereinafter acquire from time to time in any freehold or leasehold property (collectively referred to as the ‘Customer’s Property’) to secure the payment of all such moneys payable or to become payable by the Customer under this Agreement; b. acknowledges that the charge granted by the Customer in this clause gives rise to a caveatable interest and permits ▇▇▇▇▇▇▇’▇ Petroleum to lodge and maintain caveat against the title to the Customer’s Property and undertakes not to challenge any caveat so lodged; c. agrees to do everything reasonably necessary to give effect to this Agreement and the transactions contemplated by it and to use all reasonable endeavours to cause relevant third parties to do likewise; d. agrees to effect and maintain insurance over and in relation to the Customer’s Property for amounts against risks; e. agrees that ▇▇▇▇▇▇▇’▇ Petroleum may exercise all rights conferred by the laws of Tasmania upon chargees upon the failure of the Customer to pay any amounts owing under this Agreement or if the Customer fails to comply with any other obligations under this Agreement; f. agrees if ▇▇▇▇▇▇▇’▇ Petroleum becomes entitled to sell or otherwise dispose of the Customer’s Property any sale or disposal may; i. be by private treaty, auction, tender or otherwise; ii. for cash or with the deferral of whole or part of the purchase price (without or without interest or security); iii. in one lot or in separate parcels; iv. in conjunction with the sale or disposal in relation to any other property by another person, with full power to apportion costs, expenses, purchase money, rent, fees and other proceeds; and v. upon terms and conditions that ▇▇▇▇▇▇▇’▇ Petroleum determines, whether or not ▇▇▇▇▇▇▇’▇ Petroleum has taken possession. g. Upon default under this Agreement, ▇▇▇▇▇▇▇’▇ Petroleum may, without limiting ▇▇▇▇▇▇▇’▇ Petroleum rights at law; i. enter, take possession of, take control of and get in the Customer’s Property; ii. receive rents and profits derived from the Customer’s Property; iii. insure, maintain, improve and protect the Customer’s Property; and iv. lease, licence or hire out the Customer’s Property. h. The Customer must not, without the prior written consent of ▇▇▇▇▇▇▇’▇ Petroleum, transfer or otherwise dispose of the Customer’s Property or cause or permit any person to acquire any interest in the Customer’s Property. i. The Customer must promptly execute all documents and do all things which ▇▇▇▇▇▇▇’▇ Petroleum require from time to time reasonably required to; i. further or more effectively or perfectly charge, mortgage, assure or secure the Customer’s Property to ▇▇▇▇▇▇▇’▇ Petroleum in a manner not inconsistent with this Agreement or any collateral security; ii. enable or assist the exercise of any right granted to ▇▇▇▇▇▇▇’▇ Petroleum under this Agreement or otherwise conferred on ▇▇▇▇▇▇▇’▇ Petroleum.