Drafting Note: Highlighted sections require the insertion of project specific information. Please remove the highlighted fields in the final version of this agreement.] CITY PURPOSE SECURITY AGREEMENT EQUIPMENTPurpose Security Agreement • August 24th, 2020 • New York
CITY PURPOSE SECURITY AGREEMENT dated as of _____________, (“Security Agreement”) made by [Insert Full Corporate Name of Parent Corp.] (“[Insert: Abbreviated Name of Parent Corporate Entity]” or “Parent”), a not-for-profit corporation organized pursuant to the Not-For-Profit Corporation Law of the State of New York having its principal office at [Address of Parent Corp.], and [Insert Full Corporate Name of Subsidiary Corp.] (“[Insert: Abbreviated Name of Subsidiary Corporate Entity]” or “Subsidiary”), a not-for-profit corporation organized pursuant to the Not-For-Profit Corporation Law of the State of New York having its principal office at [Address of Subsidiary Corp.] (hereinafter the term “Grantor” means both Parent and Subsidiary), in favor of THE CITY of NEW YORK (“City”) acting by and through its DEPARTMENT OF DESIGN AND CONSTRUCTION, having its principal office at 30-30 Thomson Avenue, Long Island City, New York 11101 (the “Secured Party”).
