YOU FAIL TO MEET YOUR COMMITMENTS. Security Interest This is secured credit. We take an interest in the property listed below to secure performance of your obligations under the contract and the payment of money due under the contract. If you fail to meet your commitments under this contract, then to the extent of the security interest we may be entitled to repossess and sell this property and if the net proceeds that we receive from a sale of the property are insufficient to repay the total amount owing to us then you will remain indebted to us for the remaining balance owing after the application of the net proceeds to the loan. You are required to ask us for our consent before you give a security interest in the personal or real property listed below to anyone else. If you give a security interest to someone else without obtaining our consent, you will breach this contract and we may require you to repay the total amount owing to us. If you don’t pay us when we demand it we may exercise our rights to repossess and/ or sell the property subject to our security interest.
Appears in 5 contracts
Samples: Loan and Security Deed of Agreement, Loan and Security Deed of Agreement, Loan and Security Deed of Agreement
