SECURITY AGREEMENT (Grantor)Security Agreement • December 5th, 2008 • Rubber Research Elastomerics Inc • Fabricated rubber products, nec • Minnesota
This SECURITY AGREEMENT is made as of December 1, 2008 (the “Agreement”), by RUBBER RESEARCH ELASTOMERICS, INC., a Minnesota corporation, with its chief executive office at 4500 Main Street NE, Fridley, MN 55421 (“Grantor”), in favor of RIVIERA INVESTMENTS, INC., with an office at 1138 Hartzell Street, Pacific Palisades, CA 90272 (“Lender”).
DEMAND NOTERubber Research Elastomerics Inc • December 5th, 2008 • Fabricated rubber products, nec
FOR VALUE RECEIVED, the undersigned, RUBBER RESEARCH ELASTOMERICS, INC., a Minnesota corporation, (the “Borrower”) promises to pay to the order of RIVIERA INVESTMENTS, INC., a California corporation (the “Lender”), the principal sum of THREE HUNDRED THOUSAND AND NO/100THS DOLLARS ($300,000.00) ON DEMAND, or if no earlier demand has been made, on November 15, 2009 (the earlier of such dates being the “Termination Date”).
