Agenda - 06-24-1986 - Laserfiche WebLink

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Draft : 6/9/86 SECURITY AGREEMENT THIS SECURITY AGREEMENT, dated as of July 1, 1986 ( the "Sec- urity Agreement" ) , by and between ISOTECHNOLOGIES, INC. , a cor- poration duly organized and existing under the laws of the State of North Carolina (the "Company" ) , and THE ORANGE COUNTY INDUS- TRIAL FACILITIES AND POLLUTION CONTROL FINANCING AUTHORITY, a political subdivision and body corporate and politic of the State of North Carolina ( the "Secured Party" ) , W I T N E S S E T H: WHEREAS, the Company has entered into a Bond Purchase Agree- ment, of even date herewith (the "Bond Purchase Agreement" ) , with the Secured Party and NCNB National Bank of North Carolina, a national banking association having its principal office in Charlotte, North Carolina (the "Purchaser" ) , which provides for the financing by the Secured Party of the cost of the acquisi- tion, construction and installation of the Project (as defined in the Loan Agreement hereinafter referred to) for the Company through (a) the issuance by the Secured Party of its industrial revenue bond in the principal amount of $1,500,000 (the "Bond" ) in substantially the form of Exhibit A to the Bond Purchase Agreement, (b) the Secured Party' s making a loan of the proceeds of the Bond to the Company, evidenced by a promissory note of the Company (the "Note") , pursuant to a Loan Agreement, of even date herewith ( the "Loan Agreement" ) , between the Secured Party as lender and the Company as borrower , (c) the pledge of the Note, endorsed without recourse to the order of the Purchaser, and the assignment of certain of the Secured Party' s rights in the Loan Agreement and this Security Agreement, pursuant to an Assignment, of even date herewith (the "Assignment") , by the Secured Party to the Purchaser, its successors and any transferees of the Bond in accordance with Section 7 of the Bond Purchase Agreement ( the "Holder" ) to secure the Bond, (d) the grant by the Company to the Secured Party of a security interest in certain personal property and fixtures more particularly described herein pursuant to the terms of this Security Agreement, as additional security for the Note, (e) the grant by the Company to , as trustee for the benefit of the Secured Party, of a deed of trust on cer- tain real property more particularly described therein pursuant to the terms of a Deed of Trust, of even date herewith (the "Deed of Trust" ) , as additional security for the Note, (f) the uncondi- tional guaranty of the payment of the Bond by the Company pursu- ant to the Guaranty Agreement, of even date herewith ( the "Com-