[rgrewal]

HERE IS THE AGREEMENT: Tenant signed two of these on different dates.

WHEREAS:
(A) The Debtor has issued to Secured Party, a secured promissory note, dated the date hereof, in the principal amount of $1850.00 (the “Note”); and
(B) As security for the obligations evidenced by the Note, the Debtor has agreed to pledge to Secured Party and grant to Secured Party a security interest in the Collateral (as hereinafter defined); and
(C) the Debtor and Secured Party desire to execute and deliver this Agreement;
NOW, THEREFORE, in consideration of the benefits accruing to the Debtor, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Debtor covenants and agrees with Secured Party as follows:
1. Security for Obligations. This Agreement is for the benefit of Secured Party to secure the prompt and complete payment and performance of all of the Debtor’s obligations arising under the Note (such obligations are collectively referred to herein as the “Obligations”).
2. Definition of Collateral. As used herein, the term “Collateral” shall mean all of the present and future undertaking and property, both real and personal, of the Debtor, including without limitation, all right, title and interest that the Debtor now has or may hereafter have, be possessed of, or entitled to or hereafter be acquired by the Debtor in accounts receivable, inventory, equipment, chattel paper, documents of title, securities and instruments, intangibles, money, books and records and all replacements of, substitutions for and increases, additions and accessions to the foregoing, together with all proceeds thereof, and any reference to “Collateral” shall be deemed a reference to “Collateral or any part thereof”..
3. Pledge of Collateral. To secure the prompt and complete payment and performance when due of all of the Obligations, the Debtor hereby pledges to Secured Party and grants to Secured Party a security interest of first priority in all of the right, title and interest of the Debtor in all of the Collateral.
4. Remedies in Case of Event of Default. Upon the failure of the Debtor to make payments in accordance with the terms of the Note, or upon the occurrence of a default of any provision of the Note or at any time during the continuance of such default, any one of which shall constitute an “Event of Default”, Secured Party, subject to the terms of the Note, may:
(a) exercise any and all rights and remedies granted to a secured party by the Uniform Commercial Code as in effect in the State of Colorado on the date hereof (the “UCC”) or otherwise allowed at law and, in either case, as otherwise provided by this Agreement;
(b) take possession of the Collateral or any part thereof with or without process of law; and
(c) dispose of the Collateral as Secured Party may choose, so long as every aspect of the disposition including the method, manner, time, place and terms are commercially reasonable.
5. Transfer by the Debtor. The Debtor shall not sell or otherwise dispose of or grant any option with respect to, or pledge or otherwise encumber, any of the Collateral or any interest therein.
6. Covenants. The Debtor covenants and agrees that for the duration of this Agreement the Debtor shall:
(a) defend Secured Party’s right, title and security interest in and to the Collateral as a first priority security interest against the claims and demands of all persons whomsoever; and
(b) shall not grant any other lien or security interest on any of the Collateral.
Smilies[More] 7. Power of Attorney. The Debtor hereby appoints Secured Party as the Debtor’s attorney?in?fact to exercise at any time after the occurrence of an Event of Default all or any of the powers and authorities conferred on or reserved to Secured Party by or pursuant to this Agreement or applicable law, and (without prejudice to the generality of any of the foregoing) to seal and deliver or otherwise perfect any deed, assurance, agreements, instrument or act as Secured Party may reasonably deem proper in or for the purpose of exercising any of such powers and authorities. The Debtor hereby ratifies and confirms, and hereby agrees to ratify and confirm, whatever lawful acts Secured Party shall do in the exercise of the power of attorney granted to Secured Party pursuant to this Section 7, which power of attorney, being given for consideration, is irrevocable.
8. Miscellaneous. This Agreement shall create a continuing security interest in the Collateral and shall be binding upon the successors and assigns of the Debtor and shall inure to the benefit of and be enforceable by Secured Party and Secured Party’s permitted successors and assigns. The headings in this Agreement are for purposes of reference only and shall not limit or define the meaning hereof. This Agreement may be executed in any number of counterparts, each of which shall be an original, but all of which shall constitute one instrument. In the event that any provision of this Agreement shall prove to be invalid or unenforceable, such provision shall be deemed to be severable from the other provisions of this Agreement which shall remain binding on the parties hereto. This Agreement contains the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements or understandings between the parties related to such matters. This Agreement may be amended or modified only by a writing signed by both parties hereto. This Agreement is not assignable or transferable by either party, provided that Secured Party may assign this Agreement to any holder of the Note. The Debtor shall retain all rights of a stockholder with respect to any Collateral until the occurrence of an Event of Default.
9. Financing Statements. The Debtor agrees to deliver promptly to Secured Party such duly executed UCC Financing Statements as Secured Party may reasonably request, for filing, as may be appropriate, with respect to Secured Party’s security interest in the Collateral in such jurisdictions as Secured Party may reasonably determine to be appropriate.
10. Termination. Upon such time, if any, as the Debtor shall pay, satisfy or otherwise discharge in full the Obligations, this Agreement shall be null and void and the security interests granted hereunder shall automatically terminate.
11. Governing Law. This Agreement shall (irrespective of where it is executed, delivered and/or performed) be governed by and construed in accordance with the laws of the State of Colorado (without giving effect to principles of conflicts of law), except as otherwise required by mandatory provisions of law and except to the extent that remedies provided by the laws of any State other than Colorado are governed by the laws of said State. All terms used herein which are defined in the UCC (as in effect and interpreted in Colorado) have the meanings therein provided.
IN WITNESS WHEREOF, the Debtor and Secured Party have caused this Agreement to be executed as of the date first above written.