MARTIN & SNYDER PRODUCT SALES
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Security Agreement
Security Agreement made between MARTIN & SNYDER PRODUCT SALES CO., a Michigan corporation (“Secured Party”) of 8880 Hubbell, Detroit, Michigan 48228; and the undersigned Michigan Corporation (“Debtor”).
1. Grant of Security Interest. Debtor, in consideration of Secured Party extending Credit to Debtor and to induce Secured Party to sell and continue to sell and furnish to the Debtor, inventory consisting of cigarettes, tobacco products, candy and/or grocery products, grants to Secured Party a Security Interest in all collateral consisting of:
All equipment, accounts receivables, all present and hereafter acquired inventory wherever located, including, but not limited to, candy, candy products, grocery, all cigarettes, and other tobacco products together with the proceeds thereof.
2. Financing Statements. Debtor authorizes Secured Party to execute and file any Uniform Commercial Code financing statements or any other documents on Debtor’s behalf that Secured Party deems necessary or desirable to protect Secured Party’s security interest in the Collateral.
3. Debtor shall be liable for all expenses incurred by Secured Party in enforcing this security interest including, without limitation, reasonable attorney fees, cost, and costs of repossession of the collateral.
Personal Guaranty
TO: MARTIN AND SNYDER PRODUCT SALES CO.
To induce and encourage MARTIN AND SNYDER PRODUCT SALES CO. (MARTIN & SNYDER) to open an account and sell and deliver and continue to sell and deliver various candy, food items, tobacco, cigarettes, and/or other vending products to the business listed below, I do hereby, absolutely and unconditionally, guarantee full and prompt payment when due of any and all indebtedness or obligation owed by the above business.
MARTIN & SNYDER shall have the right to proceed directly against the undersigned as Guarantor without first having to proceed against the above business. The Corporation and I, jointly and severally, agree to pay MARTIN & SNYDER its costs, including all reasonable attorney fees incurred or paid by MARTIN & SNYDER in enforcing the terms of this Personal Guaranty and of the account.
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