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1、CO-OPERATIVEAPARTMENTLOANSECURITYAGREEMENTTHISSECURITYAGREEMENTmadethedayof,20,betweenand,residingat(referredtointhisSecurityAgreementasthe“Borrower”)and(referredtointhisSecurityAgreementasthe“SecuredParty”).InreturnfortheCooperativeApartmentLoangrantedbyth
2、eSecuredPartycctheBorrower(s)andthemutualpromisescontainedinthisSecurityAgreement,itisrepresented,promisedandagreedasfollows;1)REPRESENTATIONSOFTHEBORROWERTheBorrower(s)representsandpromisesasfollows:a)Borrower(s)istheownerofsharesofthecapitalstockof,(the“C
3、orporation”)allocatedtoApartment(the“Apartment”),inthebuildingknownas,Borrowerhasenteredintoorhasacceptedtheassignmentoftheaccompanyingproprietarylease(the“ProprietaryLease”)forthatApartment.b)Borrower(s)haveexecutedaNote(the"Note")totheSecuredPartyontheabo
4、vedateagreeingandpromisingtopaytotheSecuredPartytheprincipalamountof($)togetherwithincreasestotheprincipal,ifany,andinterest,pursuanttothetermsofthenote.c)TheNote,thisSecurityAgreementandtheProprietaryLeasearereferredtointhisSecurityAgreementasthe“Agreement
5、s."2)CREATIONOFSECURITYINTERESTTheBorrower(s)herebygrantstotheSecuredPartyacontinuingpurchasemoneysecurityinterestinandtoallrights,titleandinterestoftheBorrower(s)intheCollateral(asdefinedbelow),tosecureperformanceofeachandeverypromise,covenant,obligation,l
6、iabilityandindebtednessoftheBorrower(s)underandinconnectionwiththeAgreements.Thismeansthat,amongotherthings,theSecuredPartymaysellortransfertheBorrower'srightsintheCollateralandapplytheproceedstosatisfytheBorrower'sObligationsundertheNote,ifthereisaDefault(
7、asdefinedbelow).3)COLLATERALDebtorhas,simultaneouslywiththeexecutionanddeliveryofthisSecurityAgreementandassecurityforpaymentoftheNote,depositedwiththeSecuredPartythefollowingcollateralofandforthisSecurityAgreement(the"Collateral"),togetherwithallprofitsand
8、proceedsthereof:a)PledgedStock.TheBorrower'ssharesoftheCorporationevidencedortobeevidencedbycertificate(s)forthesharesasabovereferenced(the"PledgedStock");andb)ProprietaryLease.TheProprietaryLeaseforth
