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SECURITY AGREEMENT ð7e: 2. Waiver. Neither delay in exercise nor partial exercise of any of Secured Party's remedies or rights shall waive further exercise of those remedies or rights. Secured Party's failure to exercise remedies or rights does not waive subsequent exercise of those remedies or rights, Secured Party's waiver of any default does not waive further default. Secured Party's waiver of any right in this agreement or of any default is binding only if it is in writing. Secured Party may remedy any default without waiving it. 3. Reimbursement. If Debtor fails to perform any of Debtor's obligations. Secured Party may perform those obligations and be reimbursed by Debtor on demand at the place where the note is payable for any sums so paid. including attorney's fees and other legal expenses. plus interest on those sums from the dates of payment at the rate stated in the note for matured. unpaid amounts. The sum to be reimbursed shall be secured by this security agreement. 4. Interest Rate. Interest included in the obligation shall not exceed the maximum amount of nonusurious interest that may be contracted for. taken. reserved. charged. or received under law; any interest in excess'of that maximum amount shall be credited to the principal of the obligation or. if that has been paid. refunded. On any acceleration or required or pennitted prepayment of the obligation. any such excess shall be canceled automatically as of the acceleration or prepayment or. if already paid. credited on the principal amount of the obligation or, if the principal amount has been paid. refunded. This provision overrides other provisions in this and all other instruments concerning the obligation. 5. 'Modifications. No provisions of this agreement shall be modified or limited except by written agreement. 6. Severability. The unenforceability of any provision of this agreement will not affect the enforceability or validity of any other provision. . 7. After-Acquired Consumer Goods. This security interest shall attach to after-acquired consumer goods only to the extent pennined by law. 8. Applicable Law. This agreement will be construed according to Texas laws. 9. Place of Perfonnance. This agreement is to be perfonned in the county of Secured Party's mailing address. 10. Financing Statement. A carbon, photographic. or other reproduction of this agreement or any financing statement covering the collateral is sufficient as a financing statement. I I, Presumption of Truth and Validity, If the collateral is sold after default. recitals in the bill of sale or transfer will be prima facie evidence of their truth. and all prerequisites to the sale specified by this agreement ahd by chapter 9 of the Te;(,as Business and Commerce Code will be presumed satisfied. 12. Singular and Plural. When the context requires. singular nouns and pronouns include the plural. 13. Priority of Security Interest. This security interest shall neither affect nor be affected by any other security for any of the obligation. Neither extensions of any of the obligation nor releases of any of the collateral will affect the priority or validity of this security interest with reference to any third person. 14. Cumulative Remedies. Foreclosure of this security interest by suit does not limit Secured Party's remedies. including the right to sell the collateral under the tems of this agreement. All remedies of Secured Party may be exercised at the same or different times. and no remedy shall be a defense to any other, Secured Party's rights and remedies include all those granted by law or otherwise, in addition to those specified in this agreement. IS. Agency. Debtor's appointment of Secured Party as Debtor's agent is coupled with an interest and will survive any disability of Debtor. I 16. Attachments Incorporated. The addendum indicated below is attached to this agreement and incorporated into it for all purposes: ( ) addendum relating to accounts. inventory. documents. chattel paper. and general intangibles ( ) addendum relating to instruments CITY OF SAN MARCOS PROSEED (U.S.A.), INC. . æ- / /Ý. h¿ SecuredParty 0 Q Larry D. Gilley, ack W. Robinson, City Manager President Q 19'12 SïATE BAR OF TEXAS IS"'~I