_________, referred to as OWNER, and __________, referred to as SECURED PARTY, agree: OWNER is indebted to SECURED PARTY pursuant to a note dated, ___________, in the original principal amount of Rs. (__________________ & /100 Rupees); with a present total interest and principal balance of Rs._ (_____________ & /100 Rupees), and a security agreement dated _______________ and has pledged as security for the note the following:
The DEBTOR has requested that SECURED PARTY release __________
as collateral for the obligation, but, that ____________________ be pledged as new collateral for the obligation. Accordingly, SECURED PARTY releases ________________________ as collateral for the obligation, and upon request of the DEBTOR shall execute such releases, UCC financing statement releases or other documents reasonably requested by the DEBTOR. In all respects _____________ shall be subject to the terms and conditions of the security agreement between the parties dated __________. All other terms and conditions of the note and security agreement shall remain in full force and effect….
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