SECURITY AGREEMENT

The buyer acknowledges receipt from GCR the merchandise shown on reverse side. Buyer grants to the Seller a security interest in the above merchandise until the indebtedness now or hereafter owed to seller by buyer, including finance charges, is paid in full. Until payment in full has been made, Buyer agrees that:

(1) Seller shall retain title of said merchandise:

(2) Buyer will have the risk of loss or damage: 

(3) Buyer will not sell, transfer possession or remove or encumber above merchandise without Seller's written consent:

(4) If Buyer defaults in the payment of any installment, Seller may declare the entire balance due and payable and Seller may at its option take back the merchandise or affirm the sale and hold Buyer liable for the unpaid balance, including any reasonable attorney fees or collection charges permitted by law:

(5) The Seller shall have all the rights, options and duties under the Uniform Commercial Code of this state.  Security interest in the goods herein described shall terminate as the unpaid balance for them are paid. 

(6) Buyer agrees that in the event that a petition in bankruptcy shall be filed by or against the buyer or the buyer shall make an assignment for the benefit of creditors, or in the event that any part of the aforesaid merchandise shall be attached or levied upon under any legal process or taken into custody by any receiver; then in any such event at the election of the seller, the entire price and all sums owing by the buyer by virtue of the provision hereof shall be forthwith due and payable in full and seller may at its option take back the merchandise or affirm the sale and hold buyer liable for the unpaid balance, including any reasonable attorney's fees or collection charges permitted by law. 

NOTICE - ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS - AND DEFENSES WHICH THE DEBOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.  

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