6E(3) Blackthorn Golf Course Financing Agreement

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Section 1.3 Rules of Construction of Securitv Agreement. Debtor understands and agrees that: a. Loss of or damage to the goods does not release debtor; b. If a part of this agreement is held to be invalid, the remainder of the agreement is not affected; c. This writing contains the full, final and exclusive agreement between the parties; d. Notice to debtor is given to him when the notice is mailed to him at his address above set forth; e. If there is more than one signer of this agreement their obligations are joint and several; £ The term debtor includes each debtor severally. The breach of a covenant or warranty by one debtor may at the secured party's option be treated as a breach by all debtors; g. This agreement is governed by the laws of the State of Indiana. ARTICLE II Securitv Interest in Collateral As security for the payment and performance of the Liabilities, the Borrower does hereby grant to the Secured Party, to the extent permitted by law, a continuing security interest and lien in the following (collectively, the "Collateral"): See EXHIBIT "A" together with all renewals, extensions, replacements, modifications, additions, improvements, accretions, accessions, betterments, substitutions, replacements, annexations, tools, accessories, parts and the like now in, attached to or which may hereafter at any time be placed in or added to any Collateral, whether or not of like kind; and all Supporting Obligations, rights, remedies, claims and demands under or in connection with each of the foregoing. ARTICLE III Representations and Warranties To induce the Secured Party to enter into the Loan Agreement and to make the Loan and any other financial accommodation thereunder, the Borrower represents and warrants to the Secured Party that: Section 3.1. Names. The Borrower is a body corporate and politic organized under the laws of the State of Indiana.