Is the Canopy Lawn Care agreement deemed a Security Agreement and Financing Statement?

der any Other Agreements is a default under this Agreement. An election not to enforce any such default is not a waiver by Franchisor of any rights or remedies available under law or equity or by contract.

18. SECURITY INTEREST

• 18.1 Franchisee hereby grants to Franchisor a security interest ("Security Interest") in all Vehicles, accounts, credit card receivables, cash, equipment, and franchise rights of the Lawn Care Business, together with all similar property now owned or hereafter acquired, additions, substitutions, replacements, proceeds, and products thereof, wherever located, used in connection with the Lawn Care Business. All items in which a security interest is granted are referred to as the "Collateral." Franchisor's Security Interest may be subordinated to any financing related to Franchisee's operation of the Lawn Care Business, including, but not limited to, a real property mortgage and Vehicle leases.
• 18.2 The Security Interest in the Collateral is to secure payment of the following (the "Indebtedness"):
  • (a) All amounts due to Franchisor and its affiliates under this Agreement or otherwise by Franchisee;
  • (b) All sums which Franchisor may, at its option, expend or advance for the maintenance, preservation, and protection of the Collateral, including, without limitation, payment of rent, taxes, levies, assessments, insurance premiums, and discharge of liens, together with interest, or any other property given as security for payment of the Indebtedness;

• (c) All expenses, including reasonable attorneys' fees, which Franchisor incurs in connection with collecting any or all Indebtedness secured hereby or in enforcing or protecting Franchisor's rights under the Security Interest and this Agreement;

Source: Item 22 — CONTRACTS (FDD page 55)