SECURITY AGREEMENT


     SECURITY  AGREEMENT  made this 14th day of  September,  2001 by and between
Vizacom Inc. ( "Debtor"),  a Delaware  corporation  with its principal  place of
business located at 3512 Veterans Memorial Highway, Bohemia, New York 11716, and
SpaceLogix,  Inc.  (the  "Secured  Party"  and  together  with the  Debtor,  the
"Parties"), a Delaware corporation having its principal place of business at 500
Fifth Avenue, 14th Flr, New York, NY 10176.

     WHEREAS,  the Parties  have  executed a  non-binding  Letter of Intent (the
"LOI")  which  contemplates  the merger of Secured  Party into  Debtor or one of
Debtor's subsidiaries (the "Merger") pursuant to the terms of a merger agreement
(the "Merger Agreement") to be negotiated by the Parties;

     WHEREAS,  in contemplation of the Merger,  the Debtor has requested Secured
Party to provide a loan in the aggregate  principal  amount of up to $650,000 in
three  separate  installments  (the  "Loan," and each  installment  thereof,  an
"Installment")  pursuant to the terms and conditions of a Loan Agreement between
the Parties, dated of even date herewith (the "Loan Agreement"); and

     WHEREAS,  Debtor is willing to grant a security  interest in certain of its
assets to secure  payment  of the Loan upon the terms and  conditions  contained
herein.

     NOW, THEREFORE,  in consideration of the mutual covenants contained herein,
and other good and valuable consideration,  the receipt and sufficiency of which
is hereby acknowledged, it is hereby agreed as follows:

     1.  Security  Interest.  Debtor  hereby  grants to Secured Party a security
interest in the Collateral (as defined herein) to secure the payment of the Loan
evidenced by the promissory  note issued to the Secured Party on the date hereof
in the aggregate principal amount of up to $650,000 (the "Note").

     2.  Description  of  Collateral.  The  collateral  subject to this Security
Agreement  is all of Debtor's  right,  title and interest in and to that certain
promissory  note issued by Serif Inc.  in favor of the  Debtor,  dated March 31,
2001, in the original aggregate principal amount of $987,500 (the "Collateral").

     3.  Obligations of Debtor.  Debtor  hereby  covenants, represents, warrants
and agrees that:

         (a)  Upon the occurrence of an  Event  of  Default (as defined  below),
Debtor  shall  execute  and  deliver  to Serif Inc. the irrevocable  instruction
letter attached hereto as Exhibit A.


<PAGE>


         (b)  Debtor shall, at no cost or expense to  Secured Party, defend  its
right,  title  and   interest  in  and  to  the  Collateral,  and   defend   the
Collateral  against all other claims or demands of any other party and all other
liabilities of any nature whatsoever;

         (c)  The Collateral is free and clear from, and is not subject  to, any
assignment,  security  interest,  mortgage,   pledge,   lien,   levy  for  taxes
(other than for taxes not yet due and payable) or other  assessments,  interest,
charge, adverse claim or other encumbrance, including any financing statement or
other document filed in any public office ("Encumbrance"), and Debtor shall keep
and  maintain  the  Collateral,  and each  part  thereof,  free and clear of any
Encumbrance which is not subordinate to the security interest granted hereunder,
and shall not create nor permit to remain any such Encumbrance;

         (d)  Debtor shall duly and promptly  pay  and  discharge  when  due and
payable,  or  cause  to  be  paid  and  discharged  all taxes,  assessments  and
governmental  charges  or levies  upon or  against  it or its  profits,  income,
properties or assets;

         (e)  Debtor, at its  sole  cost and expense, shall execute and deliver,
or  cause  to  be  duly  executed and delivered, such instruments and documents,
and do and cause to be done such acts and  things,  as Secured  Party may at any
time reasonably request to enforce, perfect and protect its security interest in
the  Collateral  as herein  provided and its rights and remedies with respect to
the Collateral;

         (f)  The Collateral, or any part thereof,  will  not be sold, assigned,
conveyed,  transferred  or  disposed  of,  or become subjected to any subsequent
interest of any party senior to the interest of Secured  Party,  except that the
Collateral may become subjected to a security interest junior to the interest of
Secured Party by Kaufman & Moomjian, LLC ("K&M"),  Vincent DiSpigno --- or David
N. Salav;

         (g)  Debtor shall  keep  and  maintain  at  all times true and complete
books,  records and accounts in accordance with normal  business  practices; and

         (h)  Debtor shall  take  any  and  all  actions,  including  making any
necessary  filings,  required  or  requested  by  Secured  Party  to assure that
Secured  Party's  security  interest in the Collateral is at all times senior to
any  security  interest  of K&M,  Vincent  DiSpigno  and  David N.  Salav in the
Collateral;

         (i)  Debtor shall pay and reimburse Secured  Party  for  all  costs and
expenses  (including  attorneys'  fees,   legal   expenses,   and  advances  and
expenditures  for  recording  and  filing  fees,  if  any)  in  connection  with
perfection and protection of Secured Party's security interest  hereunder (other
than the recording and filing of UCC-1 financing statements,  for removal of any
encumbrance from the Collateral,  for curing,  correcting or remedying any Event
of Default hereunder, or for protection, preservation, maintenance and repair of
the  Collateral)  incurred by Secured party in  connection  with the exercise by
Secured Party of any of its rights and remedies

                                       -2-

<PAGE>


under  this  Security   Agreement  in  enforcing,  perfecting or protecting  its
interests under this Security Agreement.

     4.  Events of Default.  The occurrence of any of the following  events with
respect  to Debtor  shall  constitute  an event of default on the part of Debtor
hereunder (an "Event of Default"):

         (a)  failure by Debtor to pay the principal  or interest of the Note or
any  installment  thereof  when  due,  whether  on the date fixed for payment or
by  acceleration  or  otherwise;  provided,  however,  that  failure  to pay any
principal or interest  when due shall not be an Event of Default if such overdue
payment is paid within ten business days of such due date; or

         (b)  a final judgment for the payment of money  in  excess  of  $10,000
shall  be  rendered   against  Debtor,   and   such   judgment   shall    remain
undischarged  for a period of sixty days from the date of entry  thereof  unless
within such sixty day period such  judgment  shall be stayed,  and appeal  taken
therefrom and the execution thereon stayed during such appeal; or

         (c)  if Debtor shall default in respect of any evidence of indebtedness
or   under   any   agreement   under   which  any  notes or  other  evidence  of
indebtedness of Debtor are issued,  if the effect thereof is to cause, or permit
the holder or holders  thereof to cause,  such  obligation or  obligations in an
amount in excess of $10,000 in the aggregate to become due prior to its or their
stated maturity or to permit the acceleration thereof; or

         (d)  if  Debtor or any other authorized person or entity shall take any
action to effect a dissolution, liquidation or winding up of Debtor; or

         (e)  if  Debtor  shall  make  a  general  assignment for the benefit of
creditors   or  consent  to   the   appointment   of   a  receiver,  liquidator,
custodian, or similar official of all or substantially all of its properties, or
any such  official  is placed in control  of such  properties,  or Debtor  shall
commence any action or proceeding or take advantage of or file under any federal
or state insolvency statute,  including,  without limitation,  the United States
Bankruptcy Code or any political  subdivision thereof,  seeking to have an order
for relief entered with respect to it or seeking  adjudication  as a bankrupt or
insolvent,  or seeking  reorganization,  arrangement,  adjustment,  liquidation,
dissolution,  administration,  a  voluntary  arrangement,  or other  relief with
respect to it or its debts; or

         (f)  there shall be commenced against Debtor  any  action or proceeding
of the nature  referred  to  in  paragraph (e)  above or  seeking  issuance of a
warrant of attachment,  execution,  distraint, or similar process against all or
any substantial part of the property of Debtor, which results in the entry of an
order for relief  which  remains  undismissed,  undischarged  or unbonded  for a
period of sixty days; or

         (g)  Borrower enters into an agreement to acquire a business other than
SpaceLogix without the consent of SpaceLogix.

                                       -3-

<PAGE>


     5.  Secured Party's Rights and Remedies. Upon the occurrence of an Event of
Default,  Secured  Party  shall  have and may  exercise  all of the  rights  and
remedies  provided by the Uniform  Commercial  Code at the date of  execution of
this Security Agreement, and any other applicable law, and, in conjunction with,
in addition to, or in  substitution  therefor,  Secured Party shall have and may
exercise the following rights and remedies:

         (a)  The Loan shall be immediately due and payable in payments of
$40,000 per month;

         (b)  Secured  Party  may  (but shall not  be  required),  alone  or  in
conjunction   with   Debtor,  take  any  or  all action  necessary to collect or
receive any money or property at any time payable or receivable on account of or
in exchange for the Collateral; and

         (c)  Secured Party may  require  Debtor  to  pay and deliver to Secured
Party,  immediately  upon   collection  and  receipt  thereof  by  Debtor,   all
proceeds arising from the Collateral,  or may require Debtor to deposit all such
proceeds in a bank selected by Secured Party in a collateral  account acceptable
to Secured  Party.  Until the proceeds  from the  Collateral  have been paid and
delivered to Secured  Party or deposited  in the bank as  hereinabove  provided,
Debtor shall hold such proceeds for and on behalf of Secured Party  separate and
apart from Debtor's other funds or property,  and shall not mingle such proceeds
with any other such funds or property.

     6.  Termination.

         Upon   the   earlier  of  (i)  full   payment   and    performance   of
Debtor's   obligations   under  the   Note,  or (ii) the  closing of the Merger,
this Security Agreement shall  automatically  terminate and the Collateral shall
be immediately returned to Debtor.

     7.  Other Provisions.

     (a)  Secured  Party   may  waive  any default, or remedy any default in any
reasonable   manner,   without   waiving   such   default  remedied  and without
waiving any other prior or  subsequent  default;  and Secured Party may waive or
delay the exercise of any right or remedy under this Security  Agreement without
waiving that right or remedy or any other right or remedy hereunder;

     (b)  This  Security  Agreement  shall  be  binding upon, and shall inure to
the benefit of, the respective  heirs, executors, administrators, successors and
assigns of the parties hereto;

     (c)  Each  of  the  foregoing  instruments, covenants and warranties on the
part of the Debtor shall be deemed and construed to be on a continuing basis and
shall survive the execution and delivery of this Security Agreement;

     (d)  All  notices,  demands,  requests  and  other  communications required
or otherwise  given  under this Security Agreement shall be in writing and shall
be deemed to have been duly given if:

                                       -4-

<PAGE>



(i)  delivered  by  hand  against  written receipt therefor, (ii) forwarded by a
third party company or governmental  entity providing  delivery  services in the
ordinary  course of business which  guarantees  delivery the following  business
day, (iii) mailed by registered or certified  mail,  return  receipt  requested,
postage prepaid,  or (iv) transmitted by facsimile  transmission  electronically
confirmed for receipt,  in full, by the other party no later than 5:00 pm, local
time, on the date of transmission, addressed as follows:

        If to Debtor to:          3512 Veterans Memorial Highway
                                  Bohemia, New York 11716
                                  Attention: President
                                  Facsimile: (631) 580-5489

        with a copy to:           Kaufman & Moomjian, LLC
                                  50 Charles Lindbergh Boulevard - Suite 206
                                  Mitchel Field, New York 11553
                                  Attention: Neil M. Kaufman, Esq.
                                  Facsimile: (516) 222-5110

        If to Secured Party to:   SpaceLogix, Inc.
                                  500 Fifth Avenue, 14th Flr.
                                  New York, NY 10176
                                  Attention: President
                                  Facsimile: (212) 575-6589

        with a copy to:           David L. Lougee, Esq.
                                  Mirick O'Connell & Lougee
                                  100 Front Street
                                  Worcester, MA 01608-1477

or  at  such  other  address  as such party shall have  furnished to each of the
other  parties  hereto in accordance  with this Section 7(d).  Each such notice,
demand,  request or other communication shall be deemed given (i) on the date of
such delivery by hand, (ii) on the first business day following the date of such
delivery to the overnight delivery service or facsimile  transmission,  or (iii)
three business days following such mailing.

     (e)  The provisions of this Security  Agreement  shall be deemed severable,
so  that  if  any  provision  hereof is  declared  invalid under the laws of any
state where it is in effect or of the United  States,  all other  provisions  of
this Security Agreement shall continue in full force and effect;

     (f)  This  Security  Agreement  shall  not be  modified  or amended  or any
provision hereof waived except in writing executed by both parties hereto;

     (g)  This  Security  Agreement  shall be construed in  accordance  with and
governed by the laws of the State of New York,  without  regard to its conflicts
of law principles.

                                       -5-

<PAGE>




     IN WITNESS  WHEREOF,  the parties  hereto,  intending  to be legally  bound
hereby,  have executed and delivered  this Security  Agreement as of the day and
year first above written.

                                        SPACELOGIX, INC.


                                        By:       /s/ Wayne Allen
                                           ------------------------------------
                                           Name:   Wayne Allen
                                           Title:  President & CEO


                                        VIZACOM INC.


                                        By:        /s/ Vincent DiSpigno
                                           ------------------------------------
                                           Name:   Vincent DiSpigno
                                           Title:  President


                                       -6-

<PAGE>


                                    EXHIBIT A

                              [Vizacom Letterhead]

                                                     [Date]

Serif Inc.
[address]

Gentlemen:

                  Vizacom Inc. ("Vizacom") hereby irrevocably instructs you to
pay the monthly amount due under the Promissory Note (the "Note"), dated March
31, 2001, issued by Serif Inc. in favor of Vizacom directly to SpaceLogix, Inc.
("SpaceLogix") commencing as of the date hereof and ending with your payment due
on ___________, unless or until otherwise instructed in writing by SpaceLogix,
as follows:

                           [Insert Wire Instructions]


                                               VIZACOM INC.


                                               By:
                                                  ------------------------------
                                                  Name:
                                                  Title:


                                       -7-