_____________________, referred to herein as SECURED PARTY, and _____________________, referred to as DEBTOR, agree:
______________, DEBTOR, grants a security interest in the following property to ____________, SECURED PARTY:
This security agreement is made to secure an indebtedness of ______________ to _______________, described as follows:
A _______________, in the original principal amount of $ ______, ____________ &___/100 Dollars) dated _______________.
This security interest is also given to secure any other debts which may be owed by ______________ to ____________ from time to time.
DEBTOR warrants to SECURED PARTY that the property in which a security interest is granted is subject to no other liens, charges or encumbrances and that there are no financing statements or other lien notices on file regarding debtor that might create a lien on the property secured herein.
DEBTOR shall maintain the collateral in good repair, ordinary wear and tear excepted, and shall insure the same for its full value. DEBTOR shall provide to secured party certificates of insurance. SECURED PARTY shall be named as a loss payee on a long form standard loss payable clause. Should DEBTOR fail to maintain such coverage, SECURED PARTY may obtain the same and DEBTOR shall pay SECURED PARTY for the same, together with interest at the highest legal rate on the amounts advanced by the SECURED PARTY.
Upon default, as is defined herein, SECURED PARTY shall have all of the rights given to a secured party under the Uniform Commercial Code, Article 9.
Default shall be defined as:
1. Any failure to comply with any covenant of the indebtedness secured by this agreement, including but not limited to a failure to timely pay as provided;
2. The entry of a judgment, tax lien or other charge against the DEBTOR which is not satisfied or superseded within thirty days of inception;
3. Such other commercially reasonably reason that leads SECURED PARTY to believe that its security is in peril.
DEBTOR shall execute any and all financing statements or other documents which are requested by SECURED PARTY and which SECURED PARTY determines is necessary to perfect SECURED PARTY’S LIEN.
DEBTOR appoints SECURED PARTY agent as its agent to file and any and all financing statements which may be necessary or required to perfect SECURED PARTY’s security interest, and DEBTOR authorizes SECURED PARTY to execute the same for DEBTOR.
This document represents the entire agreement between the parties, and there are no agreements or representations which are not stated herein. This agreement may not be modified unless it is in writing and signed by both parties.
For ____________, SECURED PARTY:
For ______________, DEBTOR:
This review list is provided to inform you about this document in question and assist you in its preparation. This is a straightforward security agreement to provide a creditor with collateral to secure the loan to debtor.
1. Make multiple copies. Each signatory should receive a copy. Be sure a copy is in the file of the actual transaction.
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