Security Agreement : Please fill out the following form. Please print your completed form if you would to have a copy for your records.
BE IT KNOWN, that for good consideration of (Debtor) grants toof and its successors and assigns (Secured Party) a security interest pursuant to Article 9 of the Uniform Commercial Code in the following property (Collateral) which shall include all after-acquired property of a like nature and description and proceeds and products thereof :
(Enter the description of collateral)
This security interest is granted to secure payment and performance on the following obligations as well as all other debts now or hereinafter owed Secured Party from Debtor: (enter the description of debt or obligation)
Debtor hereby acknowledges to Secured Party that :
1. The collateral shall be kept at the Debtor’s above address and not moved or relocated without written consent.
2. The Debtor warrants that Debtor owns the collateral and it is free from any other lien, encumbrance and security interest or adverse interest and the Debtor has full authority to grantthis security interest.
3. Debtor agrees to execute such financing statements as are reasonably required by Secured Party to perfect this security agreement in accordance with state law and the Uniform Commercial Code.
4. Upon default in payment or performance of any obligation for which this securityinterest is granted, or breach of any term of this security agreement, then in such instanceSecured Party may declare all obligations immediately due and payable and shall have allremedies of a secured party under the Uniform Commercial Code, as enacted in the Debtor’sstate, which rights shall be cumulative and not necessarily successive with any other rights orremedies.
5. Debtor agrees to maintain such insurance coverage on the collateral as Secured Partymay from time to time reasonably require and Secured Party shall be named as loss payee.
6. This security agreement shall further be in default upon the death, insolvency orbankruptcy of any party who is an obligor to this agreement or upon any material decrease in thevalue of the collateral or adverse change in the financial condition of the Debtor.
7. Upon default the Debtor shall pay all reasonable attorneys’ fees and costs of collectionnecessary to enforce this agreement.
IN WITNESS WHEREOF, this agreement is signed this day of (DATE).
Secured Party :
Note : Record this security agreement or financing statements in appropriate filing office to protect your rights against third parties.
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