Security Agreement :
BE IT ACKNOWLEDGED that
[Debtor] grants to _ and its successors and assigns [Secured Party] a security interest in the following property [collateral] as herein described.
DESCRIPTION OF PROPERTY
This security interest is granted to secure payment and performance on the following obligations owed Secured Party from Debtor.
Debtor hereby acknowledges to Secured Party, each of the following.
1. The collateral shall also include any after acquired property of a like nature and description and all appurtenances, proceeds or products thereto.
2. The collateral shall be kept at the Debtor's above address, and adequately insured at the request of Secured Party.
3. The Debtor owns the collateral and it is free from any other lien, encumbrance and security interest and the Debtor has full authority to grant this security interest.
4. Debtor agrees to execute such financing statements as are reasonably required by Secured Party.
5. Upon default in payment or performance of any obligation for which this security interest is granted, or breach of any provision of this agreement, then in such instance secured party may declare all obligations immediately due and payable and shall have all remedies of a secured party under the Uniform Commercial Code.
Signed in duplicate :
Secured Party :
Record this security agreement in appropriate filing office.
This is a typical letter. You have to add your company's name with full address. And the receiver's name and full address also should be added in the place allotted for that purpose. Without those primary details no letter carries any significance. So, you are requested to provide all those important details. Failing which the letter will make a wrong impression about your company and you among the receivers of your letters. This is the most unwanted attitude on your side in dealing with the clients who are the most valued assets of any business organisation. If necessary, leave those spaces blank.
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