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_____________________, 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 The entry of a judgment, tax lien or other charge against the DEBTOR which is not satisfied or superseded within thirty days of inception;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 PARTYS 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 PARTYs 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.
Dated: ________________________
For ____________, SECURED PARTY:
________________________________________________________________
For ______________, DEBTOR:
________________________________________________________________
Security AgreementReview List
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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Can a security agreement be contained in a promissory note or forbearance agreement?
Yes. A promissory note or forbearance agreement may be modified to include provisions that attached assets to the loan as security or collateral.
Creating a security agreement?
a League of nations
When dealing with Security agreement what are the 3 elements of attachment?
value collateral secured agreement
Can you file a ucc-1 before a security agreement is signed?
Its not recommended. You should sign the security agreement and have it notarized prior to filing your ucc 1
What was achieved in collective security agreements?
Collective security agreements give assurance to a country that the other members of the agreement will never attack it. Also, if one country is attacked, the other members of the security agreement will come to its defense.
What are some recent international agreements with Mexico?
NAFTA (North American Free Trade Agreement) - trade agreement Plan Merida - security agreement
What is repo stands for?
"Repo" is short for "repurchase agreement." It is a financial transaction in which one party, usually a bank or a financial institution, sells a security to another party with an agreement to repurchase the security at a specified price and date in the future. Repos are commonly used for short-term borrowing and lending of money, with the security serving as collateral.
What is a network security policy?
A network security policy is an agreement from the network security provider stating their rules and terms for their product. It also states how their policies are enforced.
What happens when you have a perfected security agreement and the car company tries to do a replevin on you?
you die
Which is a telecommuting guideline?
You must sign a teleworking agreement and adhere to the security measures outlined in it.
What was the first attempt at creating a global collective security agreement called?
The League of Nations
What collective security agreement was used to justify American involvement in southeast Asia?
The UN
