Security Agreement: Chattel Mortgage printable pdf download

Security Agreement: Chattel Mortgage

§ 11-9-203 Security Agreement: Chattel Mortgage

For the purpose of securing payment of the debts described below, (I) (We), the

undersigned, hereby create a mortgage lien for the benefit of ___________, his heirs and

assigns in the following property: ___________, together with all proceeds therefrom and

accessions thereto, all of which property is warranted to be free of any other lien or

incumbrance.

The above described lien is created to secure a debt evidenced by a certain

promissory note for $___________ bearing interest from ___________ at the rate of

___________ percent per annum until paid, and any and all other indebtedness that may

hereafter be owing by the mortgagor(s) to the mortgagee. If all such sums are promptly

paid when due, then this mortgage shall be of no effect.

It is agreed that upon default in payment of any obligation secured by this mortgage

all sums secured hereby, either present or hereafter contracted, shall immediately become

due and this mortgage may be foreclosed for the full balance due.

It is further agreed that should the undersigned sell or otherwise dispose of the above

described property or any interest therein without the consent of the mortgagee, all sums

secured hereby shall become due and payable and the mortgage may be foreclosed for the

whole amount.

This ___________ day of ___________, ____.

__________________

Security Agreement: Chattel Mortgage