Fillable Pbb Form 4 - Control Agreement - Single Owner printable pdf download

COMMONWEALTH OF VIRGINIA

Department of Criminal Justice Services

P.O. Box 1300 • Richmond, VA 23218 • Phone: (804) 786-4700 • Fax: (804) 786-6344

CONTROL AGREEMENT – SINGLE OWNER

This Control Agreement (this “Agreement”) is made as of the _____ day of ________________, 20___, by and among

_________________________________, with an address of ______________________________________________

(the “Grantor”); COMMONWEALTH OF VIRGINIA, DEPARTMENT OF CRIMINAL JUSTICE SERVICES

(“DCJS”); and _________________________ (the “Bank”).

RECITALS:

WHEREAS, Grantor has applied for a property bail bondsman license with DCJS;

§ 9.1-185.5

of the Code of Virginia (1950), as amended, prior to the issuance by DCJS of a

WHEREAS, pursuant to

property bail bondsman license to Grantor, Grantor must provide proof of collateral of at least Two Hundred Thousand

and no/100 Dollars ($200,000.00);

WHEREAS, Grantor expects his/her bonded indebtedness to DCJS to be ____________________ Dollars ($_________)

(the “Indebtedness”);

WHEREAS, Grantor is the sole owner of the Collateral (hereinafter defined); and

WHEREAS, as security for payment of the Indebtedness, DCJS has required, and Grantor has agreed, to enter into this

Control Agreement granting a security interest in the Collateral (hereinafter defined).

NOW, THEREFORE, in consideration of the promises and of the mutual covenants herein contained and for other good

and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as

follows:

1. Definitions. In addition to the words and terms defined elsewhere in this Agreement, the following words and terms

shall have the following meanings, respectively, unless the context hereof otherwise clearly requires:

(i) “Collateral” shall mean that certain [savings account # _____________] [certificate of deposit #____________]

held by _________________________________ with an available balance of $________________ as of

__________________, 20___, together with any and all accrued interest and additions, and together with any

and all renewals and extensions thereof, all cash and non-cash proceeds of all or any of the foregoing, in

whatever form, and all proceeds of such proceeds.

(ii) “Control Event” shall mean (A) an event requiring payment of the Indebtedness to DCJS; (B) a transfer or

disposition of all or any portion of the Collateral such that as a result of the transfer or disposition, the available

balance would fall below $________________; (C) attachment, execution or levy on any of the Collateral; (D)

Grantor and/or account holder voluntarily or involuntarily becoming subject to any proceeding under federal or

state bankruptcy law; or (E) the failure of Grantor and/or account holder to comply with, or becoming subject to

any administrative or judicial proceeding under any federal, state, or local law where noncompliance may have a

significant effect on the Collateral.

DCJS Control Agreement – Single Owner, PBB Form #4

Updated: 09/2014

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Pbb Form 4 - Control Agreement - Single Owner