Security Agreement
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13F
4.1
L
D
M
149
ORM
OAN
OCUMENTATION
ANUAL
Form 4.1 Security Agreement
SECURITY AGREEMENT
THIS SECURITY AGREEMENT is made as of this [Date] by and between
[Borrower], whose address is [Borrower=s Address], (“Debtor”) and [Lender],
whose address is [Lender=s Address], (“Secured Party”).
For and in consideration of the promises, covenants and agreements herein
set forth, the parties hereto agree as follows:
1. Debt. The Debtor has incurred an indebtedness to the Secured Party
and, to evidence the indebtedness, has executed and delivered to Secured Party
a Promissory Note (the “Note”) of even date herewith, payable to the order of the
Secured Party, providing for payments of principal and interest and maturity as
provided for therein, and containing provisions for payment of attorneys’ fees and
acceleration of maturity in the event of default, as therein set forth.
2. Collateral. Debtor hereby grants the Secured Party a security interest in
the property described on Exhibit A and incorporated herein by reference togeth-
er with all similar property now owned or hereafter acquired, additions, substitu-
tions, replacements, proceeds and products thereof, wherever located. All items
in which a security interest is granted hereby are referred to as the “Collateral.”
3. Indebtedness Secured. The security interest granted hereby is to secure
payment of the following (the “Indebtedness”):
(a) The amounts due under the Note, together with interest, fees and other
charged provided for therein;(b)
All future advances which Secured
Party may, at its option and for any purpose, make to Debtor, together
with interest thereon;
(c) All sums which Secured Party may, at its option, expend or advance for
the maintenance, preservation and protection of the Collateral, including
without limitation, payment of taxes, levies, assessments, insurance pre-
miums and discharge of liens, together with interest thereon, or in any
other property given as security for payment of the Indebtedness;
(d) All expenses, including reasonable attorneys’ fees, which Secured Party
incurs in connection with collection of any or all Indebtedness secured
hereby or in enforcement or protection of its rights hereunder, or any
other instrument given as security for the Note, or in changes in form of
1
(Rev. 1, 9/99)
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Business