Security Agreement

SECURITY AGREEMENT
On this _______ day of _______________________, 20___, __________________

("Debtor"), for valuable consideration, receipt of which is acknowledged, grants to
______________________________ ("Secured Party") a security interest in the following
property of Debtor (the "Collateral") [insert description of collateral]
______________________________________________________________________________
______________________________________________________________________________
______________________________________________________________________________
to secure payment of the following obligations of Debtor to Secured Party (the "Obligations"):
[choose one]
 The following indebtedness: ____________________________________________________

________________________________________________________________[description]
 All obligations and liabilities of Debtor to Secured Party.
1. Warranties and Covenants of Debtor. Debtor warrants and covenants that:
(a) No other creditor has a security interest in the Collateral except the following:
_____________________________________________________________________________.
(b) Debtor is the owner of the Collateral free from any adverse lien or encumbrance
except this lien and the others described in this Security Agreement.
(c) Debtor will defend the Collateral against all claims of other persons.
(d) Debtor will immediately notify the Secured Party in writing of any change in name
or address.
(e) Debtor will do all such things as Secured Party at any time or from time to time
may reasonably request to establish and maintain a perfected security interest in the Collateral.
(f) Debtor will pay the cost of filing this agreement in all public offices where
recording is deemed by Secured Party to be necessary or desirable. A photographic or other
reproduction of this agreement is sufficient as a financing statement.
(g) Debtor will not transfer or encumber the Collateral without the prior written
consent of Secured Party.
(h) Debtor will keep the Collateral insured against risk of loss or damage upon such
terms as Secured Party may reasonably require.
SECURITY AGREEMENT www.selegal.org PAGE 2

(i) Debtor will keep the Collateral free from any adverse lien and in good repair, will
not waste or destroy the Collateral, and will not use the Collateral in violation of any law or policy
of insurance. Secured Party may examine and inspect the Collateral at any reasonable time.
(j) Debtor will pay promptly when due all taxes and assessments upon the Collateral
or for its use or operation or upon this Agreement or upon any note evidencing the Obligations.
2. Additional Rights. Secured Party may discharge liens placed on the Collateral,
may place and pay for insurance on the Collateral upon failure by the Debtor to do so, and may
pay for the maintenance, repair, and preservation of the Collateral. To the extent permitted by
applicable law, Debtor agrees to reimburse Secured Party on demand for any payment under this
authorization.
3. Events of Default. Debtor shall be in default under this Agreement upon the
occurrence of any of the following events or conditions: (a) the failure to perform any of the
Obligations or this Agreement; (b) the loss, theft, substantial damage, destruction, transfer or
encumbrance of the Collateral; (c) the making of any levy, seizure or attachment upon the
Collateral; or (d) the filing by Debtor or by any third party against Debtor of any petition under
any Federal bankruptcy statute, the appointment of a receiver of any part of the property of
Debtor, or any assignment by Debtor for the benefit of creditors.
4. Remedies. UPON DEFAULT AND AT ANY TIME THEREAFTER, SECURED

PARTY MAY DECLARE ALL OBLIGATIONS IMMEDIATELY DUE AND PAYABLE AND
SHALL HAVE THE REMEDIES OF A SECURED PARTY UNDER THE UNIFORM
COMMERCIAL CODE OF TENNESSEE.
SECURED PARTY: DEBTOR:
________________________________ ________________________________
_______________________________ ________________________________
SECURITY AGREEMENT www.selegal.org PAGE 2

Security Agreement

Uploaded by

Copyright:

Available Formats

Security Agreement

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Security Agreement

Uploaded by

Copyright:

Available Formats

SECURITY AGREEMENT

On this _ day of _______________, 20_, __________________

 The following indebtedness: ____________________________________________________

1. Warranties and Covenants of Debtor. Debtor warrants and covenants that:

SECURITY AGREEMENT www.selegal.org PAGE 2

4. Remedies. UPON DEFAULT AND AT ANY TIME THEREAFTER, SECURED

SECURED PARTY: DEBTOR:

SECURITY AGREEMENT www.selegal.org PAGE 2

You might also like