SECURITY AGREEMENT
Date: _
BE IT ACKNOWLEDGED that:
____________
Name
____________
Address
__________
(Debtor) grants to _, and its successors and assigns (Secured Party) a security interest in the following property (collateral) as herein described:
_
This security interest is granted to secure payment and performance on the following obligations owed Secured Party from Debtor: (Describe obligation)
_
Debtor hereby acknowledges to Secured Party, each of the following:
1. The collateral shall also include any after acquired property of a like nature and description and all appurtenances, proceeds or products thereto.
2. The collateral shall be kept at the Debtor’s above address, and adequately insured at the request of Secured Party.
3. The Debtor owns the collateral and it is free from any other lien, encumbrance and security interest and the Debtor has full authority to grant this security interest.
4. Debtor agrees to execute such financing statements as are reasonably required by Secured Party.
5. Upon default in payment or performance of any obligation for which this security interest is granted, or breach of any provision of this agreement, then in such instance secured party may declare all obligations immediately due and payable and shall have all remedies of a secured party under the Uniform Commercial Code.
Signed in duplicate:
________________________________
Debtor
_________________________________
Secured Party
Record this security agreement in appropriate filing office.