Security Agreement
This Security Agreement template outlines the terms under which a Debtor grants a Secured Party a security interest in specific property, referred to as "The Property," to secure a monetary payment. It details the Debtor's responsibilities for maintaining and not misusing the collateral, and specifies conditions under which the Secured Party can claim the property.
Security Agreement
[name of secured party] (Hereafter “secured party”) and [name of debtor] (Hereafter “debtor”) hereby agree to the following:
Whereas the Secured Party as agreed to secure payment of [monetary amount] for the Debtor as outlined in [promissory note], and the Debtor has agreed to remittance of said payment according to the agreement in [promissory note], the following security agreement will apply:
The Debtor hereby provides the following property (hereafter “The Property”) as collateral: [items, quantities, value per item, descriptions].
The Debtor grants the Secured Party security interest in the Property.
The Debtor confirms that the Property is free of all outside debts, liens and claims.
The Debtor agrees to keep the Property exclusively at [location]. Should the Debtor need to relocate the Property, [he/she] must notify the Secured Party first.
The Debtor agrees to keep the Property in [condition] and to notify the Secured Party immediately if the Property is lost, stolen, damaged or devalued in any way. The Debtor will pay all costs required for proper maintenance and repair of the Property and its environment.
The Debtor agrees not to use the Property in violation of any local, state or federal laws.
The Debtor agrees not to sell, waste, or give away the Property.
If the Debtor defaults on [his/her] requirements outlined in [promissory note] at any time or if the Debtor declares bankruptcy, the Secured Party may declare the Property due and payable in full.
Any changes to this contract must be done so in writing and signed by both parties.
In witness to their agreement to the terms of this contract, the parties affix their signatures below:
[secured party]
[signature]
[date]
[debtor]
[signature]
[date]
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