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.
