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Complete Home & Office Legal Guide
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Complete Home and Office Legal Guide (Chestnut) (1993).ISO
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1700b.sam
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1993-08-01
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96 lines
SECURITY AGREEMENT
Friz Freling, referred to herein as SECURED PARTY, and Chuck
Jones, referred to as DEBTOR, agree:
Chuck Jones, DEBTOR, grants a security interest in the following
property to Friz Freling, SECURED PARTY:
The security interest granted herein is given to secure the
indebtedness of Kirby Sweeney to Friz Freling, for A promissory
note, in the original principal amount of $ 500.00 ( five hundred
& no/100 Dollars), dated February 6, 1994. Chuck Jones does not
agree to pay the indebtedness of Kirby Sweeney, however, the
collateral provided herein shall be liable to the remedies
provided in the Uniform Commercial Code, for secured parties. In
addition should any expenditures be made by SECURED PARTY for
insurance or to otherwise protect the collateral the same shall be
secured by this agreement.
DEBTOR warrants to SECURED PARTY that the property in which a
security interest is granted is subject to no other liens, charges
or encumbrances and that there are no financing statements on file
regarding debtor that might create a lien on the property secured
herein other than those stated herein:
A security agreement
The total of said lien(s) as of the date of the execution of this
agreement does not exceed $ 400.00 ( four hundred & no/100
dollars).
DEBTOR shall maintain the collateral in good repair, ordinary
wear and tear excepted, and shall insure the same for its full
value. DEBTOR shall provide to secured party certificates of
insurance. SECURED PARTY shall be named as a loss payee on a long
form standard loss payable clause. Should DEBTOR fail to maintain
such coverage, SECURED PARTY may obtain the same and DEBTOR shall
pay SECURED PARTY for the same, together with interest at the
highest legal rate on the amounts advanced by the SECURED PARTY.
Upon default, as is defined herein, SECURED PARTY shall have all
of the rights given to a secured party under the Uniform
Commercial Code, Article 9.
Default shall be defined as:
1. Any failure to comply with any covenant of the indebtedness
secured by this agreement, including but not limited to a failure
to timely pay as provided;
2. The entry of a judgment, tax lien or other charge against the
DEBTOR which is not satisfied or superseded within thirty days of
inception;
3. Such other commercially reasonably reason that leads SECURED
PARTY to believe that its security is in peril.
DEBTOR shall execute any and all financing statements or other
documents which are requested by SECURED PARTY and which SECURED
PARTY determines is necessary to perfect SECURED PARTY'S LIEN.
DEBTOR appoints SECURED PARTY agent as its agent to file and any
all financing statements which may be necessary or required to
perfect SECURED PARTY's security interest, and DEBTOR authorizes
SECURED PARTY to execute the same for DEBTOR.
This document represents the entire agreement between the
parties, and there are no agreements or representations which are
not stated herein. This agreement may not be modified unless it
is in writing and signed by both parties.
Dated: ________________________
For Friz Freling, SECURED PARTY:
________________________________________________________________
For Chuck Jones, DEBTOR:
________________________________________________________________