SECURITY AGREEMENT
Date:
BE IT ACKNOWLEDGED that:
[r-Name]
[r-Address]
[s-Debtor] grants to [r-Name], and
its successors and assigns [s-SecuredParty] a security interest in the
following property [s-Collateral] as herein described: [s-Description]
This security interest is granted
to secure payment and performance on the following obligations owed Secured
Party from Debtor: [s-ObligationDescription]
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.
