Lease Security Agreement

• Lessor (Landlord/Secured Party):
  [Lessor’s Name], a [business entity type] organized and existing under the laws of the state of [State], with its principal place of business located at [Lessor’s Address].

• Lessee (Tenant/Debtor):
  [Lessee’s Name], a [business entity type] organized and existing under the laws of the state of [State], with its principal place of residence/business at [Lessee’s Address].

Both parties, having the legal capacity to enter into this Agreement, agree as follows:

1. Purpose

1.1. This Agreement establishes a security interest in favor of the Lessor to secure payment and performance of all obligations related to the lease of [Property Address or Leased Equipment Description].

1.2. The Lessee agrees to provide security in the form of a security deposit, collateral, or other financial guarantee to ensure compliance with the lease terms.

2. Security Interest & Collateral

2.1. Security Deposit – The Lessee shall deposit a sum of $[Amount] as security for rent payments, damages, and other lease obligations.

2.2. Additional Collateral (if applicable) – The Lessee grants the Lessor a security interest in the following assets to further secure lease obligations:

• [Description of Collateral, such as personal property, equipment, or other valuable assets]
• Any proceeds or replacements related to the Collateral

2.3. Perfection of Security Interest – The Lessor may file a UCC-1 Financing Statement or take other necessary actions to perfect its security interest.

3. Obligations of the Lessee

3.1. The Lessee agrees to:

• Pay rent and other lease obligations on time as specified in the Lease Agreement.
• Maintain the leased premises or equipment in good condition, making necessary repairs.
• Not remove, transfer, or dispose of collateral assets without prior written consent from the Lessor.
• Return the leased property in its original condition, subject to normal wear and tear.

4. Default & Remedies

4.1. Events of Default – The Lessee shall be in default if:

• Rent payments or other financial obligations are overdue.
• The Lessee damages or abandons the leased property.
• The Lessee files for bankruptcy or becomes insolvent.
• The Lessee breaches any material term of the Lease Agreement.

4.2. Lessor’s Remedies Upon Default – If the Lessee defaults, the Lessor may:

• Apply the security deposit toward unpaid rent, damages, or other obligations.
• Take possession of and liquidate collateral assets to recover losses.
• Initiate eviction or legal proceedings to enforce lease terms.
• Recover attorney fees and collection costs incurred due to default.

5. Return & Release of Security Deposit

5.1. Upon lease expiration, the Lessor shall return the security deposit within [X] days, provided that:

• The Lessee has fulfilled all lease obligations.
• No damages or outstanding balances remain.
• The leased property is returned in an acceptable condition.

5.2. If deductions are made from the security deposit, the Lessor shall provide the Lessee with an itemized statement detailing the charges.

6. Governing Law & Jurisdiction

6.1. This Agreement shall be governed by and construed in accordance with the laws of the state of [State].

6.2. Any disputes arising under this Agreement shall be resolved through mediation, arbitration, or litigation in [City, State], as applicable.

7. Miscellaneous Provisions

7.1. Amendments – Any modifications to this Agreement must be in writing and signed by both parties.

7.2. Severability – If any provision of this Agreement is deemed invalid, the remaining provisions shall remain in full force and effect.

7.3. Waiver – Failure to enforce any provision shall not constitute a waiver of future enforcement rights.

7.4. Entire Agreement – This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements regarding lease security.

8. Notices

All notices required under this Agreement shall be in writing and sent via certified mail, email, or in person to the following addresses:

• Lessor:
  [Lessor’s Name]
  [Lessor’s Address]
  [Email Address]

• Lessee:
  [Lessee’s Name]
  [Lessee’s Address]
  [Email Address]

9. Signatures

IN WITNESS WHEREOF, the parties have executed this Lease Security Agreement as of the date first written above.

Lessor (Secured Party):
By: ___________________________
Title: __________________________
Date: __________________________

Lessee (Debtor):
By: ___________________________
Title: __________________________
Date: __________________________