Security Agreement

• Secured Party:
  [Secured Party’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 [Secured Party’s Address].

• Debtor:
  [Debtor’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 [Debtor’s Address].

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

1. Grant of Security Interest

1.1. The Debtor hereby grants the Secured Party a security interest in the following described collateral (“Collateral”):

• [Detailed Description of Collateral, including serial numbers, locations, or other relevant identifiers]

1.2. This security interest is granted to secure payment and performance of the following obligations (“Secured Obligations”):

• [Specify the loan, debt, or obligations that the security interest secures]
• [Repayment terms, if applicable]

2. Representations and Warranties of Debtor

2.1. The Debtor represents and warrants that:

• It is the legal owner of the Collateral and has full rights to grant this security interest.
• The Collateral is free of liens, claims, or encumbrances, except as disclosed in this Agreement.
• The execution and performance of this Agreement do not violate any other contracts, agreements, or legal obligations.

3. Covenants of Debtor

3.1. The Debtor agrees to:

• Maintain the Collateral in good working condition.Not transfer, sell, or otherwise dispose of the Collateral without prior written consent from the Secured Party.
• Keep the Collateral insured against loss or damage, naming the Secured Party as a loss payee.
• Provide the Secured Party with access to inspect the Collateral upon reasonable notice.

4. Default

4.1. The following events shall constitute Default under this Agreement:

• Failure to pay any secured obligation when due.
• Breach of any term or covenant in this Agreement.
• Bankruptcy, insolvency, or assignment for the benefit of creditors by the Debtor.
• Unauthorized sale, transfer, or disposal of the Collateral.

5. Remedies Upon Default

5.1. Upon default, the Secured Party may:

• Declare all Secured Obligations immediately due and payable.
• Take possession of the Collateral without judicial process, if permitted by law.
• Sell, lease, or dispose of the Collateral in accordance with applicable laws.
• Pursue any other remedies available under the Uniform Commercial Code (UCC) or applicable law.

6. Governing Law

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

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 continue in full force and effect.

7.3. Waiver – Failure to enforce any provision shall not constitute a waiver of the right to enforce that provision in the future.

7.4. Entire Agreement – This Agreement constitutes the entire understanding between the parties regarding the subject matter herein.

8. Notices

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

• Secured Party:
  [Secured Party’s Name]
  [Secured Party’s Address]
  [Email Address]

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

9. Signatures

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

Secured Party:
By: ___________________________
Title: __________________________
Date: __________________________

Debtor:
By: ___________________________
Title: __________________________
Date: __________________________