Security Agreement Template: Collateral and UCC Filing Terms

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SECURITY AGREEMENT TEMPLATE

This Security Agreement (“Agreement”) is entered into as of [Date], by and between:

Secured Party (Lender): [Full Name or Company Name], with a principal place of business at [Address]

and

Debtor (Borrower): [Full Name or Company Name], residing at [Address]

1. Grant of Security Interest

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

[Detailed description of collateral, including serial numbers, locations, and distinguishing features]

This security interest is granted to secure the payment and performance of all obligations owed under [describe underlying loan or obligation].

2. Debtor’s Representations and Warranties

The Debtor represents and warrants that:

They have full rights and authority to grant a security interest in the Collateral.
The Collateral is free and clear of any prior liens or encumbrances, except as disclosed to the Secured Party.
The Collateral is and will remain located at [Location], unless otherwise agreed in writing.

They have full rights and authority to grant a security interest in the Collateral.

The Collateral is free and clear of any prior liens or encumbrances, except as disclosed to the Secured Party.

The Collateral is and will remain located at [Location], unless otherwise agreed in writing.

3. Debtor’s Covenants

The Debtor agrees to:

Maintain the Collateral in good working order.
Not sell, transfer, or otherwise dispose of the Collateral without the Secured Party’s prior written consent.
Keep the Collateral insured against loss or damage, naming the Secured Party as loss payee.
Provide the Secured Party with reasonable access to inspect the Collateral.

Maintain the Collateral in good working order.

Not sell, transfer, or otherwise dispose of the Collateral without the Secured Party’s prior written consent.

Keep the Collateral insured against loss or damage, naming the Secured Party as loss payee.

Provide the Secured Party with reasonable access to inspect the Collateral.

4. Default

The Debtor shall be in default under this Agreement if they:

Fail to make payments when due;
Breach any term of this Agreement;
Become insolvent, bankrupt, or subject to similar proceedings.

Fail to make payments when due;

Breach any term of this Agreement;

Become insolvent, bankrupt, or subject to similar proceedings.

Upon default, the Secured Party may exercise all rights and remedies available under the Uniform Commercial Code, including repossession and sale of the Collateral.

5. Perfection of Security Interest

The Debtor authorizes the Secured Party to file a financing statement (UCC-1) to perfect the security interest granted herein.

6. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the State of [State], including its Uniform Commercial Code provisions.