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Agreement For Loan To Partner & Security Agreement
The partnership __________________, and ___________________, in his individual capacity, do hereby agree:
___________________ is a partner of the _________________ partnership. The partnership is desirous lending sums to [Name(s)].
Terms of the loan
On or before the ____________ day of ___________ 20 __, the partnership shall lend to the sum of $------ shall execute a promissory note payable to the partnership in the customary form for such notes in ________________.
The note shall be repayable upon the following terms:
Herewith grants a security interest to the partnership in:
(a) the partnership capital account of _________________;
(b) the drawing account, if any, of ____________________;
(c) any and all funds which may become due from time to time to from the partnership.
Upon any default under the terms of the note, the partnership shall have all of the rights of a secured party under the Uniform Commercial Code.
Herewith appoints the partnership as his attorney in fact for the purpose of recording any financing statements or other notices related to perfect of the security interest granted herein.
Relationship between the partnership and partner as to the loan
The partnership, in regard to this loan, shall be considered in all ways to be an arm's length creditor of the ________________, and shall have the unrestricted right to enforce the note as if was a stranger to the partnership without regard to any responsibilities which may have to the partnership in his relationship with the partnership as a partner. There is no other alteration as to the responsibilities and privileges of ___________.
This is the entire agreement between the parties and may only be altered in writing executed by the parties hereto.
For the partnership
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____