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(Provision For Storage Of Collateral)
1. Introduction. Agreement dated [date] between [name], residing at [address] (Debtor), and [name], with offices at [address] (Secured Party).
2. Collateral. [Collateral] is to be held in storage by Secured Party.
3. Location. The Collateral is to be stored at [address] as of [date].
4. Care. Secured Party is to use reasonable care in keeping and preserving the Collateral. The Collateral is at all times to be insured for an amount of not less than ........ dollars ($........).
5. Automactic Renewal. This Agreement will automatically renew, for successive 12 month periods, after its expiration unless written notice of termination is given by either party.
6. Amendments of this agreement shall be by mutual consent of the parties only in writing.
7. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each party to this Agreement will execute and deliver any additional documents and perform any additional acts that may be necessary or appropriate to effectuate and perform its obligations under this Agreement and the transactions contemplated hereby.
8. Entire Agreement. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement.
9. No Assignment. Neither this agreement nor any right or interest thereunder shall be assigned in any respect whatsoever.
10. Exclusion of Oral Statements. No oral or other statements shall be binding on either of the parties hereto.
11. Applicable Law. This Agreement shall be governed by the laws of the State of [State].
12. Time of The Essence. Time is the essence of this agreement.
IN WITNESS WHEREOF, the parties have executed this agreement the day and year as first above written at [City], [State].
*** 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: _____