DIY Legal Forms

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Consent to Use of Property as Collateral

(Provision Annexed to Security Agreement)

Title of Collateral

Ownership of [describe property], which is serving as collateral subject to the above Security Agreement, and that of [name], residing at [address] (Owner), who authorizes such use as collateral by [name] (Debtor), and hereby grants a security interest in the property to [name] (Secured Party).

Owner does not hereby undertake to pay or become liable in any way on any of Debtor's obligations, and any and all such obligations shall remain exclusively those of Debtor.

Owner consents to all extensions or renewals of the obligation secured by the above Security Agreement on any terms and conditions agreeable to Secured Party and Debtor, and authorizes Secured Party to follow such instructions as Debtor may give regarding the care and disposition of the Property.

Correspondence and notices due to Owner that are not hereby effectively waived shall be sent to Owner at [address].