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Assignment Of Contract As Security For Loan
1. Parties. [Name] (Assignor) assigns to [name] (Assignee Bank) all money due under Assignor's contract dated [date] (Contract) with [name] (Obligor). The Contract is attached hereto as Exhibit A [omitted].
2. Purpose of Assignment. Assignor makes this Assignment as security for all of Assignor's current liabilities and obligations to Assignee Bank.
3. Payment. Assignor will direct Obligor to pay Assignee Bank all money due on the Contract.
4. Power of Attorney. Assignor gives Assignee Bank full power of attorney-in-fact to collect, demand and receive, or compromise or settle any claims, arising out of the Contract and in any other way assume the full rights of Assignor on the Contract. Should any payment be made to Assignor on the Contract, Assignor shall hold it in trust for Assignee Bank, in a separate account maintained with Assignee Bank.
5. Representations. Assignor represents that Assignor has the complete right and title to all money due under the Contract, that the Contract has not been previously assigned or in any way encumbered by Assignor, and that Obligor has no claim against Assignor that would reduce or offset Obligor's indebtedness under the Contract.
6. Books and Records. Assignor will keep a complete record of payments by Obligor pursuant to the Contract. Assignee Bank shall at all times have a full right of inspection of these records.
IN WITNESS WHEREOF, the parties have set their hands this [date].
This Section for Notary:
STATE OF -------)
) ss: [date]
COUNTY OF ------)
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.
[Name of Notary Public]
My commission expires: [date]