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This Agreement, effective the ________ day of _________, 20 __, is entered into between ________ [Name] of ________ [Address], hereinafter referred to as "Debtor", and ________ [Name], a company or other entity having its principal place of business at ________ [Address] hereinafter referred to as "Secured Party."
Agreement is as follows:
01. Assignment. Debtor agrees to assign to Secured Party a security interest in personal/realty property as set forth below:
[Describe personal/property in detail]
02. Security. Secured Party acknowledges ownership of said property belonging to Debtor. Debtor acknowledges said property is free and clear of any lien, caveat and encumbrance, and has the legal authority to provide Secured Party with a security interest in the aforementioned property.
03. Obligation. In the event of any default in either compensation or performance pertaining to this security interest, Secured Party shall assert his/her legal rights that all obligations are at once due and payable.
04. Arbitration. Any disputes relating to this Security Agreement being affairs that cannot be settled amicably shall be submitted to an arbitrator under the Rules of the American Arbitration Association or like organization in the City of [city], whose award may be reduced to judgment in any court of competent jurisdiction.
05. Amendment. This Agreement may be modified or amended, if the amendment is made in writing and is signed by both parties.
06. Severability. If any provision of this Agreement shall be held to be invalid or unenforceable for any reason, the remaining provisions shall continue to be valid and enforceable. If a court finds that any provision of this Agreement is invalid or unenforceable, but that by limiting such provision it would become valid or enforceable, then such provision shall be deemed to be written, construed, and enforced as so limited.
07. Waiver Of Contractual Right. The failure of either party to enforce any provision of this Agreement shall not be construed as a waiver or limitation of that party's right to subsequently enforce and compel strict compliance with every provision of this Agreement.
08. No Representations. Neither party has made any representations nor promises, other than those contained in this agreement or in some further writing signed by the party making the representation or promise.
09. 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.
10. Entire Agreement. This Agreement contains the entire agreement of the parties and there are no other promises or conditions in any other agreement whether oral or written. This Agreement supersedes any prior written or oral agreements between the parties.
11. Applicable Law. This Agreement shall be governed by the laws of the State of ________.
12. Executed on the day and date first above written, in the City of [city] and State of [state].
ACKNOWLEDGEMENT BY NOTARY PUBLIC
State of ________)
On ________, before me, ________, Notary Public, personally appeared ________, [Name(s)] who proved to me on the basis of satisfactory evidence to be the person(s) whose names(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 signatures on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
I certify under the PENALTY OF PERJURY under the laws of the State of _________ that the foregoing paragraph is true and correct.
WITNESS my hand and official seal.
Name of Notary
My Commission Expires