Security Agreement Form

THIS DEED IS MADE the [Enter Day] day of [Enter Month] year [Enter Year]

BETWEEN:
(1) [Enter Debtor\'s Name] of [Enter Debtor\'s Address] (the “Debtor”);
(2) [Enter Secured Party\'s Name] of [Enter Secured Party\'s Address] (the “Secured Party”); and

WHEREAS:
(A) The Debtor is indebted to the Secured Party in the Sum of £ [Enter Amount] (the “Debt”).
(B) The Secured Party wishes to obtain from the Debtor security for the Debt.

NOW THIS DEED WITNESSES as follows:
1. The Debtor grants to Secured Party of and its successors and assigns a security interest in the following property (the “Security”), which shall include all after-acquired property of a like nature and description and proceeds and products thereof:
[Enter Description]

2. This Security is granted to secure payment and performance on the following obligations as well as the Debt and all other debts now or hereinafter owed to the Secured Party by the Debtor:
[Enter Details of Debts]

3. The Debtor hereby acknowledges to the Secured Party that the collateral shall be kept at the Debtor’s above address and not moved or relocated without written consent.

4. The Debtor warrants that the Debtor owns the Security and it is free from any other lien, encumbrance and security interest or adverse interest and the Debtor has full authority to grant this security interest.

5. The Debtor agrees to execute such financing statements as are reasonably required by the Secured Party to perfect this security agreement.

6. Upon default in payment or performance of any obligation for which this security interest is granted, or breach of any term of this security agreement, then in such instance the Secured Party may declare all obligations immediately due and payable and shall have all remedies of a secured party under the law, which rights shall be in addition to any other rights or remedies that may be available to it.

7. The Debtor agrees to maintain such insurance coverage on the Security as the Secured Party may from time to time reasonably require and the Secured Party shall be named the beneficiary of any insurance policy taken out for such purpose.

8. This security agreement shall further be in default upon the death, insolvency or bankruptcy of the Secured Party or upon any material decrease in the value of the Security or adverse change in the financial condition of the Debtor.

9. Upon default the Debtor shall pay all reasonable solicitors’ fees and costs of collection necessary to enforce this agreement.

10. Nothing in this Agreement is intended to confer any benefit on a third party whether under the Contract (Rights of Third Parties) Act or otherwise.

IN WITNESS WHEREOF the parties have signed this deed the day and year first above written

(Individual)

(Company)

 

 

_____________________________
Signed by the Debtor
As a deed

_____________________________
in the presence of (witness)

Signed for and on behalf of the Debtor
As a deed

_____________________________
Director

_____________________________
Director/ Company Secretary

Name

____________________

 

Address

____________________
____________________
____________________

 

Occupation

____________________

 

 

 

_____________________________
Signed by or on behalf of the Secured Party
As a deed

_____________________________
in the presence of (witness)

Signed for and on behalf of the Secured Party
As a deed

_____________________________
Director

_____________________________
Director/Secretary

Name

____________________

 

Address

____________________
____________________
____________________

 

Occupation

____________________