Most loans between a borrower and a lender are typically formalized with a promissory note. In many instances the lender will want additional assurance that the loan will be repaid and ask that the borrower enter into a written Security Agreement. A Security Agreement benefits the lender in that it sets out the lender’s rights with regard to collateral. Having a written Security Agreement is beneficial as it clearly sets out a lender’s rights if a borrower defaults on a loan.

Among others, this Security Agreement includes the following provisions:

• Parties to the Agreement: This provision contains the identity and names of the parties entering into the agreement;
• Collateral: Sets out the specific collateral which secures the debt;
• Term and Termination: Sets out the term of the agreement and notice of termination details;
• Events of Default: Specific provisions regarding default of the loan;
• Remedies: Sets forth the remedies which can be taken in the event of default.

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This attorney-prepared packet contains:

1. General Information
2. Instructions and Checklist
3. Security Agreement

State Law Compliance: This form complies with the laws of all states