Assignment of Life Insurance
THIS AGREEMENT is made as of , of (the “Assignee”). between , of (the “Assignor”) and
WHEREAS the Assignor has a direct financial interest in
(the “Corporation”); (the
AND WHEREAS the Corporation is indebted to the Assignee in the amount of “Indebtedness”);
AND WHEREAS the Assignee required the Assignor to assign its rights under a policy of insurance (the “Policy”) issued by the dated , and numbered , pursuant to which the sum of is assured to be paid on the death of the Assignor;
NOW THEREFORE in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Assignor agrees as follows: 1. Assignment of Insurance. The Assignor hereby assigns to the Assignee the Policy, and all of his interest therein, and all sums of money assured by or to become payable under or by virtue of the Policy, as general and continuing collateral security for the repayment of the Indebtedness. Covenants to Maintain Policy. The Assignor hereby covenants to pay all premiums on the Policy and maintain the Policy in good standing until the Indebtedness has been paid in full. Notice to Insurer. The Assignor agrees to notify the insurer under the Policy of the assignment hereby constituted and to execute, do and perform all such acts and things as the said insurer may require to give effect to the assignment. Additional Security. This security is in addition to and not in substitution for any other security now or hereafter held by the Assignee. Attachment. The Assignor and the Assignee expressly state that they intend that the security interest hereby constituted to attach upon execution and delivery of this Agreement. The Assignor acknowledges receipt of a true copy of this Agreement. Further Assurances. The Assignor shall from time to time on request by the Assignee execute such further and other assurances, conveyances, mortgages, assignments, consents and documents as may be reasonably necessary for the purpose of perfecting the
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Page 2 Assignee’s security in the Policy. 7. Notices. All notices and other communications required or permitted hereunder shall be in writing and, if delivered, shall be deemed to have been received on the day of delivery, and, if mailed by prepaid registered mail at any time other than during a discontinuance of postal service due to a strike, lockout or otherwise, shall be deemed to have been received two (2) business days after the postmarked date thereof. Notice of change of address for service shall also be governed by this Section. The addresses of the parties are as set out at the head of this Agreement. Successors and Assigns. This Agreement shall enure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators, successors and assigns. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of .
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IN WITNESS WHEREOF the parties hereto have executed this agreement as of the date first above written.
Witness Witness