Security Agreement regarding Automobile with Promissory Note

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Security Agreement regarding Automobile with Promissory Note Powered By Docstoc
					This is an agreement between a borrower and a lender whereby the borrower grants the
lender a security interest in an automobile as collateral for the repayment of a loan. The
automobile’s description is included, such as the make, body, model, year, serial
number, motor number, number of cylinders and whether it is new or used. If the
borrower is unable to repay the loan, the lender may act on their security interest and
obtain possession and title to the automobile. This agreement can be used by
individuals or entities that have entered a separate loan agreement secured by an
automobile.
           Security Agreement regarding Automobile with Promissory Note

(Name of Debtor), of (street address, city, state, zip code), hereinafter called Debtor,
grants to (Name of Secured Party), of (street address, city, state, zip code), hereinafter
called Secured Party, a security interest in the following described Automobile (the
Collateral):

   Make (make);

   Type of body (type of body);

   Model (model);

   Year of model (year);

   Serial No. (number);

   Motor No. (number);

   No. cylinders (number); and

   New or used (new/used).
This Security Agreement is to secure payment and performance of obligations (the
Obligations) identified as a Promissory Note, copy of which is attached hereto as
Exhibit A and made a part hereof.
Default in payment or performance of any of the Obligations or default under any
Agreement evidencing any of the Obligations is a default under this Agreement. On
such default, Secured Party may declare all Obligations immediately due and payable
and shall have the remedies of a Secured Party under the Uniform Commercial Code as
enacted in (name of state).
WITNESS my signature this the _____ day of ______________, 20____.




                                                                    __________________________
                                                                    (Signature of Debtor)
                                                                    (Printed Name of Debtor)
                                           PROMISSORY NOTE

$________________________                                                        (City and State)
FOR VALUE RECEIVED, the undersigned (Name of Debtor) does hereby promise to pay
to (Name of Secured Party), or order, the principal sum of $_________________,


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together with interest thereon from date at the rate of _____ Percent (____%) per
annum on the unpaid balance until paid. The said principal and interest shall be payable
at (street address, city, state, zip code), or at such other place as the holder hereof may
designate in writing, in (number) consecutive monthly installments of $_____________.
The first of said installments shall be due and payable on the first day of (date), and
each subsequent monthly installment shall be due and payable on the first day of each
succeeding month thereafter until the entire indebtedness evidenced by this Note is fully
paid, except any remaining indebtedness, if not sooner paid, shall be due and payable
on (date).
The undersigned may prepay the principal amount outstanding in whole or in part
without penalty. The holder of this Note may require that any partial prepayments (i) be
on the date monthly installments are due, and (ii) be in the amount of that part of one or
more monthly installments which would be applicable to principal.
It is agreed that in the event default is made in the payment of this Note at maturity, or
of any installment thereof, whether maturing by expiration of time, by default as herein
provided, or as provided in the Deed of Trust given in security hereof, and the same is
placed in the hands of an attorney for collection, then an additional amount of _____
Percent (_____%) on the principal and interest of this Note shall be added to the same
as a collection fee, and the failure to pay any installment when due shall mature the
entire indebtedness at the option of the holder of this Note.
The makers, signers, drawers, guarantors, sureties and endorsers hereof severally
waive presentation for payment, demand, protest, diligence in collecting, notice of
dishonor, notice of extension of time, and notice of protest or nonpayment. This Note is
to be secured by a Security Agreement on an Automobile describe as: Make (make);
(type of body); (model); (year); Serial No. (number); Motor No. (number); and number of
cylinders (number);
        WITNESS OUR SIGNATURES, as of the day and date first above named.




                                                            _____________________________
                                                            (Signature of Payor)
                                                            (Printed Name of Payor)




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Description: This is an agreement between a borrower and a lender whereby the borrower grants the lender a security interest in an automobile as collateral for the repayment of a loan. The automobile’s description is included, such as the make, body, model, year, serial number, motor number, number of cylinders and whether it is new or used. If the borrower is unable to repay the loan, the lender may act on their security interest and obtain possession and title to the automobile. This agreement can be used by individuals or entities that have entered a separate loan agreement secured by an automobile.