Agreement For Loan To Partner (And Security Agreement)
The partnership __________________, and ___________________, in his individual capacity, agree:
Recitals
___________________ is a partner of the _________________ partnership. The partnership is desirous lending sums to ____________________.
Terms of the loan
On or before _____, 20 __, the partnership shall lend to the sum of $------ (dollars) shall execute a promissory note payable to the partnership in the customary form for such notes in ________________. The note shall be repayable upon the following terms:
Security Interest
Herewith grants a security interest to the partnership in:
(a) the partnership capital account of _________________;
(b) the drawing account, if any, of ____________________;
(c) any and all funds which may become due from time to time to from the partnership.
Upon any default under the terms of the note, the partnership shall have all of the rights of a secured party under the Uniform Commercial Code.
Herewith appoints the partnership as his attorney in fact for the purpose of recording any financing statements or other notices related to perfect of the security interest granted herein.
Relationship between the partnership and partner as to the loan
The partnership, in regard to this loan, shall be considered in all ways to be an arm's length creditor of the _______________, and shall have the unrestricted right to...
(Excerpt)
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