1. Grant of Security Interest. [Name], residing at [address] (Borrower), grants to [name], with offices at [address] (Lender), its successors and assigns, a security interest in the following property together with any additions, attachments, and accessions that may be placed on it (Collateral): [list].
2. Purpose of Security Interest. The security interest is to secure payment of an indebtedness to Lender evidenced by a promissory note in the principal sum of ........ dollars ($........), with interest at the rate of ...... percent (......%) per annum, signed by Borrower and delivered by Borrower to Lender simultaneously with Borrower's execution, of this Agreement.
3. Borrower's Warranties and Covenants. Borrower warrants and covenants:
a. Title. Borrower is the owner of the Collateral free from any adverse lien, security interest, or encumbrance. Borrower will defend the Collateral against any claims and demands of other persons at any time claiming the Collateral or any interest in it.
b. Use. The Collateral is bought or used primarily for:
(Check one)
[ ] Personal, family, or household purposes
[ ] Farming operations
[ ] Business use
and if checked here [ ], is being acquired with the proceeds of a loan by Lender to Borrower, which Lender may disburse directly to the seller of the Collateral.
c. Location of Collateral. The Collateral will be kept at [address]. Borrower will not remove the Collateral from [state] without Lender's written consent. Borrower will promptly notify Lender of any change in the place where the Collateral is kept.
d. Location of Business. If the Collateral is bought or used primarily for business use, Borrower's place of business is [address]. Borrower will promptly notify Lender of...
(Excerpt)
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