Real Estate Security Agreement
Real Estate Security Agreement
This Real Estate Security Agreement ("Agreement") is entered into as of [Date], by and between:
[Your Company Name], a company organized and existing under the laws of the State of [Your State], with its principal place of business located at [Your Company Address] ("Lender"),
and
[Borrower Name], an individual/company organized and existing under the laws of the State of [Borrower's State], with its principal place of business located at [Borrower's Address] ("Borrower").
Background
Lender has agreed to extend financial accommodations to Borrower pursuant to the terms of a certain Loan Agreement dated [Date] ("Loan Agreement").
As a condition to Lender's willingness to extend such financial accommodations, Borrower has agreed to execute and deliver this Agreement to Lender.
Agreement
Now, therefore, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
1. Grant of Security Interest
Borrower hereby grants to Lender a continuing security interest in all of Borrower's right, title, and interest in and to the following described real property located in the County of [County], State of [State], and more particularly described as follows:
Lot 1 of Block A of [Subdivision Name], according to the map or plat thereof recorded in Plat Book [Plat Book Number], Page [Page Number], in the Office of the County Recorder of [County], State of [State].
(collectively, the "Property").
2. Purpose of Security Interest
The security interest granted hereunder secures the prompt payment and performance of all indebtedness, liabilities, and obligations of Borrower to Lender, whether now existing or hereafter arising, under or in connection with the Loan Agreement, including, without limitation, principal, interest, fees, costs, and expenses.
3. Representations and Warranties
Borrower represents and warrants to Lender that:
(a) Borrower is the lawful owner of the Property and has good and marketable title thereto;
(b) There are no liens, encumbrances, or restrictions on the Property other than those in favor of Lender;
(c) Borrower has the right, power, and authority to grant the security interest provided for herein;
(d) This Agreement, when executed and delivered by Borrower, constitutes the legal, valid, and binding obligation of Borrower, enforceable against Borrower in accordance with its terms; and
(e) Borrower will defend the security interest granted hereunder against the claims and demands of all persons whomsoever.
4. Further Assurances
Borrower agrees to execute and deliver to Lender, from time to time, such further instruments and documents and take such further action as may be necessary or desirable to perfect, protect, or enforce the security interest granted hereby.
5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [Your State], without regard to its conflicts of laws principles.
6. Counterparts
This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
[Your Company Name]
By:
Name: [Your Name]
Title: [Your Title]
[Borrower Name]
By:
Name: [Borrower's Name]
Title: [Borrower's Title]
