Deed of Charge
This Deed of Charge ("Deed") is made and entered into on the 20th day of January 2050, by and between:
[Your Name], having its registered office at [Your Address], hereinafter referred to as the "Chargor", and
[Chargee Name], having its registered office at [Chargee Address], hereinafter referred to as the "Chargee".
I. Purpose
This Deed has been drafted and executed with the primary purpose of formally establishing a legal charge over specified assets or properties owned by the Chargor. The intention behind creating this charge is to provide security for the fulfillment of any debts or obligations that the Chargor owes to the Chargee.
II. Recitals
WHEREAS, the Chargor is indebted to the Chargee in the amount of [Amount] ("Debt") arising from Agreement dated January 1, 2050; and
WHEREAS, the Chargor agrees to provide a security interest in the assets described herein as collateral for the Debt owed to the Chargee;
NOW, THEREFORE, in consideration of the mutual promises herein contained, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
III. Definitions
As used in this Deed, the following terms shall have the following meanings:
"Charged Property" shall mean the assets or property over which the charge is created.
"Debt" shall mean the amount owed by the Chargor to the Chargee, as detailed in Section IV below.
IV. Charge
4.1 Creation of Charge
The Chargor hereby charges in favor of the Chargee all of its right, title, and interest in and to the Charged Property, as security for the payment and discharge of the Debt.
4.2 Description of Charged Property
The Charged Property subject to this Deed includes, but is not limited to:
Real estate property located at [Address]
Motor vehicle: 2025 Tesla Model
Bank account: Account number 123456789 at XYZ Bank
V. Covenants of the Chargor
The Chargor covenants with the Chargee that:
The Chargor is the legal and beneficial owner of the Assets, free from any encumbrances and third party rights.
The Chargor has the right to charge the Assets as contemplated by this Deed.
The Chargor shall insure the Assets against loss or damage by such risks, and to such extent, as may be reasonable.
VI. Events of Default
An Event of Default occurs if:
The Chargor fails to make payment when due under the terms of the Debt.
The Chargor breaches any other covenant or agreement set out in this Deed.
Any representation or warranty made by the Chargor in this Deed is found to be false or misleading.
VII. Remedies on Default
Upon occurrence of an Event of Default, the Chargee shall have the right to:
Declare the entire Debt, together with accrued interest and other charges, immediately due and payable without notice;
Enforce the Charge and apply the proceeds from the sale or disposal of the Assets toward repayment of the Debt;
Appoint a receiver to manage or sell the charged Assets.
VIII. Governing Law
This Deed shall be governed by and construed in accordance with the laws of [Governing Law Jurisdiction].
IX. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Deed as of the date first above written.
Chargor:
[Your Name]
[Date Signed]
Chargee:
[Chargee Name]
[Date Signed]
X. Witnesses
This Deed is witnessed and signed on the day and the year first above written.
[Witness 1 Name]
[Witness 2 Name]
NOTARIZATION:
State of [State], County of [County]
On this 20th of January 2050, before me, a Notary Public in and for said county and state personally appeared [Your Name] and [Chargee Name], known to me to be the persons whose names are subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
[Notary Public Name]
Notary Public in and for [State]
My Commission Expires: [Expiration Date]
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