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SECURITY AGREEMENT

Debtor	Richard Aldebt¹
Address of Debtor	121 Small Street, Chicago, Illinois²
Creditor	Last National Bank³
Address of Creditor	293 Highway 5, Chicago, Illinois⁴

THIS AGREEMENT, made between the undersigned DEBTOR, Richard Aldebt⁵ (name of debtor), of 121 Small Street, Chicago, Illinios⁶ (address of debtor) and the undersigned CREDITOR, Last National Bank⁷ (name of creditor), of 293 Highway 5, Chicago, Illinois⁸ (address of creditor), is entered in conjunction with the following:
1. PROPERTY: The property the undersigned DEBTOR is providing as collateral to the CREDITOR is described as follows:

Accounts receivable and entire inventory for debtor's tire sales and service company⁹.

2. INDEBTEDNESS: The above-noted collateral is offered as security as a result of the debt incurred by the DEBTOR to the CREDITOR, which is described as follows:

Line of credit to acquire inventory for tire sales business. The full expected costs of $100,000¹⁰.

3. PURPOSE: The reason for this security interest in the above-described property as collateral is to:

To continue operations of existing tire store¹¹.

4. DEFAULT¹²: In the event of default in failure to pay by the DEBTOR to the CREDITOR the amounts due and owing to the CREDITOR pursuant to an agreement evidencing any obligations to the CREDITOR, the CREDITOR shall declare the obligations immediately due and payable. The CREDITOR shall have all remedies according to a secured party under the Uniform Commercial Code of Illinois¹³.

This is not a substitute for legal advice. An attorney must be consulted.
Copyright © 1994 - 2015 by LAWCHEK, LTD.

5. FILING¹⁴: The CREDITOR (secured party), at his/her option, may file this security agreement with the Secretary of State or the appropriate County Recorder or both.

6. ADDITIONAL PROVISIONS¹⁵:


DEBTOR¹⁶	CREDITOR¹⁷

STATE OF	ILLINOIS¹⁸	)
		)ss
COUNTY OF	COOK¹⁹	)

On this 1st day of May, yr1996²⁰, the persons identified above, Richard Aldebt and David Vaderbelt, III, agent²¹ (list parties), signed before me, a Notary Public, their signatures when they personally appeared to declare the above voluntary act and deed.


	NOTARY PUBLIC²²

The form above is an example of how a typical Security Agreement form may be completed.

The identity of the debtor.
The address of the debtor.
The identity of the creditor.
The address of the creditor.
The name of the debtor.
The address of the debtor.
The name of the creditor. This may also include the agent for the creditor.
The address of the creditor.
The property that is offered as collateral.
The description of the debt.
The reason for the security interest. Oftentimes, this will be very similar to 10 above.
Default may be regulated by state statutes; therefore, an attorney must be consulted.
The state in which the Commercial Code should apply.
Filing of this document may be with an appropriate government entity other than the Secretary of State or County Recorder.
If additional provisions are necessary, they should be set forth herein.
The signature of the debtor.
The signature of the creditor's authorized agent of the creditor.
The state where the Security Agreement is signed.
The county where the Security Agreement is signed.
The date the Security Agreement is notarized.
The name of the parties signing the document before the Notary Public.
The signature of the Notary Public.

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This is not a substitute for legal advice. An attorney must be consulted.