Collateral Substitution Agreement | USA

Use this template Collateral Mortgage and Promissory Note for credit facilities in Alberta.

• A collateral mortgage can be used to secure a line of credit, a revolving loan, or other credit facility where the balance owing changes from time to time.
• The borrower is responsible for insuring, repairing, and maintaining the mortgaged property and for paying all taxes and assessments.
• The lender is appointed as the borrower's attorney (agent) for the purpose of recovering any insurance proceeds with respect to the property.
• The lender has power of attorney to sell, lease or encumber the property if the borrower defaults in its obligations.
• The full balance owing is immediately payable if the borrower sells the property or, if the borrower is a corporation, there is a change in control.
• This is a downloadable legal template in MS Word format.
• Intended for use in the Province of Alberta, Canada.

Give notice of your security interest in a debtor's collateral with this Notice of Interest in Collateral template for Canadian lenders.

• The Notice must be given by a lender or other secured party to any other person or firm which has a security interest in the same collateral.
• This form can be used in any province or territory of Canada which has a Personal Property Security Act.
• Available in MS Word format.

Every commercial loan transaction should require the borrower to sign a Security Agreement. Use this customizable downloadable template.

• This form is only for use in the United States.
• The borrower (debtor) grants the lender (secured party) a security interest in certain property of the borrower, as collateral to secure repayment of the borrower's indebtedness under a promissory note.
• The parties intend the agreement to be a security agreement under the Uniform Commercial Code.
• The secured party has the right to take whatever action it considers necessary to protect its security interest.
• All amounts secured by the agreement become immediately due and payable if the borrower files for bankruptcy or becomes insolvent.
• The debtor waives any statute of limitations with respect to enforcement of the secured party's lien.

No lender should be without a standard form Security Agreement. If you don't have one yet, download your copy now.