Law Firm Security Agreement
This Security Agreement (the "Agreement") is made and entered into as of [Month, Day, Year], by and between:
[Your Company Name], a law firm organized and existing under the laws of the State of [State], having its principal place of business at [Your Company Address] (hereinafter referred to as the "Secured Party"),
and
[Debtor's Name], a corporation organized and existing under the laws of the State of [Debtor's State], having its principal place of business at [Debtor's Address] (hereinafter referred to as the "Debtor").
Background
The Debtor has requested certain legal services from the Secured Party, and in consideration of such services, the Debtor desires to grant a security interest in certain assets to secure the payment and performance of its obligations to the Secured Party.
Agreement
In consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
Grant of Security Interest
The Debtor hereby grants to the Secured Party a continuing security interest in all of its present and future assets, whether tangible or intangible. These assets include, but are not limited to: Accounts receivable; Intellectual property rights; Equipment; Real property; Inventory; Chattel paper; Documents; Securities accounts; Investment property; and Proceeds of any of the foregoing.
Perfection of Security Interest
The Debtor agrees to execute and deliver to the Secured Party any and all financing statements, deeds of trust, mortgages, assignments, or other documents necessary or desirable to perfect the security interest granted herein. This will ensure that the Secured Party's interest remains protected and enforceable under the law.
Representations and Warranties
The Debtor represents and warrants to the Secured Party that it has good and marketable title to the collateral, free and clear of any liens, claims, or encumbrances, except those expressly permitted by this Agreement. It affirms that it has the right and authority to grant the security interest herein, ensuring that such interest is and will remain a first priority perfected security interest.
Covenants
The Debtor covenants that it will maintain the collateral in good condition and repair, and will not sell, transfer, assign, lease, or otherwise dispose of any of the collateral without the prior written consent of the Secured Party. Additionally, the Debtor will notify the Secured Party promptly of any change in its name, address, or organizational structure that might affect this Agreement.
Default
Failure to make any payment or perform any obligation under this Agreement when due, breach of any representation, warranty, or covenant made herein, insolvency or bankruptcy of the Debtor, attachment, levy, or other judicial seizure of any collateral, or any material adverse change in the Debtor’s financial condition shall constitute an event of default under this Agreement.
Remedies
Upon the occurrence of an event of default, the Secured Party shall have all rights and remedies available at law or in equity, including but not limited to: acceleration of all outstanding obligations, foreclosure or sale of the collateral, and exercise of any other rights or remedies available under the Uniform Commercial Code or other applicable law.
Notices
Any notice, demand, or communication required or permitted to be given hereunder shall be in writing and shall be deemed given when delivered personally, sent by certified or registered mail, or sent by overnight courier to the addresses set forth above.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State], without regard to its conflicts of law principles.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.
Signatures
[Your Name]
[Your Law Firm Name]
[Debtor's Name]
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