Free Restaurant Security Agreement

Between

[Your Company Name], which is situated at the address [Your Company Address], is hereinafter referred to as the "Restaurant Owner".

And

[Second Party], which has its place of business at [Second Party Address], shall be herein referred to as the "Lender".

Date: [Date of Agreement]

I. Introduction

This Agreement, known as the Restaurant Security Agreement, is hereby entered into between the Restaurant Owner and the Lender as of the date specified above.

II. Grant of Security Interest

The Restaurant Owner hereby grants to the Lender a security interest in the following collateral (collectively, the "Collateral"):

1. All restaurant equipment, including but not limited to kitchen appliances, furniture, and fixtures located at [Your Company Address].

2. All inventory and supplies located at [Your Company Address].

3. All accounts receivable, chattel paper, and other rights to payment arising from the operation of the restaurant located at [Your Company Address].

4. Any proceeds of the foregoing collateral.

III. Obligations of the Restaurant Owner

The Restaurant Owner agrees to:

1. Maintain the Collateral in good condition and repair.

2. Maintain insurance coverage on the Collateral with the Lender named as the loss payee.

3. Comply with all laws and regulations applicable to the operation of the restaurant.

IV. Representations and Warranties

The Restaurant Owner represents and warrants that:

1. The Collateral is free and clear of any liens or encumbrances, except for the security interest granted to the Lender under this Agreement.

2. The Restaurant Owner has the full right and authority to grant the security interest to the Lender.

V. Default and Remedies

In the event of default by the Restaurant Owner, including but not limited to non-payment of any indebtedness secured by this Agreement, the Lender shall have the right to exercise all remedies available under law, including the right to take possession of and sell the Collateral.

VI. Miscellaneous Provisions

1. This Agreement shall be governed by and construed in accordance with the laws of [Jurisdiction], without regard to its conflict of laws principles.

2. This Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior agreements and understandings, whether written or oral, relating to such subject matter.

3. This Agreement may be amended or modified only in writing and signed by both parties.

VII. Signatures

The parties have executed this Restaurant Security Agreement as of the date first above written.

Restaurant Owner:

[Your Name]

[Your Company Name]

Lender:

[Representative Name]

[Second Party]

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