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Agreement To Extend Security Interest
AGREEMENT TO EXTEND SECURITY INTEREST
Extension agreement made [Date of extension] between [Name of debtor], of [address of debtor], in this agreement referred to as debtor, and [Name of secured party], of [Address of secured party], in this agreement referred to as secured party.
RECITALS
A. Debtor and secured party entered into a security agreement dated [Date of agreement], and filed on [Date filed], in the [Filing office, such as: Office of the County Recorder for County, state, at file No.] a financing statement pertaining to the collateral described in that security agreement.
B. Debtor desires to modify the terms of such security agreement in order to provide for [specify, such as: a reduction in the amount of the periodical installments payable thereunder and an extension of time within which to pay the periodical installments coming due, as set out below, and secured party is willing to make such changes].
C. Secured party has paid [Amount of insurance] Dollars for on the collateral described in such security agreement and pursuant to the terms thereof has added that amount to the debt due and secured thereunder.
For the reasons set forth above, and in consideration of the mutual promises in this agreement contained, the parties agree: [Party's agreement]
SECTION ONE: Modification of Preexisting Agreement
Debtor and secured party hereby modify the above described security agreement of 19 according to the terms and conditions set forth in this agreement. It is expressly agreed by debtor and secured party that this agreement is supplemental to that of 19, which agreement by this reference is made a part of this agreement, and all the terms and conditions of it, unless specifically modified in this agreement, are made a part of this agreement.
SECTION TWO: Extension of Security Interest
Debtor hereby grants to secured party an extension of the security interest in the collateral described in the security agreement of 19 in order to secure payment of the obligation of debtor to secured party as modified hereunder.
SECTION THREE: Description of Collateral
The collateral that is subject to the security interest extended by this agreement is that described in the security agreement of [security agreement] and consists of [description of security agreement].
SECTION FOUR: Obligation of Debtor
In lieu of the obligation of debtor set forth in the security agreement of 19, debtor shall pay to secured party the sum of Dollars, together with interest thereon at the rate of percent per annum, as follows: In monthly installments of Dollars, the first such instalment to be paid on [Date of first installment], and each succeeding instalment to be paid on the day of each month thereafter, until the entire principal sum, together with all accrued interest thereon, is paid in full.
SECTION FIVE: Filing of Notice
Debtor and secured party shall execute and file whatever continuation statement, financing statement or other instrument or instruments that may be required under [citatiof of local enactment of UCC Article 9] to continue or extend the effectiveness of the aforementioned financing statement filed on [Date of financing statement], at file No. [File number of financing statement].
SECTION SIX: Default; Remedies
In the event that debtor fails to pay any monthly instalment required to be paid under SECTION FOUR of this agreement on or before the day of the month in which such instalment is due, all unpaid installments shall, at the option of secured party, become immediately due and payable, and, in addition to such right of acceleration, secured party shall be entitled to any and all remedies available to it pursuant to [Citation of local enactment of UCC Article 9].
In witness whereof, the parties have executed this agreement at [Place of execution] the day and year first above written.
Signature Date
Signature Date