Substitution of Collateral and Release Consent
_____________________,
referred to as OWNER, and ______________________, referred to as SECURED PARTY,
agree:
OWNER is indebted to
SECURED PARTY pursuant to a note dated, _______________________, in the
original principal amount of $_________ (___________________________ &
_____/100 dollars); with a present total interest and principal balance of
$_______ (___________________________ & _____/100 dollars), and a security
agreement dated ______________________ and has pledged as security for the note
the following:
________________________________________________________________
The DEBTOR has
requested that SECURED PARTY release ___________________________________ as
collateral for the obligation, but, that ________________________________ be
pledged as new collateral for the obligation. Accordingly, SECURED PARTY
releases ____________________________________ as collateral for the obligation,
and upon request of the DEBTOR shall execute such releases, UCC financing
statement releases or other documents reasonably requested by the DEBTOR.
In all respects
________________________________ shall be subject to the terms and conditions
of the security agreement between the parties dated ______________________. All
other terms and conditions of the note and security agreement shall remain in
full force and effect.
Dated:
______________________
___________________________________________
_____________________,
OWNER
___________________________________________
______________________,
SECURED PARTY
Substitution of Collateral and Release Consent
Review List
This review list is provided to inform you about this
document in question and assist you in its preparation. This substitution of collateral document is a
standard form to replace collateral due to a need by the debtor to sell the
collateral.
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