Common use of Security Collateral Clause in Contracts

Security Collateral. To protect Lender, Borrower gives what is known as a security interest or mortgage in: If for any reason Borrower not succeeds to make any payment on time, Borrower shall be in default. The Lender can then order instant payment of the entire remaining unpaid balance of this loan, without giving anyone further notices. If Borrower has not paid the full amount of the loan when the final payment is due, the Lender will charge Borrower interest on the unpaid balance at percent (%) per year.

Security Collateral. To protect LenderXxxxxx, Borrower Xxxxxxxx gives what is known as a security interest or mortgage in: If for any reason Borrower not succeeds to make any payment on time, Borrower shall be in default. The Lender can then order instant payment of the entire remaining unpaid balance of this loan, without giving anyone further notices. If Borrower Xxxxxxxx has not paid the full amount of the loan when the final payment is due, the Lender will charge Borrower interest on the unpaid balance at percent (%) per year.