AC Form 8050-98 Aircraft Security Agreement

OMB Control No. 2120-0042
Exp. 09/30/2020
PRA Public Burden Statement: A federal agency may not conduct or sponsor, and a person is not required to respond to, nor shall a person be subject to a penalty for failure to comply
with a collection of information subject to the requirements of the Paperwork Reduction Act unless that collection of information displays a currently valid OMB Control Number. The OMB
Control Number for this information collection is 2120-0042. Public reporting for this collection of information is estimated to be approximately 45 minutes per response, including the time
for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, completing and reviewing the collection of information. All responses to this
collection of information are required for recordation of security interest, in aircraft, engines, propellers and spare parts, in accordance with 14 CFR Part 49. Send comments regarding this
burden estimate or any other aspect of this collection of information, including suggestions for reducing this burden to: Information Collection Clearance Officer, Federal Aviation
Administration, 10101 Hillwood Parkway, Fort Worth, TX 76177-1524.

DEPARTMENT OF TRANSPORTATION
FEDERAL AVIATION ADMINISTRATION
CIVIL AVIATION REGISTRY
AIRCRAFT REGISTRATION BRANCH
P. O. Box 25504
Oklahoma City, Oklahoma 73125
AIRCRAFT SECURITY AGREEMENT
NAME & ADDRESS OF DEBTOR

NAME & ADDRESS OF SECURED PARTY/ASSIGNOR

ASSIGNED/NAME & ADDRESS OF ASSIGNEE
ABOVE SPACE
FOR FAA USE ONLY

Date: August 1, 2017
A security interest is hereby granted to the secured party on the following described collateral:
AIRCRAFT (FAA registration number, manufacturer, model, and serial number):

NOTICE: ENGINES LESS THAN 550 HORSEPOWER AND PROPELLERS NOT CAPABLE OF ABSORBING 750 OR MORE
RATED SHAFT HORSEPOWER ARE NOT ELIGIBLE FOR RECORDING.
ENGINES (manufacturer, model, and serial number):
PROPELLERS (manufacturer, model, and serial number):
SPARE PARTS LOCATIONS (air carrier’s name, city, and state):

together with all equipment and accessories attached thereto or used in connection therewith, including engines of
horsepower,
or the equivalent, and propellers capable of absorbing
rated takeoff shaft horsepower, described above, all of which
are included in the term aircraft as used herein.
The above described aircraft is hereby mortgaged to the secured party for the purpose of securing in the order named:
FIRST: The payment of all indebtedness evidenced by and according to the terms of that certain promissory note, herein below
described, and all renewals and extensions thereof.
Note bearing date
sum of $

executed by the debtor and payable to the order of
with interest thereon at the rate of

The principal and interest of said note is payable in
month beginning with the

AC 8050-98 (10/18)

day of

in the aggregate

per centum per annum, from date, payable in installments as follows:
installments of $
. The last payment of $

each on
is due on the

day of each successive
day of

.

OMB Control No. 2120-0042
Exp. 09/30/2020
SECOND: The prompt and faithful discharge and performance of each agreement of the debtor herein contained made with or for the benefit of the
secured party in connection with the indebtedness to secure which this instrument is executed, and the repayment of any sums expended or advanced
by the secured party for the maintenance or preservation of the property mortgaged hereby or in enforcing their rights hereunder. Said debtor hereby
declares and hereby warrants to the said secured party that they are the absolute owner of the legal and beneficial title to the said aircraft and in
possession thereof, and that the same is free and clear of all liens, encumbrances, and adverse claims whatsoever, except as follows: (If no liens other
than this mortgage, indicate “none”.)
It is the intention of the parties to deliver this instrument in the state of
.
Provided, however, that if the debtor, their heirs, administrators, successors, or assignees shall pay said note and the interest thereon in accordance
with the terms thereof and shall keep and perform all and singular the terms, covenants, and agreements in this security agreement, then this security
agreement shall be null and void.
Time is of the essence of this security agreement. It is hereby agreed that, if default be made in the payment of any part of the principal or interest of the
promissory note secured hereby at the time and in the manner therein specified, or if any breach be made of any obligation or promise of the debtor
herein contained or secured hereby, or if any or all of the property covered hereby be hereafter sold, leased, transferred, mortgaged, or otherwise
encumbered without the written consent of the secured party may deem himself insecure, then the whole principal sum unpaid upon said promissory
note, with the interest accrued thereon, or advanced under the terms of this security agreement, or secured thereby, and the interest thereon shall
immediately become due and payable at the option of the secured party.
Upon default, secured party may at once proceed to foreclose this mortgage in any manner provided by law, or the secured party may at its option, and
they are hereby empowered so to do, with or without foreclosure action, enter upon the premises where the said aircraft may be and take possession
thereof; and remove and sell and dispose of the same at public or private sale, and from the proceeds of such sale retain all costs and charges incurred
by secured party in the taking or sale of said aircraft, including any reasonable attorney’s fees incurred; also all sums due him on said promissory note,
under any provisions thereof, or advanced under the terms of this security, and interest thereon, or due or owing to the said secured party, under any
provisions of this security agreement, or secured hereby, with the interest thereon, and any surplus of such proceeds remaining shall be paid to the
debtor, or whoever may be lawfully entitled to receive the same. If a deficiency occurs, the debtor agrees to pay such deficiency forthwith.
Said secured party or his agent may bid and purchase at any sale made under this mortgage or herein authorized, or at any sale made upon foreclosure
of this security agreement.

In witness whereof, the debtor has hereunto set

hand and seal on the day and year first above

ACKNOWLEDGMENT:
(If required by applicable local law)

NAME OF DEBTOR
SIGNATURE(S) (IN INK)
(If executed for co-ownership, all must sign)
TITLE
(If signed for a corporation, partnership, owner, or agent)

ASSIGNMENT BY SECURED PARTY
For value received, the undersigned secured party does hereby sell, assign, and transfer all right, title, and interest in and to the foregoing note and
security agreement and the aircraft covered thereby, unto the assignee named on the face of this instrument at the address given, and hereby
authorizes the said assignee to do every act and thing necessary to collect and discharge the same. The undersigned secured party warrants and
agrees to defend the title of said aircraft hereby conveyed against all lawful claims and demands except the rights of the maker. The undersigned
secured party warrants that the secured party is the owner of a valid security interest in the said aircraft. (A Guaranty Clause or any other provisions
which the parties are desirous of making a part of this assignment should be included in the following space.)

Dated this

day of

ACKNOWLEDGMENT:
(If required by applicable local law)

.
NAME OF SECURED PARTY (ASSIGNOR)
SIGNATURE(S) (IN INK)
(If executed for co-ownership, all must sign)
TITLE
(If signed for a corporation, partnership, owner, or agent)

THIS FORM IS ONLY INTENDED TO BE A SUGGESTED FORM OF SECURITY AGREEMENT WHICH MEETS THE RECORDING REQUIREMENTS
OF TITLE 49, UNITED STATES CODE, AND THE REGULATIONS ISSUED THEREUNDER. IN ADDITION TO THESE REQUIREMENTS, THE FORM
OF SECURITY AGREEMENT SHOULD BE DRAFTED IN ACCORDANCE WITH THE PERTINENT PROVISIONS OF LOCAL STATUTES AND
OTHER APPLICABLE FEDERAL STATUTES. THIS FORM MAY BE REPRODUCED.

SEND, WITH APPROPRIATE FEE, TO: AIRCRAFT REGISTRATION BRANCH
P.O. BOX 25504
OKLAHOMA CITY, OKLAHOMA 73125-0504

AC 8050-98 (10/18)

OMB Control No. 2120-0042
Exp. 09/30/2020

PRIVACY ACT STATEMENT: Privacy Act of 1974(PL 93-579) requires that users of this form be informed of the
authority which allows the solicitation of the information and whether disclosure of such information is mandatory or
voluntary; the principal purpose for which the information is intended to be used; the routine uses which may be made of
the information gathered; and the effects, if any, of not providing all or any part of the requested information.
This form is to be completed by the debtor/grantor of the encumbrance. This form meets the recording requirements of 49
USC Chap. 441 and the Federal Aviation Regulations. In addition to meeting these requirements, the form must comply
with local law. This form may be reproduced.
The following routine uses are made of the information gathered:
(1) To determine that aircraft are registered in accordance with provisions of the Title 49, United States Code.
(2) To support investigative efforts of investigation and law enforcement agencies of Federal, State and foreign
governments.
(3) To serve as a repository of legal documents used by individuals and title search companies to determine the
legal ownership of an aircraft.
(4) To provide aircraft owners and operators information about potential mechanical defects or unsafe conditions of
their aircraft in the form of airworthiness directives.
(5) To provide supporting information in court cases.
(6) To serve as a data source for management information for production of summary descriptive statistics and
analytical studies in support of agency functions for which the records are collected and maintained.
(7) To respond to general requests from the aviation community or the public for statistical information under the
Freedom of Information Act or to locate specific individuals or specific aircraft for accident investigation, violation,
or other safety related requirements.
(8) To provide data for the automated aircraft registration master file.
(9) To provide data for development of the aircraft registration statistical system.
(10) To prepare an aircraft register in electronic media as required by ICAO agreement containing information on
aircraft owners by name, address, N-Number, and type aircraft, used for internal FAA safety program
purposes and also available to the public (individuals, aviation organizations, direct mail advertisers, state and
local governments, etc.) upon payment of applicable user charges reimbursing the Federal Government for its
costs.
(11) The aircraft records maintained by the Aircraft Registration Branch are public records and are open for
inspection in Room 122 of the Registry Building, Mike Monroney Aeronautical Center, 6425 S Denning,
Oklahoma City, Oklahoma. Individuals interested in such information may make a personal search of the
records or may avail themselves of the services of a company or attorney.

PLEASE REMOVE THIS PORTION BEFORE SUBMITTING TO FAA.

AC 8050-98 (10/18)