Common use of Conveyances and Security Interests Clause in Contracts

Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, Mortgagor (a) irrevocably and unconditionally mortgages, grants, conveys, transfers and assigns to Mortgagee, with power of sale and right of entry and possession, all estate, right, title and interest that Mortgagor now has or may later acquire in and to the Real Property; (b) grants to Mortgagee a security interest in the Personalty; (c) assigns to Mortgagee, and grants to Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to Mortgagee , and grants to Mortgagee a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Design and Development Documents, all Contracts of Sale and all Refinancing Commitments. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Unless Lender otherwise agrees in writing, Mortgagor’x xxxxxxtions under any Swap Contract shall continue to be secured by this Mortgage notwithstanding that Lender hax xxxx, participated, syndicated or otherwise transferred or released some or all of its interest in the Loan to another person.