Common use of Grant of Additional Security Interest Clause in Contracts

Grant of Additional Security Interest. As additional collateral security for the Obligations, Borrower hereby grants to Lender a continuing security interest in and to the real property of the Borrower listed on Schedule I (the "Additional Collateral"). Borrower shall promptly execute an appropriate mortgage with respect to the Additional Collateral and shall pay the expenses for the filing of such. Borrower agrees to execute any other document reasonable requested by the Lender to perfect its security interest in the collateral. Borrower shall not incur additional indebtedness or further encumber the real property set forth on Schedule II. Nothing contained in this section, however shall give rise to any obligation, or create any security interest, that would constitute a default, or a basis for default, under any existing mortgage or loan to which Borrower is directly or indirectly a party. To the extent that the grant of any additional security interest hereunder requires the Borrower to obtain the consents of any lender, the Borrower shall not be obligated to grant such additional security interest unless and until such consent is obtained. Borrower shall use reasonable efforts to obtain such consents.