Note and Security Clause Samples
The "Note and Security" clause establishes that a promissory note is secured by specific collateral, providing assurance to the lender that the loan is backed by tangible assets. In practice, this clause identifies the property or assets pledged as security and outlines the lender's rights to claim or repossess these assets if the borrower defaults on the note. Its core function is to reduce the lender's risk by ensuring there is a clear, enforceable claim to collateral, thereby encouraging lending and clarifying remedies in case of non-payment.
Note and Security. Said Loan shall be evidenced by the Note, shall be payable in monthly installments and shall have a maturity date of not later than ____________. Said Note shall be executed by the Borrower and be payable to the Lender, and shall be secured by the Mortgage[s], of even date herewith, on the Premises. The Mortgage[s] shall constitute [a first mortgage lien] [first mortgage liens of equal priority] on the Premises and the improvements erected thereon and the only lien thereon except other liens acceptable to the Lender and HUD.
Note and Security. 13 3.1 NOTE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 3.2 SECURITY . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 ARTICLE 4
Note and Security. The Loan shall be evidenced by the Note ----------------- executed by the Borrower, as maker, and delivered to the Bank, at the Closing of the Loan. The Loan, and all of the agreements, obligations, covenants, representations and warranties of Borrower contained in this Loan Agreement, are secured by the following "SECURITY DOCUMENTS" executed and delivered by the Borrower to the Bank at the Closing of the Loan, to-wit:
(a) Deed of Trust executed by Krelitz, as grantor, to and in favor of Bank, granting a first lien on the Minnesota Facility;
(b) Security Agreement executed by Borrower, as debtor, to and in favor of Bank, as secured party, granting a first lien security interest the Missouri FFE, the Kentucky FFE and the Minnesota FFE;
(c) UCC Financing Statements executed by Borrower, as debtor, to and in favor of Bank, as secured party, with respect to the Missouri FFE, the Kentucky FFE and the Minnesota FFE; and
(d) Landlord's Agreement executed by the Landlord of the Missouri Facility.
Note and Security. 13 3.1 Note..........................................................................13 3.2 Security......................................................................13 ARTICLE 4
Note and Security. The Loan will be evidenced by that certain Revolving Promissory Note of even date herewith, made by Borrowers payable to the order of Bank in the face principal amount of Eighteen Million Dollars ($18,000,000.00) (the "Note"), and shall be secured by all of the following: (i) a first priority mortgage lien upon, and a first priority security interest in, the Fawn Lake Project, pursuant to that certain Credit Line Deed of Trust and Security Agreement dated December 30, 1997, of record in Deed Book 1521, Page 447 in the Office of the Recorder of Spotsylvania County, Virginia, and pursuant to a Conditional Assignment of Leases, Rents, Contracts, Income and Proceeds dated December 30, 1997, of record in Deed Book 1521, Page 501 in the aforesaid Office, both as amended by an Amendment to Security Documents of even date herewith; (ii) a first priority mortgage lien upon, and a first priority security interest in, the Lake Forest II Project, pursuant to that certain Mortgage and Security Agreement (Fixture Filing Statement) dated January 6, 1998, of record in Mortgage Book 4555, Page 594, in the Jefferson County Clerk's office, and pursuant to that certain Assignment of Rents and Leases dated January 6,
Note and Security. Prior to any disbursement of funds, Contractor shall execute and deliver a Promissory Note in an amount equal to Six Hundred Thousand Dollars ($600,000) (“Note”) and a Deed of Trust in favor of the County to secure the performance of all terms and conditions of the Note and this Agreement. The Note will be non-recourse to the Contractor and its partners. The Deed of Trust shall be recorded in the Office of the Recorder of the County of San Mateo. The Deed of Trust shall be subordinate to the liens of Contractor’s construction and permanent financing. County agrees to execute subordination agreements reasonably requested by Contractor’s construction and permanent lenders. No interest shall accrue on the Note until Project Completion. Interest at the rate of three percent (3%) simple shall be charged annually, commencing on the first day of the first month following the issuance of the Certificate of Completion. The term of the Note shall begin upon execution and shall extend for Forty (40) Years (“Note Maturity”) provided Contractor meets the Performance Period requirement regarding Project Completion. Should Contractor not meet this Performance Period requirement, the Note will be accelerated and due in full within sixty (60) days of Contractor receipt of County demand notice. The Note and Deed of Trust shall be executed prior to any disbursement of funds under this Agreement.
Note and Security. (a) To secure the prompt and complete payment, performance and observance of all the Obligations, Company hereby concurrently grants to Thayer a Lien upon all of its right, title and interest in, to and under all of its assets and property, tangible or intangible, whether now owned by or owing to, or hereafter acquired by or arising in favor of Company (including under any trade names, styles or derivations thereof), and whether owned or consigned by or to, or leased from or to, Company, and regardless of where located, as more specifically set forth in the Security Agreement.
(b) To secure the prompt and complete payment, performance, and observance of all of the Obligations, Parent hereby currently pledges to ▇▇▇▇▇▇ the stock of Company now or hereafter owned by Parent, as more specifically set forth in the Pledge Agreement
(c) Parent and Company's obligations hereunder shall be evidenced by the Note, in the form of Exhibit A attached hereto. ▇▇▇▇▇▇ shall record the date and amount of each drawing on the Letter of Credit and the date and amount of each payment of principal by Parent and/or Company with respect thereto; provided that, the failure of ▇▇▇▇▇▇ to make any recordation shall not affect the obligations of the Parent and Company hereunder or under the Note.
Note and Security. Article III of the Loan Agreement is hereby amended ----------------- to add the following:
Note and Security