OWNERSHIP OF PERSONAL PROPERTY. Borrower owns directly all of the Personal Property free and clear of all liens, encumbrances and adverse claims and the security interest of Bank in the Personal Property shall be a first lien thereon.
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Samples: Construction and Permanent Loan Agreement, Construction and Permanent Loan Agreement, Funding Loan Agreement
OWNERSHIP OF PERSONAL PROPERTY. Borrower owns directly all of the Personal Property free and clear of all liens, encumbrances and adverse claims and the security interest of Bank in the Personal Property shall be a first lien thereon, other than Personal Property which has been leased or financed in the ordinary course of business.
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