Security Agreement; Collateral; Fixture Filing Sample Clauses

Security Agreement; Collateral; Fixture Filing. In addition to the foregoing grant of mortgage, by executing and delivering this Mortgage the Mortgagor hereby grants a continuing security interest to the Mortgagee for the benefit of the Lenders in that portion of the Mortgaged Property in which a security interest can be created and perfected under the UCC (said personal property, tangible and intangible, being collectively referred to in this Mortgage as the “Collateral”). This instrument shall constitute a “security agreement”, “fixture filing” and “financing statement” under the UCC or other law applicable to the creation of liens upon and security interests in personal property. Mortgagor authorizes and consents to the Mortgagee filing financing statements covering the Collateral with the Office of the Secretary of State for Alabama and the real estate records of the Office of the Judge of Probate of Colbert County, Alabama and covenants and agrees to execute, file, and refile such financing statements, continuation statements or other documents as Mortgagee shall require from time to time with respect to such Collateral. If an Event of Default occurs and is continuing, the Mortgagee shall have all rights and remedies of a secured party under the UCC or other law applicable to liens upon and security interests in personal property. In addition, the Mortgagee may file a financing statement in any office or jurisdiction where filing is deemed necessary or desirable by Mortgagee without the consent of Mortgagor, and if requested to do so, Mortgagor will join in the execution of same as requested by Mortgagee and will pay all costs of any filing. To the extent permitted by law, certain of the Mortgaged Property is or will become “fixtures” (as that term is defined in the UCC) on the Land, and this instrument, upon recording or registration in the real estate records of the county wherein such fixtures are situated, shall operate also as a financing statement filed as a fixture filing in accordance with the applicable provisions of said UCC upon such of the Mortgaged Property that is or may become fixtures. To that end, for such purpose, Mortgagor acknowledges that: (i) this Mortgage covers goods which are or are to become fixtures on the Land, (ii) this financing statement is to be recorded in the real estate records of the Office of the Judge of Probate of Colbert County, Alabama, (iii) Mortgagor is the record owner of the fee interest in the Land, and (iv) products of such goods are also covered by th...
Sample 1
AutoNDA by SimpleDocs

Related to Security Agreement; Collateral; Fixture Filing

  • Assignment of Collateral There is no material collateral securing any Mortgage Loan that has not been assigned to the Purchaser.

  • Security Agreement The words "Security Agreement" mean and include without limitation any agreements, promises, covenants, arrangements, understandings or other agreements, whether created by law, contract, or otherwise, evidencing, governing, representing, or creating a Security Interest.

  • Assignment of Leases and Rents There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

  • No Financing Statements, Security Agreements No financing statement or security agreement describing all or any portion of the Collateral which has not lapsed or been terminated naming such Grantor as debtor has been filed or is of record in any jurisdiction except (a) for financing statements or security agreements naming the Collateral Agent on behalf of the Secured Parties as the secured party, and (b) as permitted by Section 4.1(e).

  • Security Agreements Signed original security agreements, assignments, financing statements and fixture filings (together with collateral in which the Bank requires a possessory security interest), which the Bank requires.

  • Additional Collateral and Guaranties To the extent not delivered to the Administrative Agent on or before the Closing Date (including in respect of after-acquired property and Persons that become Subsidiaries of any Loan Party after the Closing Date), each Group Member shall, promptly, do each of the following, unless otherwise agreed by the Administrative Agent:

  • Security Interest and Collateral In order to secure the payment and performance of the Secured Obligations, the Debtor hereby grants to the Secured Party a security interest (herein called the “Security Interest”) in and to the following property (hereinafter collectively referred to as the “Collateral”): SEE EXHIBIT A ATTACHED HERETO AND INCORPORATED HEREIN BY THIS REFERENCE.

  • Fixture Filing Certain of the Property is or will become “fixtures” (as that term is defined in the Uniform Commercial Code) on the Land, and this Security Instrument, upon being filed for record in the real estate records of the city or county wherein such fixtures are situated, shall operate also as a financing statement filed as a fixture filing in accordance with the applicable provisions of said Uniform Commercial Code upon such of the Property that is or may become fixtures.

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Collateral The Collateral for this Note includes the Funding Agreement and the Guarantee specified on the face hereof.

Time is Money Join Law Insider Premium to draft better contracts faster.