Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 11 contracts
Sources: Open End Mortgage and Security Agreement (Glimcher Realty Trust), Deed of Trust and Security Agreement (Glimcher Realty Trust), Mortgage and Security Agreement (Glimcher Realty Trust)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 11 contracts
Sources: Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Ashford Hospitality Trust Inc), Open End Mortgage, Security Agreement, Financing Statement and Assignment of Rents (Ashford Hospitality Prime, Inc.), Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Grubb & Ellis Co)
Security Agreement. (a) This Security Instrument Agreement is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")UCC. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees’ fees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, action shall constitute reasonable notice to Borrower.
(b) Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement. Such financing statements may, at the option of Lender, describe the Collateral as “all assets” or “all personal property” of Borrower.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Lender may reasonably request, all in reasonable detail.
(d) The proceeds powers conferred on Lender hereunder are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any disposition Collateral in its possession and the accounting for moneys actually received by it hereunder, Lender shall have no duty (and neither Lender nor any of the its partners, members, officers, directors, employees or agents shall be responsible to Borrower for any act or failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any part thereof, may, except as otherwise required by applicable law, other rights pertaining to any Collateral. Lender shall be applied by Lender deemed to have exercised reasonable care in the payment custody and preservation of the Debt in such priority and proportions as Lender any Collateral in its discretion shall deem proper. Borrower's (Debtor's) principal place of business possession if such Collateral is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofaccorded treatment substantially equal to that which it accords its own property.
Appears in 7 contracts
Sources: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Morgans Hotel Group Co.)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall from time to time require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 6 contracts
Sources: Deed of Trust (TNP Strategic Retail Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (TNP Strategic Retail Trust, Inc.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (TNP Strategic Retail Trust, Inc.)
Security Agreement. This Security Instrument Mortgage constitutes a security agreement between Borrower and Lender with respect to the Collateral in which Lender is both granted a real property deed security interest hereunder, and, cumulative of trust all other rights and a "security agreement" within the meaning remedies of Lender hereunder, Lender shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. The Property includes both real Borrower hereby agrees to execute and personal property deliver on demand and all other rights hereby irrevocably constitutes and interests, whether tangible or intangible in nature, appoints Lender the attorney-in-fact of Borrower to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Lender shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property. By executing , and delivering this Security Instrument, Borrower hereby grants shall promptly deliver the same to Lender, as security for the Obligations (hereinafter defined)endorsed to Lender, a security interest without further notice from Lender. Borrower agrees to furnish Lender with notice of any change in the Fixturesname, the Equipment and the Personal Property to the full extent that the Fixturesidentity, the Equipment and the Personal Property may be subject to the Uniform Commercial Code organizational structure, residence, or principal place of business or mailing address of Borrower within ten (said portion 10) days of the Property so subject to effective date of any such change. Upon the Uniform Commercial Code being called the "COLLATERAL"). If an occurrence of any Event of Default Default, Lender shall occur and be continuing, Lender, in addition to any other have the rights and remedies which it may haveas prescribed in this Mortgage, shall have and may exercise immediately and without demandor as prescribed by general law, or as prescribed by any and all rights and remedies granted to a secured party upon default under the applicable Uniform Commercial Code, all at Lender’s election. Any disposition of the Collateral may be conducted by an employee or agent of Lender. Any person, including both Borrower and Lender, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limiting limitation, Lender’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the generality Default Interest Rate from the date incurred by Lender until actually paid by Borrower, shall be paid by Borrower on demand and shall be secured by this Mortgage and by all of the foregoing, other Loan Documents securing all or any part of the Debt. Lender shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of of, assemble and collect the Collateral same or any part thereofto render it unusable, and to take such other measures as Lender may deem necessary for the careor Borrower, protection and preservation of the Collateral. Upon request or upon demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, at its expense, shall assemble the Collateral such property and make it available to Lender at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Lender to be reasonably convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesBorrower. If notice is required by law, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to shall give Borrower in accordance with the provisions hereof at least ten (10) business days days’ prior written notice of the time and place of any public sale of such property, or adjournments thereof, or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such actionnotice is sent to Borrower, shallas the same is provided for the mailing of notices herein, except as otherwise provided by applicable law, constitute it is hereby deemed that such notice shall be and is reasonable notice to Borrower. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as provided in Section 5.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 5.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Lender pursuant to any applicable Uniform Commercial Code:
(a) In the event of a foreclosure sale, the Property may, at the option of Lender, be sold as a whole; and
(b) It shall not be necessary that Lender take possession of the aforementioned Collateral, or any part thereof, mayprior to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that said Collateral, except as otherwise required by applicable lawor any part thereof, be applied present at the location of such sale; and
(c) Lender may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender to Lender, including the payment sending of notices and the conduct of the Debt sale, but in such priority the name and proportions on behalf of Lender. The name and address of Borrower (as Lender in its discretion shall deem proper. Borrower's (Debtor'sDebtor under any applicable Uniform Commercial Code) principal place of business is are as set forth on the first page one hereof hereof. The name and the address of Lender (as Secured PartyParty under any applicable Uniform Commercial Code) is are as set forth on the first page one hereof.
Appears in 5 contracts
Sources: Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), Deed constitutes a security interest in agreement under the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the applicable Uniform Commercial Code (said portion with respect to the Chattels and such other of the Mortgaged Property so subject which is personal property. In addition to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon Beneficiary's request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, Grantor shall promptly and at its expense, expense assemble the Collateral Chattels and such other personal property and make it the same available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Grantor, after an Event of Default, shall pay to Lender Beneficiary on demand demand, with interest at the Default Rate, any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral Chattels and such other personal property and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Defaultthereto. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral Chattels and such other personal property sent to Borrower Grantor in accordance with the provisions hereof at least ten five (105) business days prior to such action, shall, except as otherwise provided by applicable law, action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateralsuch sale or disposition, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt indebtedness secured hereby in such priority order and proportions as Lender Beneficiary in its discretion shall deem properappropriate. Borrower's (Debtor's) principal To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels at the same time and place of business is as and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth on page one hereof in Article II, Section 2.01, or III of this Deed. In this connection, Grantor agrees that the sale may be conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the address of Lender (Secured Party) is Chattels or any part thereof, may be sold separately or together; and that in the event the Premises and the Chattels or any part thereof are sold together, Beneficiary will not be obligated to allocate the consideration received as set forth on page one hereofbetween the Premises and the Chattels.
Appears in 4 contracts
Sources: Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Purchase Money Deed of Trust (Apple Suites Inc)
Security Agreement. This Security Instrument Deed of Trust constitutes a security agreement between Borrower and Lender with respect to the Collateral in which Lender is both granted a real property deed security interest hereunder, and, cumulative of trust all other rights and a "security agreement" within the meaning remedies of Lender hereunder, Lender shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. The Property includes both real Borrower hereby agrees to execute and personal property deliver on demand and all other rights hereby irrevocably constitutes and interests, whether tangible or intangible in nature, appoints Lender the attorney-in-fact of Borrower to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Lender shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property. By executing , and delivering this Security Instrument, Borrower hereby grants shall promptly deliver the same to Lender, as security for the Obligations (hereinafter defined)endorsed to Lender, a security interest without further notice from Lender. Borrower agrees to furnish Lender with notice of any change in the Fixturesname, the Equipment and the Personal Property to the full extent that the Fixturesidentity, the Equipment and the Personal Property may be subject to the Uniform Commercial Code organizational structure, residence, or principal place of business or mailing address of Borrower within ten (said portion 10) days of the Property so subject to effective date of any such change. Upon the Uniform Commercial Code being called the "COLLATERAL"). If an occurrence of any Event of Default Default, Lender shall occur and be continuing, Lender, in addition to any other have the rights and remedies which it may haveas prescribed in this Deed of Trust, shall have and may exercise immediately and without demandor as prescribed by general law, or as prescribed by any and all rights and remedies granted to a secured party upon default under the applicable Uniform Commercial Code, all at Lender’s election. Any disposition of the Collateral may be conducted by an employee or agent of Lender. Any person, including both Borrower and Lender, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limiting limitation, Lender’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the generality Default Interest Rate from the date incurred by Lender until actually paid by Borrower, shall be paid by Borrower on demand and shall be secured by this Deed of Trust and by all of the foregoing, other Loan Documents securing all or any part of the Debt. Lender shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of of, assemble and collect the Collateral same or any part thereofto render it unusable, and to take such other measures as Lender may deem necessary for the careor Borrower, protection and preservation of the Collateral. Upon request or upon demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, at its expense, shall assemble the Collateral such property and make it available to Lender at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Lender to be reasonably convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesBorrower. If notice is required by law, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to shall give Borrower in accordance with the provisions hereof at least ten (10) business days days’ prior written notice of the time and place of any public sale of such property, or adjournments thereof, or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such actionnotice is sent to Borrower, shallas the same is provided for the mailing of notices herein, except as otherwise provided by applicable law, constitute it is hereby deemed that such notice shall be and is reasonable notice to Borrower. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as provided in Section 5.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 5.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Lender pursuant to any applicable Uniform Commercial Code:
(a) In the event of a foreclosure sale, the Property may, at the option of Lender, be sold as a whole; and
(b) It shall not be necessary that Lender take possession of the aforementioned Collateral, or any part thereof, mayprior to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that said Collateral, except as otherwise required by applicable lawor any part thereof, be applied present at the location of such sale; and
(c) Lender may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender to Lender, including the payment sending of notices and the conduct of the Debt sale, but in such priority the name and proportions on behalf of Lender. The name and address of Borrower (as Lender in its discretion shall deem proper. Borrower's (Debtor'sDebtor under any applicable Uniform Commercial Code) principal place of business is are as set forth on the first page one hereof hereof. The name and the address of Lender (as Secured PartyParty under any applicable Uniform Commercial Code) is are as set forth on the first page one hereof.
Appears in 4 contracts
Sources: Deed of Trust, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed of Trust, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed of Trust (NNN Apartment REIT, Inc.)
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower hereby Grantor has granted and thereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said such portion of the Property so subject to the Uniform Commercial Code being called in this Section the "COLLATERAL"“Collateral”). Grantor hereby agrees with Beneficiary to execute and deliver to Beneficiary, in form and substance satisfactory to Beneficiary, such financing statements and such further assurances as Beneficiary may from time to time reasonably consider necessary to create, perfect or preserve Beneficiary’s security interest therein granted. This Deed of Trust shall also be effective as a financing statement covering any other property and may be filed in any other appropriate filing or recording office. This Deed of Trust shall also constitute a “fixture filing” for the purposes of the Uniform Commercial Code. All or part of the Property are or are to become fixtures. If an Event of Default shall occur and be continuingoccur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Grantor shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (Beneficiary at the Land if tangible property) reasonably acceptable to LenderLand. Borrower shall pay to Lender Beneficiary on demand any and all expenses, including Beneficiary’s reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided shall constitute commercially reasonable notice to Grantor. To the extent permitted by applicable law, constitute reasonable notice to Borrower. The the proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. Borrower's (Debtor's) principal place In the event of business is any change in name, identity or structure of any entity comprising Grantor, such Grantor shall notify Beneficiary thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as set forth on page one hereof are necessary to maintain the priority of Beneficiary’s lien upon and security interest in the address of Lender (Secured Party) is as set forth on page one hereof.Collateral, and shall pay all expenses and fees in connection with the filing and recording
Appears in 3 contracts
Sources: Deed of Trust, Leasehold Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing (Innkeepers Usa Trust/Fl), Deed of Trust, Leasehold Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing (Innkeepers Usa Trust/Fl), Deed of Trust, Leasehold Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing (Innkeepers Usa Trust/Fl)
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor's’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Sources: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.)
Security Agreement. (a) This Security Instrument Agreement is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")UCC. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees’ fees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, action shall constitute reasonable notice to Borrower.
(b) Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Lender may reasonably request, all in reasonable detail.
(d) The powers conferred on Lender hereunder are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon it to exercise any such powers. The proceeds Except for the safe custody of any disposition Collateral in its possession and the accounting for moneys actually received by it hereunder, Lender shall have no duty (and neither Lender nor any of the its officers, directors, employees or agents shall be responsible to Borrower for any act or failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any part thereof, may, except as otherwise required by applicable law, other rights pertaining to any Collateral. Lender shall be applied by Lender deemed to have exercised reasonable care in the payment custody and preservation of the Debt in such priority and proportions as Lender any Collateral in its discretion shall deem proper. Borrower's (Debtor's) principal place of business possession if such Collateral is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofaccorded treatment substantially equal to that which it accords its own property.
Appears in 3 contracts
Sources: Loan and Security Agreement (Morgans Hotel Group Co.), Loan and Security Agreement (Morgans Hotel Group Co.), Loan and Security Agreement (Morgans Hotel Group Co.)
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment Equipment, the Personal Property and the Personal other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERALCollateral"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and costs, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Sources: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Lodging Fund REIT III, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Lodging Fund REIT III, Inc.), Guarantor Deed of Trust, Assignment of Leases and Rents, Security Agreement and Guaranty (Horizon Group Properties Inc)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, or shall cause ESBC to, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Mortgagor (Debtor) is as set forth on page one hereof and the address of Lender Mortgagee (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Sources: Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Empire State Realty Trust, Inc.), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Empire State Realty Trust, Inc.), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Empire State Building Associates L.L.C.)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Mortgagor (Debtor) is as set forth on page one hereof and the address of Lender Mortgagee (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (KBS Real Estate Investment Trust, Inc.), Mortgage Agreement (KBS Real Estate Investment Trust, Inc.), Mortgage, Assignment of Leases and Rents and Security Agreement (KBS Real Estate Investment Trust, Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERALCollateral"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust)
Security Agreement. (a) This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Trust Property. By Borrower by executing and delivering this Security Instrument, Borrower Deed of Trust has granted and hereby grants to LenderLender and Trustee, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Trust Property may be subject to the Uniform Commercial Code (said portion of the Trust Property so subject to the Uniform Commercial Code being called in this paragraph the "COLLATERAL"). This Deed of Trust shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. As such, this Deed of Trust covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Deed of Trust.
(b) If an Event of Default shall occur occur, Lender and be continuing, LenderTrustee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender or Trustee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Defaultor Trustee, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender and Trustee at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender and Trustee on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and disbursements, incurred or paid by Lender and Trustee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender and Trustee with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its sole discretion shall deem proper. In the event of any change in name, identity or structure of Borrower, Borrower shall notify Lender and Trustee thereof and promptly after request shall execute (if necessary), file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Lender's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Borrower shall, promptly after request, execute (if necessary), file and record such Uniform Commercial Code forms or continuation statements as Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Borrower's (Debtor's) principal place obligations under the Note, this Deed of business is Trust and any of the other Loan Documents. Borrower hereby irrevocably appoints Lender as set forth its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereof and its behalf any financing or other statements signed only by Lender, as secured party, in connection with the address Collateral covered by this Deed of Lender (Secured Party) is as set forth on page one hereofTrust.
Appears in 3 contracts
Sources: Deed of Trust (Maguire Properties Inc), Deed of Trust (Maguire Properties Inc), Deed of Trust (Maguire Properties Inc)
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtordebtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof. Borrower's organizational ID no. is _________.
Appears in 3 contracts
Sources: Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
Security Agreement. (a) This Security Instrument Agreement is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")UCC. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten shall be commercially reasonable.
(10b) business days prior Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such actionother reports in connection with the Collateral as Lender may reasonably request, shall, except as otherwise provided by applicable law, constitute all in reasonable notice detail.
(d) The powers conferred on Lender hereunder are solely to Borrowerprotect Lender's interest in the Collateral and shall not impose any duty upon it to exercise any such powers. The proceeds Except for the safe custody of any disposition Collateral in its possession and the accounting for moneys actually received by it hereunder, Lender shall have no duty (and neither Lender nor any of the its partners, members, officers, directors, employees or agents shall be responsible to Borrower for any act or failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any part thereof, may, except as otherwise required by applicable law, other rights pertaining to any Collateral. Lender shall be applied by Lender deemed to have exercised reasonable care in the payment custody and preservation of the Debt in such priority and proportions as Lender any Collateral in its discretion shall deem proper. Borrower's (Debtor's) principal place of business possession if such Collateral is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofaccorded treatment substantially equal to that which it accords its own property.
Appears in 3 contracts
Sources: Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Loan and Security Agreement (CNL Hotels & Resorts, Inc.)
Security Agreement. This Security Instrument is both To the extent the Mortgaged Property consists of UCC Collateral or items of personal property which are Fixtures under applicable Laws, this Mortgage shall also be construed as a real property deed of trust security agreement under the UCC. The Mortgagor, in order to secure the due and a "security agreement" within the meaning punctual payment and performance of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interestsObligations, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security Mortgagee for its benefit and for the Obligations (hereinafter defined)benefit of the Secured Parties, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment such UCC Collateral and the Personal Property may be subject to the Uniform Commercial Code Fixtures (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"excluding therefrom Excluded Property). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shallthe Mortgagee shall be entitled with respect to the UCC Collateral and Fixtures, to exercise all remedies hereunder or any other Loan Document or available under the UCC with respect thereto and all other remedies available under applicable law. Without limiting the foregoing, the UCC Collateral and Fixtures, may, at its expensethe Mortgagee’s option, (i) be sold hereunder together with any sale of any portion of the Mortgaged Property or otherwise, (ii) be sold separately pursuant to the UCC, or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable Laws. The Mortgagee may require the Mortgagor to assemble the UCC Collateral and Fixtures, and make it available to Lender the Mortgagee at a convenient place (at to be designated by the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower shall pay to Lender on demand any The Mortgagor acknowledges and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance agrees that a disposition of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower such collateral in accordance with the provisions hereof at least Mortgagee’s rights and remedies in respect to the Mortgaged Property as heretofore provided is a commercially reasonable disposition thereof; provided, however, that the Mortgagee shall give the Mortgagor prior notice of the time and place of any intended disposition not less than the greater of (x) such notice as may be required by any other Loan Document, (y) applicable Laws or (z) ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofdays.
Appears in 2 contracts
Sources: Credit Agreement (Valvoline Inc), Credit Agreement (Ashland Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property, and Mortgagor hereby grants to Lender a security interest in all portions of the Property constituting personal property or fixtures under the UCC. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Mortgagor by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, to the extent allowed by Legal Requirements. the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower Mortgagor shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Security Agreement. This Security Instrument is both Lease constitutes a real property deed of trust security agreement pursuant to and a "security agreement" within in accordance with the meaning of the Uniform Commercial Code. The UCC covering all Property includes both real Collateral and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to LenderAccounts Collateral, as security for well as the Obligations (hereinafter defined), Authorization Collateral and any other property in or against which Landlord is granted a security interest or lien by the terms of this Lease (collectively, the “Lease Collateral”), and such security agreement, and the security interests and liens created in this Lease, shall survive the expiration or earlier termination of this Lease. Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interests and liens in the Fixtures, the Equipment and the Personal Property Lease Collateral pursuant to the full extent that UCC. In addition, if required by Landlord at any time during the FixturesTerm, Tenant shall execute and deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and such other documents as Landlord may reasonably require to perfect or continue the Equipment perfection of Landlord’s security interests and liens in the Personal Property may be subject to Lease Collateral. Upon the Uniform Commercial Code (said portion occurrence of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default or in connection with an Operational Transfer, Landlord shall occur and be continuing, Lender, in addition entitled to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted available to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting or available to a landlord under the generality laws of the foregoingState(s) where the applicable Leased Property(ies) is (are) located, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after Lease Collateral, including the occurrence and during right to sell the continuance of an Event of Default. Any notice of same at public or private sale, disposition or other intended action by Lender and, in connection with respect to any such sale, Tenant agrees that the Collateral sent to Borrower in accordance with the provisions hereof at least giving of ten (10) business days prior to such actiondays’ notice by Landlord, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds designating the time and place of any disposition public sale of the any Lease Collateral, or the time after which any part private sale or other intended disposition of any Lease Collateral is to be made, shall be deemed to be reasonable notice thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofTenant waives any other notice with respect thereto.
Appears in 2 contracts
Sources: Master Lease Agreement (Emeritus Corp\wa\), Master Lease Agreement (Emeritus Corp\wa\)
Security Agreement. This Security Instrument is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall from time to time require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Moody National REIT II, Inc.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Moody National REIT II, Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning (A) Without limiting any of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interestsprovisions of this Mortgage, whether tangible or intangible in natureMortgagor, of Borrower in the Property. By executing and delivering this Security Instrumentas debtor, Borrower hereby expressly grants to Lenderthe Mortgagee, as security for the Obligations (hereinafter defined)secured party, a security interest in under the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Massachusetts Uniform Commercial Code (said "UCC") in all and singular the Personalty and in any portion of the balance of the Mortgaged Property so subject to the Uniform Commercial Code being called the which does not constitute real estate (collectively, "COLLATERALCollateral"). If an Event of Default shall occur and be continuing, Lender, in .
(B) In addition to and cumulative of other remedies granted in the Loan Documents, Mortgagee may, upon the occurrence of any other rights default by Mortgagor hereunder, proceed under the UCC as to all or any part (as Mortgagee may elect) of the Collateral, and remedies which it may have, shall have and may exercise immediately with respect to the Collateral all the rights, remedies and without demand, any and all rights and remedies granted to powers of a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting limitation, the generality right to sell at public or private sale or sales, or otherwise dispose of, lease or utilize the Collateral and any and all parts thereof in any manner permitted under the UCC after default by a debtor, and to apply the proceeds thereof toward payment of any costs and expenses thereby incurred by Mortgagee, and toward payment of the foregoingDebt, in such order and manner as Mortgagee may elect.
(C) Among the rights of Mortgagee following a default by Mortgagor hereunder, and without limitation thereto, Mortgagee shall have the right to take possession of the Collateral or and to enter upon any part thereofpremises where same may be situated for such purpose without being deemed guilty of trespass and without liability for damages thereby occasioned, and to take such any action deemed necessary, appropriate or desirable by Mortgagee, to repair, refurbish or otherwise prepare the Collateral for sale, lease or other measures use or disposition as Lender may deem necessary for herein authorized.
(D) To the careextent permitted by law, protection and preservation Mortgagor expressly waives any notice of sale or other disposition of the Collateral. Upon request , and all other rights and remedies of a debtor or demand procedures or formalities prescribed by law relative to the sale or disposition of Lender the Collateral or the exercise of any other right or remedy of Mortgagee existing after a default by Mortgagor hereunder.
(E) Mortgagee, upon a default by Mortgagor hereunder, is expressly granted the occurrence and during the continuance of an Event of Default, Borrower shallright, at its expenseoption, assemble the Collateral and make it available to Lender transfer at a convenient place (at the Land if tangible property) reasonably acceptable any time to Lender. Borrower shall pay itself or to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of nominee the Collateral, or any part or parts thereof, mayas Mortgagee may elect, except and to receive the monies, income, proceeds and benefits attributable or accruing thereto, and to hold the same as otherwise required by applicable law, be applied by Lender security for the Debt or to the apply it in payment of the Debt Debt, in such priority order or manner as Mortgagee may elect.
(F) Should Mortgagee elect to exercise its rights under the provisions of this Section as to part of the Collateral, such election shall not preclude Mortgagee from exercising the rights and proportions remedies granted by the other provisions of this Mortgage or by law as Lender to the remaining Collateral.
(G) Mortgagee may, at its election, at any time after delivery of this Mortgage, use and file executed counterparts hereof as financing statements under the UCC.
(H) So long as any of the Debt remains unpaid, Mortgagor shall not execute and there shall not be filed in its discretion any public office any financing statement or statements affecting the Collateral other than financing statements in favor of Mortgagee hereunder.
(I) Financing statements have been executed by the parties simultaneously with the execution and delivery hereof, and are intended to be forthwith filed and recorded in all appropriate filing and recording offices. Mortgagee is authorized to file and record additional financing statements and continuations thereof in each jurisdiction where Mortgagee deems it necessary or desirable, and, at the request of Mortgagee, Mortgagor shall deem properjoin Mortgagee in executing one or more additional financing statements in form satisfactory to Mortgagee, and will pay the cost of filing or recording such financing statements or executed counterparts of this Mortgage, as financing statements, in all public offices at any time and from time to time whenever such filing or recording is deemed by Mortgagee to be necessary or desirable. Borrower's (Debtor's) principal place Mortgagor shall also pay the cost of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereoffiling or recording all such continuation statements deemed by Mortgagee to be necessary or desirable.
Appears in 2 contracts
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur occur, and shall be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence following and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within To the meaning extent of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible Collateral or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the FixturesTrust Property includes items of personal property which are or are to become fixtures under Applicable Law, the Equipment and the Personal Property may this Deed of Trust shall also be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to construed as a secured party upon default security agreement under the Uniform Commercial Code; and, includingif an Acceleration Event exists, without the Beneficiary shall be entitled with respect to such Collateral and personal property to all remedies hereunder and under the Security Agreement, all remedies available under the Uniform Commercial Code with respect to fixtures and all other remedies available under Applicable Law. To the extent that the Collateral includes Equipment and other items of personal property which are not fixtures under Applicable Law, this Deed of Trust shall also be construed as a security agreement under the Uniform Commercial Code; and if an Acceleration Event exists, the Beneficiary shall be entitled with respect to such Collateral to all remedies hereunder and under the Security Agreement, all remedies available under the Uniform Commercial Code and all other remedies available under Applicable Law. Without limiting the generality of the foregoing, any Collateral may, at the right to take possession of the Collateral or any part thereofBeneficiary's option, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Acceleration Event (i) be sold hereunder together with any sale of Defaultthe Property or otherwise, Borrower shall(ii) be sold pursuant to the Uniform Commercial Code, at its expense, or (iii) be dealt with by the Beneficiary in any other manner permitted under Applicable Law. The Beneficiary may require the Grantor to assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible propertyBeneficiary as described in Section 10(b) reasonably acceptable of the Security Agreement. If an Acceleration Event exists, the Beneficiary shall be the attorney-in-fact of the Grantor with respect to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in matters pertaining to the Collateral with full power and in enforcing its rights hereunder authority to give instructions with respect to the Collateral after collection and remittance of payments, to endorse checks, to enforce the occurrence rights and during remedies of the continuance Grantor and to execute on behalf of an Event of Default. Any notice of salethe Grantor and in the Grantor's name any instruction, disposition agreement or other intended action by Lender with respect to writing required therefor. The Beneficiary may, at its option, appoint any other Person as the agent of the Beneficiary for the purpose of disposition of the Collateral sent to Borrower in accordance with the Uniform Commercial Code. Notwithstanding the foregoing, to the extent that the Trust Property includes personal property covered by the Security Agreement or any other Security Document, the provisions hereof at least ten (10) business days prior of the Security Agreement or such other Security Document shall govern with respect to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofpersonal property.
Appears in 2 contracts
Sources: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Equistar Chemicals Lp)
Security Agreement. This Security Instrument is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Trustee, in trust for the benefit of Lender, as security for the Obligations (hereinafter defined), a security interest in all of Borrower’s estate, right, title and interest in and to the Fixtures, the Equipment and the Personal Property and other property constituting the Property (including, without limitation, the Leases), whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the Uniform Commercial Code (all of Borrower’s estate, right, title and interest in and to said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor's’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Inland Real Estate Income Trust, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Inland Real Estate Income Trust, Inc.)
Security Agreement. This Security Instrument Deed constitutes a security agreement between Borrower and Lender with respect to the Collateral in which Lender is both granted a real property deed security interest hereunder, and, cumulative of trust all other rights and a "security agreement" within the meaning remedies of Lender hereunder, Lender shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. The Property includes both real Borrower hereby agrees to execute and personal property deliver on demand and all other rights hereby irrevocably constitutes and interests, whether tangible or intangible in nature, appoints Lender the attorney-in-fact of Borrower to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Lender shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property. By executing , and delivering this Security Instrument, Borrower hereby grants shall promptly deliver the same to Lender, as security for the Obligations (hereinafter defined)endorsed to Lender, a security interest without further notice from Lender. Borrower agrees to furnish Lender with notice of any change in the Fixturesname, the Equipment and the Personal Property to the full extent that the Fixturesidentity, the Equipment and the Personal Property may be subject to the Uniform Commercial Code organizational structure, residence, or principal place of business or mailing address of Borrower within ten (said portion 10) days of the Property so subject to effective date of any such change. Upon the Uniform Commercial Code being called the "COLLATERAL"). If an occurrence of any Event of Default Default, Lender shall occur and be continuing, Lender, in addition to any other have the rights and remedies which it may haveas prescribed in this Security Deed, shall have and may exercise immediately and without demandor as prescribed by general law, or as prescribed by any and all rights and remedies granted to a secured party upon default under the applicable Uniform Commercial Code, all at Lender’s election. Any disposition of the Collateral may be conducted by an employee or agent of Lender. Any person, including both Borrower and Lender, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limiting limitation, Lender’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the generality Default Interest Rate from the date incurred by Lender until actually paid by Borrower, shall be paid by Borrower on demand and shall be secured by this Security Deed and by all of the foregoing, other Loan Documents securing all or any part of the Debt. Lender shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of of, assemble and collect the Collateral same or any part thereofto render it unusable, and to take such other measures as Lender may deem necessary for the careor Borrower, protection and preservation of the Collateral. Upon request or upon demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, at its expense, shall assemble the Collateral such property and make it available to Lender at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Lender to be reasonably convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesBorrower. If notice is required by law, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to shall give Borrower in accordance with the provisions hereof at least ten (10) business days days’ prior written notice of the time and place of any public sale of such property, or adjournments thereof, or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such actionnotice is sent to Borrower, shallas the same is provided for the mailing of notices herein, except as otherwise provided by applicable law, constitute it is hereby deemed that such notice shall be and is reasonable notice to Borrower. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as provided in Section 5.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 5.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Lender pursuant to any applicable Uniform Commercial Code:
(a) In the event of a foreclosure sale, the Property may, at the option of Lender, be sold as a whole; and
(b) It shall not be necessary that Lender take possession of the aforementioned Collateral, or any part thereof, mayprior to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that said Collateral, except as otherwise required by applicable lawor any part thereof, be applied present at the location of such sale; and
(c) Lender may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender to Lender, including the payment sending of notices and the conduct of the Debt sale, but in such priority the name and proportions on behalf of Lender. The name and address of Borrower (as Lender in its discretion shall deem proper. Borrower's (Debtor'sDebtor under any applicable Uniform Commercial Code) principal place of business is are as set forth on the first page one hereof hereof. The name and the address of Lender (as Secured PartyParty under any applicable Uniform Commercial Code) is are as set forth on the first page one hereof.
Appears in 2 contracts
Sources: Deed to Secure Debt, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed to Secure Debt, Security Agreement and Fixture Filing (NNN Healthcare/Office REIT, Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within 7.1 To further secure the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interestsObligations, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Grantor hereby grants to Lender, as security for the Obligations (hereinafter defined)Beneficiary, a security interest in the Fixturesall of Grantor’s rights, the Equipment titles and the Personal Property interests in and to the full extent that Mortgaged Property insofar as such Mortgaged Property consist of the Fixturesgoods, the Equipment equipment, accounts, contract rights, general intangibles, insurance contracts, insurance proceeds, inventory, hydrocarbons, fixtures and the Personal Property may be any and all other personal property of any kind or character defined in and subject to the provisions of the Colorado Uniform Commercial Code, including the proceeds and products from any and all of such personal property. Upon the occurrence of any Event of Default, Beneficiary is and shall be entitled to all of the rights, powers and remedies afforded a secured party by the Colorado Uniform Commercial Code (said portion of the Property so subject with reference to the Uniform Commercial Code being called personal property and fixtures in which Beneficiary has been granted a security interest herein, Beneficiary may proceed as to both the "COLLATERAL"). If an Event of Default shall occur real and be continuing, Lender, personal property covered hereby in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all accordance with the rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality this Deed of Trust in respect of the foregoingreal property covered hereby. Such rights, powers and remedies shall be cumulative and in addition to those granted Beneficiary under any other provision of this Deed of Trust or under any other instrument executed in connection with or as security for the Obligations. Grantor covenants and agrees with Beneficiary that:
(a) To the extent permitted by law, Grantor expressly waives any notice of sale or other disposition of the personal property constituting a part of the Mortgaged Property and any other right or remedies of a Grantor or formalities prescribed by law relative to sale or disposition of the personal property constituting a part of the Mortgaged Property or exercise of any other right or remedy of Beneficiary existing after default hereunder; and to the extent any such notice is required and cannot be waived, Grantor agrees that if such notice is delivered to it at least ten (10) days before the time of the sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any requirement for giving of said notice.
(b) Following an Event of Default, Beneficiary is expressly granted the right at its option, to take possession transfer at any time to itself or to its nominee the personal property constituting a part of the Collateral Mortgaged Property, or any part thereof, and to take such other measures receive the monies, income, proceeds, or benefits attributable or accruing thereto and to hold the same as Lender may deem necessary security for the care, protection indebtedness or to apply it on the principal and preservation interest or other amounts owing on any of the CollateralObligations, whether or not then due, in such order or manner as Beneficiary may elect. Upon request or demand All rights to marshalling of Lender after the occurrence and during the continuance assets of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesGrantor, including reasonable legal any such right with respect to the personal property constituting a part of the Mortgaged Property, are hereby waived.
(c) All expenses of preparing for sale, or other use or disposition, selling or otherwise using or disposing of the Mortgaged Property and attorneys' fees, the like which are incurred or paid by Lender Beneficiary as authorized or permitted hereunder, including also all reasonable attorneys’ fees, legal expenses and costs, shall be added to the Obligations and the Grantor shall be liable therefor.
(d) If Beneficiary elects to exercise its rights under the Colorado Uniform Commercial Code as to the personal property constituting a part of the Mortgaged Property, this election shall not preclude Beneficiary or the Trustee from exercising any other rights and remedies granted by this instrument as to the remainder of the Mortgaged Property.
(e) Any copy of this instrument may also serve as a financing statement and, when filed under the real estate records of ▇▇▇▇▇▇ County, a fixture filing of some portions of the goods described herein, that are or are to become fixtures as part of the Mortgaged Property, under the Colorado Uniform Commercial Code between the Grantor, whose present address is listed on the first page of this Deed of Trust, and Beneficiary, whose present address is listed on the first page of this Deed of Trust.
(f) So long as any amount remains unpaid on any of the Obligations, Grantor will not execute and there will not be filed in protecting its interest any public office any financing statement or statements affecting the collateral other than financing statements in favor of Beneficiary hereunder, unless the prior written specific consent and approval of Beneficiary shall have first been obtained.
(g) Beneficiary is authorized to file, in any jurisdiction where Beneficiary deems it necessary, a financing statement or statements covering the Mortgaged Property, and at the reasonable request of Beneficiary, Grantor will join Beneficiary in executing one or more such financing statements pursuant to the Colorado Uniform Commercial Code in form satisfactory to Beneficiary, and will pay the cost of filing or recording this Deed of Trust, as a financing statement, in all public offices at any time and from time to time whenever filing or recording of any financing statement or of this Deed of Trust is deemed by Beneficiary to be necessary or desirable.
7.2 Portions of the Mortgaged Property consist of (i) oil, gas and other minerals produced or to be produced from the lands described in the Collateral Leases and in enforcing its rights hereunder with respect to the Collateral after accounts resulting from the occurrence and during sale thereof at the continuance of an Event of Default. Any notice of salewellhead, disposition or other intended action by Lender with respect (ii) goods which are or will become fixtures attached to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition real estate constituting a portion of the CollateralMortgaged Property, or any part thereof, may, except as otherwise required by applicable law, and Grantor hereby agrees that this instrument shall be applied by Lender to filed in the payment real property records and the Uniform Commercial Code records of the Debt counties in such priority and proportions which the Mortgaged Property are located as Lender a financing statement to perfect the security interest of Beneficiary in its discretion said portions of the Mortgaged Property. Nothing herein contained shall deem proper. Borrower's (Debtor's) principal place impair or limit the effectiveness of business is this Deed of Trust as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofa security agreement or financing statement for other purposes.
Appears in 2 contracts
Sources: Deed of Trust (Pedevco Corp), Deed of Trust, Security Agreement, Assignment of Production, Financing Statement and Fixture Filing (Pedevco Corp)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Behringer Harvard Reit I Inc), Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Behringer Harvard Reit I Inc)
Security Agreement. This Security Instrument is both a real property deed of trust and a "(a) As security agreement" within for the meaning Loan, the Lessee, as debtor, hereby grants to the Lessor, as secured party, for the benefit of the Uniform Commercial Code. The Property includes both real Secured Party, a security interest in all of the Lessee's right, title and interest in and to all personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in comprising the Property. By executing , whether now owned or hereafter acquired and delivering this Security Instrument, Borrower hereby grants to Lender, as security for all cash and non-cash proceeds (including insurance proceeds) and products thereof (the Obligations "Collateral").
(hereinafter defined), a security interest in b) If the FixturesLessee shall default hereunder, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, LenderLessor, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeCode as in effect at such time in New York, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender the Lessor may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at sell, exchange, lease or otherwise realize on or dispose of the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender the Lessor with respect to the Collateral sent to Borrower the Lessee in accordance with the provisions hereof at least ten (10) business seven days prior to the date of any such sale, disposition or other action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrowerthe Lessee, and the method of sale or disposition or other intended action set forth or specified in such notice shall conclusively be deemed to be commercially reasonable within the meaning of the Uniform Commercial Code unless objected to in writing by the Lessee within five days after receipt by the Lessee of such notice. The proceeds of any sale or disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender the Lessor to the payment of the Debt Loan in such order, priority and proportions as Lender the Lessor in its discretion shall deem proper. Borrower's The Lessee shall remain liable for any deficiency between the proceeds of any sale or other disposition of the Collateral and all unpaid amounts owed pursuant to the Loan. The filing of a copy of this Lease (Debtor'sor a memorandum hereof) principal place shall be deemed to constitute the filing of business is as set forth on page one hereof and a financing statement to perfect the address of Lender (Secured Party) is as set forth on page one hereof.security interest in
Appears in 2 contracts
Sources: Lease Agreement (Williams Communications Group Inc), Lease (Williams Communications Group Inc)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By Borrower by executing and delivering this Security Instrument, Borrower Instrument has granted and hereby grants to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called in this paragraph 29 the "COLLATERALCollateral"). If an Event of Default shall occur occur, Lender and be continuing, LenderTrustee, in addition to any other rights and remedies which it they may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Defaultor Trustee, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender and Trustee at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender and Trustee on demand any and all reasonable expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender ▇▇▇▇▇▇ and Trustee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender or Trustee with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten five (105) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerBorrower unless otherwise required by law. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P), Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Pebblebrook Hotel Trust), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Pebblebrook Hotel Trust)
Security Agreement. This Security (a) Insofar as the machinery, apparatus, equipment, fittings, fixtures, building supplies and materials, general intangibles and articles of personal property either referred to or described in this Instrument, or in any way connected with the use and enjoyment of the Property is concerned, Grantor grants unto Agent a security interest therein and this Instrument is both hereby made and declared to be a real property deed of trust and a "security agreement" within , encumbering each and every item of personal property (the meaning “Personal Property”) included herein in compliance with the provisions of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Code as enacted in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, applicable jurisdiction as security for set forth in Section 3.04 below (the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“UCC”). If an Event of Default Any notification required by the UCC shall occur be deemed reasonably and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land properly given if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the notice provisions hereof of this Instrument at least ten (10) business days prior before any sale or other disposition of the Personal Property. Disposition of the Personal Property shall be deemed commercially reasonable if made pursuant to a public sale advertised at least twice in a newspaper of general circulation in the community where the Property is located, or if advertised as part of a foreclosure of the Property. It shall be deemed commercially reasonable for the Agent to dispose of the Personal Property without giving any warranties as to the Personal Property and specifically disclaiming all disposition warranties. A financing statement or statements, affecting all of said personal property aforementioned, shall be appropriately filed. The remedies for any violation of the covenants, terms and conditions of the security agreement herein contained shall be (i) as prescribed herein with respect to the Property, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory consequences now or hereafter enacted and specified in said UCC, all at Agent’s sole election. Grantor and Agent agree that the filing of such action, shall, except financing statement(s) in the records normally having to do with personal property shall never be construed as otherwise in any way derogating from or impairing this declaration and hereby stated intention of Grantor and Agent that everything used in connection with the production of income from the Property and/or adapted for use therein and/or which is described or reflected in this Instrument is to the full extent provided by applicable law, constitute reasonable notice and at all times and for all purposes and in all proceedings both legal or equitable shall be, regarded as part of the real estate irrespective of whether (i) any such item is physically attached to Borrowerthe Improvements, (ii) serial numbers are used for the better identification of certain items capable of being thus identified in a recital contained herein, or (iii) any such item is referred to or reflected in any such financing statement(s) so filed at any time. The Similarly, the mention in any such financing statement(s) of the rights in and to (1) the proceeds of any disposition fire and/or hazard insurance policy, or (2) any award in eminent domain proceedings for a taking or for loss of value, or (3) Grantor’s interest as lessor in any present or future lease or rights to income growing out of the Collateraluse and/or occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as in any part thereofway altering any of the rights of Agent as determined by this Instrument or impugning the priority of Agent’s lien granted hereby or by any other recorded document, may, except as otherwise required by applicable law, but such mention in such financing statement(s) is declared to be applied by Lender for the protection of Agent in the event any court shall at any time hold with respect to the payment foregoing (1), (2) or (3), that notice of Agent’s priority of interest to be effective against a particular class of persons, must be filed in the Debt in such priority UCC records.
(b) Grantor warrants that (i) Grantor’s (that is, “Debtor’s”) correct legal name (including, without limitation, punctuation and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor'sspacing) principal place indicated on the public record of business is Grantor’s jurisdiction of organization, identity or corporate structure, residence or chief executive office and jurisdiction of organization are as set forth on page one hereof in Subsection 1.10(d) hereof; (ii) Grantor has been using or operating under said name, identity or corporate structure without change for the time period set forth in Subsection 1.10(d) hereof, and (iii) the location of the Personal Property secured by this Instrument is upon the Land. Grantor covenants and agrees that Grantor shall not change any of the matters addressed by clauses (i) or (iii) of this Subsection 1.10(b) unless it has given Agent thirty (30) days prior written notice of any such change and has executed or authorized at the request of Agent, such additional financing statements or other instruments to be filed in such jurisdictions as Agent may deem necessary or advisable in its sole discretion to prevent any filed financing statement from becoming misleading or losing its perfected status.
(c) [Intentionally Omitted.]
(d) The information contained in this Subsection 1.10(d) is provided in order that this Instrument shall comply with the requirements of the Uniform Commercial Code, as enacted in the State of Georgia, for instruments to be filed as financing statements. The names of the “Debtor” and the address of Lender (“Secured Party) is ”, the identity or corporate structure, jurisdiction of organization, organizational number, federal tax identification number, and residence or chief executive office of “Debtor”, and the time period for which “Debtor” has been using or operating under said name and identity or corporate structure without change, are as set forth in Schedule 1 of Exhibit “C” attached hereto and by this reference made a part hereof; the mailing address of the “Secured Party” from which information concerning the security interest may be obtained, and the mailing address of “Debtor”, are as set forth in Schedule 2 of Exhibit “C” attached hereto; and a statement indicating the types, or describing the items, of Personal Property secured by this Instrument is set forth hereinabove.
(e) Exhibit “C” correctly sets forth all names and tradenames that Grantor has used within the last five years, and also correctly sets forth the locations of all of the chief executive offices of Grantor over the last five years.
(f) The Grantor hereby covenants and agrees that:
(1) Grantor shall not merge or consolidate into, or transfer any of the Property to, any other person or entity except as permitted under the Credit Agreement.
(2) Grantor shall, at any time and from time to time, take such steps as Agent may reasonably request for Agent (A) to obtain an acknowledgment, in form and substance reasonably satisfactory to Agent, of any bailee having possession of any of the Property, stating that the bailee holds possession of such Property on page one hereofbehalf of Agent, (B) to obtain “control” of any investment property, deposit accounts, letter-of-credit rights, or electronic chattel paper (as such terms are defined by the UCC with corresponding provisions thereof defining what constitutes “control” for such items of collateral), with any agreements establishing control to be in form and substance reasonably satisfactory to Agent, and (C) otherwise to insure the continued perfection and priority of the Agent’s security interest in any of the Property and of the preservation of its rights therein. If Grantor shall at any time, acquire a “commercial tort claim” (as such term is defined in the UCC) with respect to the Property or any portion thereof, Grantor shall promptly notify Agent thereof in writing, providing a reasonable description and summary thereof, and shall execute a supplement to this Instrument in form and substance acceptable to Agent granting a security interest in such commercial tort claim to Agent.
(3) Grantor hereby authorizes Agent, its counsel or its representative, at any time and from time to time, to file financing statements, amendments and continuations that describe or relate to the Property or any portion thereof in such jurisdictions as Agent may deem necessary or desirable in order to perfect the security interests granted by Grantor under this Instrument or any other Loan Document, and such financing statements may contain, among other items as Agent may deem advisable to include therein, the federal tax identification number of Grantor.
(4) Grantor shall not license, lease, sell or otherwise transfer any of the general intangibles to any third party during the term of this Instrument and the Credit Agreement without the prior written consent of the Agent (which consent may be withheld in the Agent’s sole discretion); and the Grantor will continue to use all trademarks, service marks and trade names in a consistent manner and shall take all steps necessary to properly maintain any formal registrations on the general intangibles, and to defend and enforce them, for the term of this Instrument and the Credit Agreement.
Appears in 2 contracts
Sources: Credit Agreement (Jernigan Capital, Inc.), Credit Agreement (Jernigan Capital, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property, and Borrower hereby grants to Lender a security interest in all portions of the Property constituting personal property or fixtures under the UCC. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Lightstone Value Plus Real Estate Investment Trust, Inc.), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within 7.1 To further secure the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interestsObligations, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Grantor hereby grants to Lender, as security for the Obligations (hereinafter defined)Beneficiary, a security interest in the Fixturesall of Grantor’s rights, the Equipment titles and the Personal Property interests in and to the full extent that Mortgaged Property insofar as such Mortgaged Property consist of the Fixturesgoods, the Equipment equipment, accounts, contract rights, general intangibles, insurance contracts, insurance proceeds, inventory, hydrocarbons, fixtures and the Personal Property may be any and all other personal property of any kind or character defined in and subject to the provisions of the Colorado Uniform Commercial Code, including the proceeds and products from any and all of such personal property. Upon the occurrence of any Event of Default, Beneficiary is and shall be entitled to all of the rights, powers and remedies afforded a secured party by the Colorado Uniform Commercial Code (said portion of the Property so subject with reference to the Uniform Commercial Code being called personal property and fixtures in which Beneficiary has been granted a security interest herein, Beneficiary may proceed as to both the "COLLATERAL"). If an Event of Default shall occur real and be continuing, Lender, personal property covered hereby in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all accordance with the rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality this Deed of Trust in respect of the foregoingreal property covered hereby. Such rights, powers and remedies shall be cumulative and in addition to those granted Beneficiary under any other provision of this Deed of Trust or under any other instrument executed in connection with or as security for the Obligations. Grantor covenants and agrees with Beneficiary that:
(a) To the extent permitted by law, Grantor expressly waives any notice of sale or other disposition of the personal property constituting a part of the Mortgaged Property and any other right or remedies of a Grantor or formalities prescribed by law relative to sale or disposition of the personal property constituting a part of the Mortgaged Property or exercise of any other right or remedy of Beneficiary existing after default hereunder; and to the extent any such notice is required and cannot be waived, Grantor agrees that if such notice is delivered to it at least ten (10) days before the time of the sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any requirement for giving of said notice.
(b) Following an Event of Default, Beneficiary is expressly granted the right at its option, to take possession transfer at any time to itself or to its nominee the personal property constituting a part of the Collateral Mortgaged Property, or any part thereof, and to take such other measures receive the monies, income, proceeds, or benefits attributable or accruing thereto and to hold the same as Lender may deem necessary security for the care, protection indebtedness or to apply it on the principal and preservation interest or other amounts owing on any of the CollateralObligations, whether or not then due, in such order or manner as Beneficiary may elect. Upon request or demand All rights to marshalling of Lender after the occurrence and during the continuance assets of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesGrantor, including reasonable legal any such right with respect to the personal property constituting a part of the Mortgaged Property, are hereby waived.
(c) All expenses of preparing for sale, or other use or disposition, selling or otherwise using or disposing of the Mortgaged Property and attorneys' fees, the like which are incurred or paid by Lender Beneficiary as authorized or permitted hereunder, including also all reasonable attorneys’ fees, legal expenses and costs, shall be added to the Obligations and the Grantor shall be liable therefor.
(d) If Beneficiary elects to exercise its rights under the Colorado Uniform Commercial Code as to the personal property constituting a part of the Mortgaged Property, this election shall not preclude Beneficiary or the Trustee from exercising any other rights and remedies granted by this instrument as to the remainder of the Mortgaged Property.
(e) Any copy of this instrument may also serve as a financing statement and, when filed under the real estate records of Weld County, a fixture filing of some portions of the goods described herein, that are or are to become fixtures as part of the Mortgaged Property, under the Colorado Uniform Commercial Code between the Grantor, whose present address is listed on the first page of this Deed of Trust, and Beneficiary, whose present address is listed on the first page of this Deed of Trust.
(f) So long as any amount remains unpaid on any of the Obligations, Grantor will not execute and there will not be filed in protecting its interest any public office any financing statement or statements affecting the collateral other than financing statements in favor of Beneficiary hereunder, unless the prior written specific consent and approval of Beneficiary shall have first been obtained.
(g) Beneficiary is authorized to file, in any jurisdiction where Beneficiary deems it necessary, a financing statement or statements covering the Mortgaged Property, and at the reasonable request of Beneficiary, Grantor will join Beneficiary in executing one or more such financing statements pursuant to the Colorado Uniform Commercial Code in form satisfactory to Beneficiary, and will pay the cost of filing or recording this Deed of Trust, as a financing statement, in all public offices at any time and from time to time whenever filing or recording of any financing statement or of this Deed of Trust is deemed by Beneficiary to be necessary or desirable.
7.2 Portions of the Mortgaged Property consist of (i) oil, gas and other minerals produced or to be produced from the lands described in the Collateral Leases and in enforcing its rights hereunder with respect to the Collateral after accounts resulting from the occurrence and during sale thereof at the continuance of an Event of Default. Any notice of salewellhead, disposition or other intended action by Lender with respect (ii) goods which are or will become fixtures attached to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition real estate constituting a portion of the CollateralMortgaged Property, or any part thereof, may, except as otherwise required by applicable law, and Grantor hereby agrees that this instrument shall be applied by Lender to filed in the payment real property records and the Uniform Commercial Code records of the Debt counties in such priority and proportions which the Mortgaged Property are located as Lender a financing statement to perfect the security interest of Beneficiary in its discretion said portions of the Mortgaged Property. Nothing herein contained shall deem proper. Borrower's (Debtor's) principal place impair or limit the effectiveness of business is this Deed of Trust as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofa security agreement or financing statement for other purposes.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Assignment of Production, Financing Statement and Fixture Filing (Pedevco Corp), Deed of Trust, Security Agreement, Assignment of Production, Financing Statement and Fixture Filing (Pedevco Corp)
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. By Trustor by executing and delivering this Security Instrument, Borrower Deed of Trust has granted and hereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Trust Property may be subject to the Uniform Commercial Code UCC (said such portion of the Trust Property so subject to the Uniform Commercial Code UCC being called in this paragraph the "COLLATERAL"“Collateral”). The foregoing sentence is intended to grant in favor of Beneficiary a first priority continuing lien and security interest in all of Trustor's assets. Trustor authorizes Beneficiary and its counsel to file UCC financing statements in form and substance satisfactory to Beneficiary, describing the collateral as "all assets of Trustor, whether now owned or existing or hereafter acquired or arising and wheresoever located, and all proceeds and products thereof, including, without limitation, all fixtures on the Premises" or words to that effect, and any limitations on such collateral description, notwithstanding that such collateral description may be broader in scope than the Collateral described in this Deed of Trust. This Deed of Trust shall also constitute a "fixture filing" for the purposes of the UCC. As such, this Deed of Trust covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Deed of Trust If an Event of Default shall occur and be continuingoccur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' feesdisbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. BorrowerIn the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Beneficiary's (Debtor's) principal place lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Beneficiary shall require the filing or recording of business is additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as set forth Beneficiary shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Trustor's obligations under the Loan Documents. Trustor hereby irrevocably appoints Beneficiary as its attorney in fact, coupled with an interest, to file with the appropriate public office on page one hereof and its behalf any financing or other statements signed only by Beneficiary, as secured party, in connection with the address Collateral covered by this Deed of Lender (Secured Party) is as set forth on page one hereofTrust.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents and Security Agreement (GK Investment Holdings, LLC), Deed of Trust, Assignment of Leases and Rents and Security Agreement (GK Investment Property Holdings II LLC)
Security Agreement. (a) This Security Instrument is both Mortgage constitutes a real property deed of trust security agreement under the UCC, and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to Lender, as security for the Obligations (hereinafter defined), Mortgagee a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion lien on all of the Property so subject to Collateral under the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur UCC and be continuing, Lender, in addition to under any other rights applicable law. Mortgagor shall execute, deliver, file and remedies which it refile any financing statements, continuation statements, or other security agreements Mortgagee may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted require from time to a secured party upon default under time to confirm the Uniform Commercial Code, including, without lien of this Mortgage with respect to such property. Without limiting the generality of the foregoing, ▇▇▇▇▇▇▇▇▇ hereby irrevocably appoints Mortgagee attorney-in-fact for ▇▇▇▇▇▇▇▇▇ to execute, deliver and file such financing statements, continuation statements and other documents necessary to carry out the provisions hereof, to carry out the purposes hereof or to confirm the priority of the lien created hereby, for and on behalf of Mortgagor, which appointment, being for security, is coupled with an interest and is irrevocable. The security agreement contained in this Mortgage shall survive any discharge of this Mortgage for so long as any Indebtedness remains unpaid under the Note or any other Loan Document.
(b) In addition to any other remedies granted in this Mortgage, Mortgagee may, upon the occurrence of an Event of Default, proceed under the UCC and any other applicable law as to all or any part of the Collateral and shall have and may exercise, with respect to the Collateral, all rights, remedies and powers of secured party under the UCC and any other applicable law, including, without limitation, the right and power to sell at public or private sale or sales, or otherwise dispose of, lease or utilize the Collateral or any parts thereof in any manner authorized or permitted under the UCC and any other applicable law after default by debtor, and to apply the proceeds thereof in payment of any costs and expenses and attorney's fees and legal expenses thereby incurred by the Mortgagee, and to the payment of indebtedness secured by this Mortgage in such order and manner as the Mortgagee may elect.
(c) Upon the occurrence of an Event of Default, Mortgagee may take possession of the Collateral and enter upon any premises where the same may be situated for such purpose without being guilty of trespassing and without liability for damages thereby, and take any action deemed necessary or appropriate or desirable by Mortgagee, at its option, to repair, refurbish or otherwise prepare the Collateral for sale, lease or other use or disposition as herein authorized.
(d) To the extent permitted by law, ▇▇▇▇▇▇▇▇▇ expressly waives any notice of sale or other disposition of the Collateral and any other rights or remedies of a debtor or formalities prescribed by law relative to a sale or disposition of the Collateral or exercise of any other right or remedy of Mortgagee existing after default of Mortgagor hereunder; and to the extent any such notice is required and cannot be waived, Mortgagor agrees that if such notice is mailed, postage prepaid, to Mortgagor at its address shown above, at least ten (10) days before the time of sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any statutory or other requirement for the giving of such notice. Upon the occurrence of an Event of Default, Mortgagee shall have the right, at its option, to transfer at any time to itself or its nominee, the Collateral or any part thereof, and to take such other measures receive the monies, income, proceeds or benefits attributable or accruing thereto and to hold the same as Lender may deem necessary security for the care, protection Indebtedness or to apply it to principal or interest and preservation other amounts owing on any of the Indebtedness in such order and manner as Mortgagee may elect. All rights to marshaling of assets of ▇▇▇▇▇▇▇▇▇, including any such right with respect to the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, are hereby waived.
(e) Mortgagee may require Mortgagor to assemble the Collateral and make it available to Lender Mortgagee at a place to be designated by Mortgagee that is reasonably convenient place (at to both parties. All expenses of retaking, holding, preparing for sale, lease or other use, and of disposition, selling, leasing or otherwise using or disposing of the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any Collateral and all expensesthe like which are incurred or paid by Mortgagee as authorized or permitted hereunder, including reasonable legal expenses and all attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral legal expenses and in enforcing its rights hereunder with respect costs shall be added to the Collateral after the occurrence indebtedness secured by this Mortgage and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, Mortgagor shall be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofliable therefor.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Eldertrust), Construction Loan Mortgage and Security Agreement (Eldertrust)
Security Agreement. Grantor hereby grants to Beneficiary a security interest in the Personal Property Collateral pursuant to the Texas Business and Commerce Code (the “Code”) for the purpose of further securing the Indebtedness. Grantor shall give advance notice in writing to Beneficiary of any proposed change in Grantor’s name, identity, structure or principal place of business, and will execute and deliver to Beneficiary, prior to or concurrently with the occurrence of any such change, all financing statements or amendments to financing statements that Beneficiary may require to establish and maintain the validity and priority of Beneficiary’s security interest with respect to any Personal Property Collateral described or referred to herein. This Security Instrument is both Deed of Trust shall constitute a real property deed security agreement with respect to, and Grantor hereby grants to Beneficiary a security interest in, (a) any portion of trust and the Personal Property Collateral which may not be deemed to form part of the Real Property or may not constitute a "security agreement" fixture within the meaning of the Uniform Commercial Code. The Property includes both real , (b) all property described on any financing statement recorded or filed with respect to the security interest created hereunder, whether or not described herein, and personal (c) all replacements of, substitutions for and additions to such property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Propertyproceeds thereof. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in In addition to any other rights and remedies which it may haveavailable to Beneficiary hereunder, Beneficiary shall have and may exercise immediately and without demand, any and all the rights and remedies granted to of a secured party upon default under the Uniform Commercial Code. To the extent permitted by law, Grantor hereby authorizes Beneficiary to sign and file financing statements at any time in respect of any of the Personal Property Collateral, without such financing statements being executed by or on behalf of Grantor, but Grantor will however, at any time upon request of Beneficiary, execute, or cause to be executed, financing statements in respect of any Collateral. Grantor agrees to pay all filing and recording fees, including fees for filing and recording continuation statements in connection with such financing statements, and to reimburse Beneficiary for all costs and expenses of any kind incurred in connection therewith, including, without limiting limitation, attorneys’ fees. This Deed of Trust constitutes a financing statement (fixture filing). Grantor is the generality record owner of the foregoingProperty. Information concerning the security interest created by this Deed of Trust may be obtained from Beneficiary, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shallsecured party, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as address set forth on page one hereof and the 1 of this Deed of Trust. The address of Lender (Secured Party) Grantor, as debtor, is as set forth on page one hereof1 of this Deed of Trust.
Appears in 2 contracts
Sources: Deed of Trust (FSP Galleria North Corp), Deed of Trust (FSP Phoenix Tower Corp)
Security Agreement. (a) This Security Instrument is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By Borrower by executing and delivering this Security Instrument, Borrower Instrument has granted and hereby grants to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said such portion of the Property so subject to the Uniform Commercial Code UCC being called in this paragraph the "COLLATERAL"“Collateral”). This Security Instrument shall also constitute a “fixture filing” for the purposes of the UCC and is to be filed for record in the real estate records where any part of the Property (including said fixtures) is situated. As such, this Security Instrument covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Security Instrument. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' feesdisbursements, incurred or paid by Lender ▇▇▇▇▇▇ in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral Collateral, sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its sole discretion shall deem proper. In the event of any change in name, identity or structure of ▇▇▇▇▇▇▇▇, Borrower shall notify Lender thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of ▇▇▇▇▇▇’s lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of additional UCC forms or continuation statements, Borrower shall, promptly after request, execute, file and record such UCC forms or continuation statements as Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Borrower's (Debtor's) principal place of business is ’s obligations under the Loan Documents. Borrower hereby irrevocably appoints Lender as set forth its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereof and its behalf any financing or other statements signed only by ▇▇▇▇▇▇, as secured party, in connection with the address of Lender (Secured Party) is as set forth on page one hereofCollateral covered by this Security Instrument.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents, Security Agreement (Behringer Harvard Opportunity REIT I, Inc.), Deed of Trust, Assignment of Leases and Rents, Security Agreement (Behringer Harvard Reit I Inc)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERALCollateral"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Sources: Open End Mortgage and Security Agreement (Glimcher Realty Trust), Open End Mortgage and Security Agreement (Glimcher Realty Trust)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERALCollateral"). If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender ▇▇▇▇▇▇ in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff's sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Sources: Borrowing Agreement (U Haul International Inc), Loan Agreement (U Haul International Inc)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), Mortgage shall constitute a security interest agreement as defined in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion “Code”) in the items described in the Granting Clauses of this Mortgage (“Collateral”). Any Collateral installed in or used in the Premises are to be used by the Borrower solely for Borrower’s business purposes or as the equipment and fixtures leased or furnished by the Borrower, as landlord, to tenants of the Property so subject Premises and such Collateral will be kept at the buildings on the Premises and will not be removed therefrom without the consent of the Lender and may be affixed to such buildings but will not be affixed to any other real estate. The remedies of the Lender hereunder are cumulative and separate, and the exercise of any one or more of the remedies provided for herein or under the Uniform Commercial Code being called shall not be construed as a waiver of any of the "COLLATERAL")other rights of the Lender including having any Collateral deemed part of the realty upon any foreclosure thereof. If an Event of Default shall occur and be continuing, Lender, in addition notice to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession intended disposition of the Collateral or any part thereofis required by law in a particular instance, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land notice shall be deemed commercially reasonable if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof given at least ten (10) business days prior to such action, shall, except intended disposition and may be given by advertisement in a newspaper accepted for legal publications either separately or as otherwise provided part of a notice given to foreclose the real property or may be given by applicable law, constitute reasonable private notice if such parties are known to BorrowerLender. The proceeds Neither the grant of any disposition a security interest pursuant to this Mortgage nor the filing of a financing statement pursuant to the Code shall ever impair the stated intention of this Mortgage that all Collateral comprising the Premises and at all times and for all purposes and in all proceedings both legal or equitable shall be regarded as part of the Collateral, real property conveyed and secured hereunder irrespective of whether such item is physically attached to the real property or any part thereof, may, except as otherwise such item is referred to or reflected in a financing statement. Borrower will on demand deliver all financing statements that may from time to time be required by applicable law, be applied by Lender to establish, perfect and continue the payment priority of Lender’s security interest in the Debt in such priority Collateral and proportions as shall pay all expenses incurred by Lender in its discretion connection with the renewal or extensions of any financing statements executed in connection with the Premises; and shall deem proper. give advance written notice of any proposed change in Borrower's (Debtor's) principal place ’s name, identity or structure and will execute and deliver to Lender prior to or concurrently with such change all additional financing statements that Lender may require to establish and perfect the priority of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofLender’s security interest.
Appears in 2 contracts
Sources: Future Advance Mortgage and Security Agreement (Great Plains Ethanol LLC), Future Advance Mortgage and Security Agreement (Great Plains Ethanol LLC)
Security Agreement. This Security Instrument is both Deed of Trust shall constitute a real property deed of trust and a "security agreement" within the meaning agreement under Article 9 of the Uniform Commercial Code. The Property includes both real UCC in each applicable jurisdiction with respect to the Personal Property, which shall be deemed to include any and all fixtures and personal property included in the description of the Personal Property, now owned or hereafter acquired by Grantor, which might otherwise be deemed “personal property” and all other rights accessions thereto and interests, whether tangible or intangible in nature, of Borrower in the Propertyproceeds thereof. By executing Grantor has granted and delivering this Security Instrument, Borrower does hereby grants to Lender, as security for the Obligations (hereinafter defined), grant Beneficiary a security interest in the FixturesPersonal Property and in all additions and accessions thereto, renewals and replacements thereof and all substitutions therefor and proceeds thereof for the purpose of securing all Obligations now or hereafter secured by this Deed of Trust. The following provisions relate to such security interest:
(a) The Personal Property includes all now existing or hereafter acquired or arising equipment, inventory, accounts, chattel paper, instruments, documents, deposit accounts, investment property, letter-of-credit rights, commercial tort claims, supporting obligations and general intangibles now or hereafter used or procured for use in the Collateral or otherwise relating to the Collateral. If Grantor shall at any time acquire a commercial tort claim relating to the Collateral, Grantor shall promptly notify Beneficiary in a writing signed by Grantor of the brief details thereof and grant to Beneficiary a security interest therein and in the proceeds thereof.
(b) Grantor hereby irrevocably authorizes Beneficiary at any time and from time to time to file in any filing office in any UCC jurisdiction any initial financing statements and amendments thereto that (a) indicate the collateral as “all assets used or procured for use or otherwise relating to” the Collateral or words of similar effect, or as being of equal or lesser scope or in greater detail, and to indicate the Collateral as defined, or in a manner consistent with the term as defined, in this Deed of Trust and (b) contain any other information required by part 5 of Article 9 of the UCC of any such filing office for the sufficiency or filing office acceptance of any initial financing statement or amendment, including whether Grantor is an organization, the Equipment type of organization and the Personal Property any organizational identification number issued to Grantor. Grantor agrees to provide any such information to Beneficiary promptly upon request. Grantor also ratifies its authorization for Beneficiary to have filed in any filing office in any UCC jurisdiction any like initial financing statements or amendments thereto if filed prior to the full extent that date hereof. Grantor shall pay to Beneficiary, from time to time, within the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demandDemand Period, any and all rights costs and remedies granted to a secured party upon default under expenses incurred by Beneficiary in connection with the Uniform Commercial Codefiling of any such initial financing statements and amendments, including, without limiting including attorneys’ fees and all disbursements. Such costs and expenses shall bear interest at the generality Default Rate from the expiration of the foregoingDemand Period until the date repaid by Grantor, and such costs and expenses, together with such interest, shall be part of the Obligations and shall be secured by this Deed of Trust.
(c) Grantor shall any time and from time to time take such steps as Beneficiary may reasonably request for Beneficiary to obtain “control” of any Personal Property for which control is a permitted or required method to perfect, or to insure priority of, the right to take possession of the Collateral or any part thereof, and to take security interest in such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Personal Property granted herein.
(d) Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, Beneficiary shall have the rights and remedies of a secured party under the UCC as well as all other rights and remedies available at its expense, assemble law or in equity or under this Deed of Trust.
(e) It is intended by Grantor and Beneficiary that this Deed of Trust be effective as a financing statement filed with the Collateral and make it available to Lender at applicable real estate records as a convenient place (at fixture filing covering the Collateral. A description of the Land if tangible propertywhich relates to the Personal Property is set forth in Exhibit A attached hereto. Grantor is the record owner of the Land. Grantor is a Delaware limited partnership with an organizational identification number, issued by the Secretary of State of the State of Delaware, of 2500587.
(f) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest Terms defined in the Collateral UCC and not otherwise defined in enforcing its rights hereunder with respect to this Deed of Trust shall have the Collateral after same meanings in this Article as are set forth in the occurrence UCC. In the event that a term is used in Article 9 of the UCC and during also in another Article of the continuance of an Event of Default. Any notice of saleUCC, disposition or other intended action by Lender with respect to the Collateral sent to Borrower term used in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrowerthis Article is that used in Article 9. The proceeds term “control,” as used in this Article, has the meaning given in Sections 9-104, 9-105, 9-106 or 9-107 of any disposition of the CollateralArticle 9, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofapplicable.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement and Fixture Filing (Mission West Properties Inc), Deed of Trust, Security Agreement and Fixture Filing (Mission West Properties Inc)
Security Agreement. This Security Instrument is Mortgage constitutes both a real property deed of trust mortgage and a "“security agreement" ,” within the meaning of the Uniform Commercial Code. The , and the Mortgaged Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower the Mortgagor in the Mortgaged Property. By The Mortgagor by executing and delivering this Security Instrument, Borrower hereby grants Mortgage has granted to Lenderthe Mortgagee, as security for the Obligations (hereinafter defined)Debt, a security interest in the FixturesEquipment. If the Mortgagor shall default under the Note or this Mortgage, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral Equipment or any part thereof, and to take such other measures as Lender the Mortgagee may deem necessary for the care, protection and preservation of the CollateralEquipment. Upon request or demand of Lender after the occurrence and during Mortgagee, the continuance of an Event of Default, Borrower shall, Mortgagor shall at its expense, expense assemble the Collateral Equipment and make it available to Lender the Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to Lenderthe Mortgagee. Borrower The Mortgagor shall pay to Lender the Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender the Mortgagee in protecting its interest in the Collateral Equipment and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultEquipment. Any notice of sale, disposition or other intended action by Lender the Mortgagee with respect to the Collateral Equipment sent to Borrower the Mortgagor in accordance with the provisions hereof of this Mortgage at least ten seven (107) business days prior to the date of any such sale, disposition or other action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrowerthe Mortgagor, and the method of sale or disposition or other intended action set forth or specified in such notice shall conclusively be deemed to be commercially reasonable within the meaning of the Uniform Commercial Code unless objected to in writing by the Mortgagor within five (5) days after receipt by the Mortgagor of such notice. The proceeds of any sale or disposition of the CollateralEquipment, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender the Mortgagee to the payment of the Debt in such order, priority and proportions as Lender the Mortgagee in its discretion shall deem proper. Borrower's (Debtor's) principal place If any change shall occur in the Mortgagor’s name, the Mortgagor shall promptly cause to be filed at its own expense, new financing statements as required under the Uniform Commercial Code to replace those on file in favor of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofMortgagee.
Appears in 2 contracts
Sources: Mortgage, Security Agreement and Assignment of Leases and Rents, Mortgage, Security Agreement and Assignment of Leases and Rents
Security Agreement. This Security Instrument is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall from time to time require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, Deed of Trust (TNP Strategic Retail Trust, Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), Deed constitutes a security interest in ------------------ agreement under the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the applicable Uniform Commercial Code (said portion with respect to the Chattels and such other of the Mortgaged Property so subject which is personal property. In addition to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon Beneficiary's request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, Grantor shall promptly and at its expense, expense assemble the Collateral Chattels and such other personal property and make it the same available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Grantor, after an Event of Default, shall pay to Lender Beneficiary on demand demand, with interest at the Default Rate, any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral Chattels and such other personal property and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Defaultthereto. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral Chattels and such other personal property sent to Borrower Grantor in accordance with the provisions hereof at least ten five (105) business days prior to such action, shall, except as otherwise provided by applicable law, action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateralsuch sale or disposition, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt indebtedness secured hereby in such priority order and proportions as Lender Beneficiary in its discretion shall deem properappropriate. Borrower's (Debtor's) principal To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels at the same time and place of business is as and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth on page one hereof in Article II, Section 2.01, III or IV, of this Deed. In this connection, Grantor agrees that the sale may be conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the address of Lender (Secured Party) is Chattels or any part thereof, may be sold separately or together; and that in the event the Premises and the Chattels or any part thereof are sold together, Beneficiary will not be obligated to allocate the consideration received as set forth on page one hereofbetween the Premises and the Chattels.
Appears in 2 contracts
Sources: Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc)
Security Agreement. (a) This Security Instrument Deed of Trust is both a real property deed Deed of trust Trust and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. By Trustor by executing and delivering this Security Instrument, Borrower Deed of Trust has granted and hereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Trust Property may be subject to the Uniform Commercial Code UCC (said such portion of the Trust Property so subject to the Uniform Commercial Code UCC being called in this paragraph the "COLLATERAL"). This Deed of Trust shall also constitute a "fixture filing" for the purposes of the UCC. As such, this Deed of Trust covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Deed of Trust. If an Event of Default shall occur and be continuingoccur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and disbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. BorrowerIn the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Beneficiary's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Beneficiary shall require the filing or recording of additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as Beneficiary shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Trustor's obligations under the Loan Documents. Trustor hereby irrevocably appoints Beneficiary as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Beneficiary, as secured party, in connection with the Collateral covered by this Deed of Trust.
(Debtor'sb) principal place Trustor hereby absolutely and unconditionally pledges and assigns to Beneficiary as additional security all of business is as set forth on page one hereof Trustor's right, title and interest in, to and under the: (i) Tenant in Common Agreement, and (ii) the address Property and Asset Management Agreement ("MANAGEMENT AGREEMENT") among each entity constituting Trustor and Behringer Harvard TIC Management Services LP executed in connection with the Loan, (collectively, the "TENANCY IN COMMON AGREEMENTS"); provided that Beneficiary shall have no obligation or liability under any of Lender (Secured Party) is as set forth on page one hereofthe Tenancy In Common Agreements.
Appears in 2 contracts
Sources: Deed of Trust (Behringer Harvard Reit I Inc), Deed of Trust (Behringer Harvard Reit I Inc)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within To the meaning of extent that the Uniform Commercial Code. The Mortgaged Property constitutes or includes both real and personal property and all other rights and interests, whether tangible or intangible in naturepersonal property, including goods or items of Borrower in personal property which are or are to become fixtures under applicable law, the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment therein and the Personal Property to the full extent that the Fixtures, the Equipment this Mortgage shall also be construed as a pledge and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the Uniform Commercial CodeUCC; and, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after upon the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available Mortgagee shall be entitled to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder exercise with respect to such tangible or intangible personal property all remedies available under the Collateral after UCC and all other remedies available under applicable law. Without limiting the foregoing, upon the occurrence and during the continuance continuation of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to any personal property may, at the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, mayMortgagee's option and, except as otherwise required by applicable law, without the giving of notice, (i) be applied by Lender sold hereunder, (ii) be sold pursuant to the payment UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. At any time and from time to time upon the occurrence and continuance of an Event of Default, the Mortgagee shall be the attorney-in-fact of the Debt Mortgagor with respect to any and all matters pertaining to the personal property with full power and authority to give instructions with respect to the collection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Mortgagor and to execute on behalf of the Mortgagor and in such priority Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and proportions agrees that a disposition of the personal property in accordance with the Mortgagee's rights and remedies in respect to the other Mortgaged Property as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business heretofore provided is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofa commercially reasonable disposition thereof.
Appears in 2 contracts
Sources: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Polaroid Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Polaroid Corp)
Security Agreement. This Security Instrument is Mortgage constitutes both a real property deed of trust mortgage and a "“security agreement" ”, within the meaning of the Uniform Commercial Code. The , and the Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower the Mortgagor in the Mortgaged Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants the Mortgagor has granted to Lender, the Lender as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")Mortgaged Property. If an Event of Default shall occur and be continuingoccurs, the Lender, in addition to any other rights and remedies which it they may havehave and subject to the rights and remedies of other lenders in connection with the Existing Mortgages, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral Equipment or any part thereof, and to take such other measures as the Lender may deem necessary for the care, protection and preservation of the CollateralEquipment. Upon request or demand of the Lender after and subject to the occurrence rights and during remedies of other lenders in connection with the continuance of an Event of DefaultExisting Mortgages, Borrower shall, the Mortgagor shall at its expense, expense assemble the Collateral Equipment and make it available to the Lender at a convenient place (at the Land if tangible property) reasonably acceptable to the Lender. Borrower The Mortgagor shall pay to the Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees (including in-house counsel fees), incurred or paid by the Lender in protecting its their and other Secured Parties’ interest in the Collateral Mortgaged Property and in enforcing its and other Secured Parties’ rights hereunder under this Mortgage with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultMortgaged Property. Any notice of sale, disposition or other intended action by the Lender with respect to the Collateral personal property comprising the Mortgaged Property which is sent to Borrower the Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrowerthe Mortgagor. The proceeds of any disposition of the CollateralMortgaged Property, or any part thereof, may, except as otherwise required by applicable law, may be applied by the Lender to the payment of the Debt as provided in the Purchase Agreement, subject to the rights and remedies of other lenders in connection with the Existing Mortgages. Without in any way limiting the generality of the immediately preceding paragraph or of the definition of Mortgaged Property, this Mortgage constitutes a fixture filing under Section 9-502 of the Uniform Commercial Code. For such priority purpose: (a) the “debtor” is Mortgagor and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business address is as set forth on page one hereof and the address given for it in the initial paragraph of Lender this Mortgage; (Secured Partyb) the “secured party” is as set forth the Lender, and their address for the purpose of obtaining information is the address given for it in the initial paragraph of this Mortgage; (c) the real estate to which the Fixtures are or are to become attached is the Mortgagor’s interest in the Premises described on page one hereofSCHEDULE A hereto; and (d) the record owner of such real estate is the Mortgagor.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (Avalon GloboCare Corp.), Mortgage and Security Agreement (Avalon GloboCare Corp.)
Security Agreement. 2.12.1 This Security Instrument is both Deed of Trust shall also be a real property deed of trust security agreement between Trustor and a "security agreement" within the meaning Beneficiary covering that portion of the Mortgaged Property that constitutes personal property or fixtures (hereinafter collectively called “UCC Collateral”) governed by the Nevada Uniform Commercial Code. The Property includes both real Code (the “UCC”), and personal property as further security for the payment and all other rights and interestsperformance of the Secured Obligations, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Trustor hereby grants to Lender, as security for the Obligations (hereinafter defined), Beneficiary a security interest in such portion of the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code UCC. In addition to Beneficiary’s other rights hereunder, Beneficiary shall have all rights of a secured party under the UCC. Trustor hereby authorizes the filing of all financing statements and such further assurances that may be reasonably required by Beneficiary to establish, create, perfect (said portion to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Beneficiary’s security interests, and Trustor shall bear all reasonable costs thereof, including all UCC searches. Except as otherwise provided in the Credit Documents, if Beneficiary should dispose of any of the Mortgaged Property so subject comprising the UCC Collateral pursuant to the Uniform Commercial Code being called UCC, ten (10) Days’ prior written notice by Beneficiary to Trustor shall be deemed to be reasonable notice; provided, however, Beneficiary may dispose of such property in accordance with the "COLLATERAL")foreclosure procedures of this Deed of Trust in lieu of proceeding under the UCC. If Beneficiary may from time to time execute, deliver and/or file at Trustor’s expense, all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Trustor and Beneficiary. Except as otherwise provided in the Credit Documents, if an Event of Default shall occur and be is continuing, Lender(a) Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demanddemand to the extent permitted by Governmental Rule, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, UCC including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon such UCC Collateral and (b) upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the UCC Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' fees, disbursements incurred or paid by Lender Beneficiary in protecting its the interest in the UCC Collateral and in enforcing its the rights hereunder with respect to such UCC Collateral.
2.12.2 This Deed of Trust shall constitute a fixture filing pursuant to NRS Section 104.9502, as amended and recodified from time to time. Some or all of the UCC Collateral after may be or become a fixture in which Beneficiary has a security interest under the occurrence security agreement set forth in Section 2.12.1 above (the “Security Agreement”). However, nothing herein shall, or shall be deemed to, create any lien or interest in favor of the Trustee in any UCC Collateral which is not a fixture. The rights, remedies and during interests of Beneficiary under this Deed of Trust and the continuance Security Agreement are independent and cumulative, and there shall be no merger of any lien hereunder with any security interest created by the Security Agreement. Beneficiary may elect to exercise or enforce any of its rights, remedies or interests under either or both this Deed of Trust or the Security Agreement as Beneficiary may from time to time deem appropriate.
2.12.3 Notwithstanding any other provision hereof, Beneficiary shall not be deemed to have accepted any property other than cash in satisfaction of any obligation of Trustor to Beneficiary unless Trustor shall make an Event express written election of Default. Any notice of salesaid remedy under NRS Section 104.9620, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice . Trustor agrees that Beneficiary shall have no obligation to Borrower. The proceeds of process or prepare any disposition of the Collateral, UCC Collateral for sale or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofother disposition.
Appears in 2 contracts
Sources: Credit Agreement (Fulcrum Bioenergy Inc), Credit Agreement (Fulcrum Bioenergy Inc)
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower Trustor hereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment Equipment, the Personal Property and the Personal other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Beneficiary after the occurrence and during the continuance of an Event of Default, Borrower Trustor shall, at its expense, assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' feescosts, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable lawlaw or the Loan Agreement, constitute reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Trustor (Debtor) is as set forth on page one hereof and the address of Lender Beneficiary (Secured Party) is as set forth on page one hereof. Trustor hereby authorizes Beneficiary to file or record any Uniform Commercial Code financing statements as Beneficiary deems to be reasonably necessary to perfect its security interest in the property described in this Section 1.03, and in the fixtures described in Section 1.04, without any signature of Trustor, and to file any amendments, modifications, assignments and terminations thereof, all without the signature of Trustor.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Terra Tech Corp.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Terra Tech Corp.)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof.
Appears in 2 contracts
Sources: Deed of Trust and Security Agreement (Koger Equity Inc), Leasehold Mortgage, Security Agreement and Fixture Filing (FelCor Lodging Trust Inc)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender ▇▇▇▇▇▇ in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall from time to time require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 2 contracts
Sources: Deed of Trust (TNP Strategic Retail Trust, Inc.), Deed of Trust (TNP Strategic Retail Trust, Inc.)
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. By Trustor by executing and delivering this Security Instrument, Borrower Deed of Trust has granted and hereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Trust Property may be subject to the Uniform Commercial Code UCC (said such portion of the Trust Property so subject to the Uniform Commercial Code UCC being called in this paragraph the "COLLATERALCollateral' ). The foregoing sentence is intended to grant in favor of Beneficiary a first priority continuing lien and security interest in all of Trustor's assets. Trustor authorizes Beneficiary and its counsel to file UCC financing statements in form and substance satisfactory to Beneficiary, describing the collateral as ")all assets of Trustor, whether now owned or existing -or hereafter acquired or arising and wheresoever located, and all proceeds and products thereof, including, without limitation, all fixtures on the Premises" or words to that effect, and any limitations on such collateral description, notwithstanding that such collateral description may be broader in scope than the Collateral described in this Deed of Trust. This Deed of Trust shall also constitute a “fixture filing” for the purposes of the UCC. As such, this Deed of Trust covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Deed of Trust. If an Event of Default shall occur and be continuingoccur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default defau1t under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and disbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the CollateralCol1ateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. BorrowerIn the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Beneficiary' s lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Beneficiary shall require the filing or recording of additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as Beneficiary shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Trustor's (Debtor's) principal place of business is as set forth on page one hereof and obligations under the address of Lender (Secured Party) is as set forth on page one hereofLoan Documents.
Appears in 2 contracts
Sources: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of the Borrower in the Property. By executing and delivering this Security Instrument, the Borrower hereby grants to Lenderthe Administrative Agent, as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lenderthe Administrative Agent, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender the Administrative Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender the Administrative Agent after the occurrence and during the continuance of an Event of Default, the Borrower shall, at its expense, assemble the Collateral and make it available to Lender the Administrative Agent at a convenient place (at the Land if tangible property) reasonably acceptable to Lenderthe Administrative Agent. The Borrower shall pay to Lender the Administrative Agent on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender the Administrative Agent in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender the Administrative Agent with respect to the Collateral sent to the Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to the Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender the Administrative Agent to the payment of the Debt Obligations in such priority and proportions as Lender the Administrative Agent in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of the Borrower (Debtor) is as set forth on page one hereof and the address of Lender the Administrative Agent (Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Sources: Mortgage and Security Agreement, Mortgage and Security Agreement (Heartland Payment Systems Inc)
Security Agreement. This Security Instrument Agreement is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Owner in the Mortgaged Property. By executing and delivering this Security InstrumentAgreement, Borrower hereby Owner has granted and thereby grants to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said such portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this Section the "COLLATERALCollateral"). Owner hereby agrees with Lender to execute and deliver to Lender, in form and substance satisfactory to Lender, such financing statements and such further assurances as Lender may from time to time, reasonably consider necessary to create, perfect or preserve Lender's security interest therein granted. The Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it they may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, Owner shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower If Lender retains counsel to enforce its rights hereunder, Owner shall pay to Lender on demand any and all expenses, including reasonable legal expenses and Lender's attorneys' feesfees (including on appeal), incurred or paid by Lender in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower Owner in accordance with the provisions hereof at least ten (10) business 10 days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerOwner. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. BorrowerIn the event of any change in name, identity or structure of any Owner, such Owner shall notify Lender thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Lender's (Debtor's) principal place lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of business is additional Uniform Commercial Code forms or continuation statements, Owner shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as set forth on page one hereof Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Owner's obligations under the Note, the Mortgage, this Agreement, the Assignment, the Environmental Agreement and the address of other Loan Documents. Owner hereby irrevocably appoints Lender (Secured Party) is as set forth its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereofits behalf any financing or other statements signed only by Lender, as secured party, in connection with the Collateral covered by the Mortgage.
Appears in 1 contract
Sources: Loan Agreement (Lodgian Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By The Mortgage is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument and the other Loan Documents has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERALCollateral"). If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. To the extent permitted by Legal Requirements, any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriffs sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any To the extent permitted by Legal Requirements, any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 1 contract
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable lawlaw or the Loan Agreement, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust)
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERALCollateral"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Mortgage and Security Agreement (Glimcher Realty Trust)
Security Agreement. This Security Instrument is both To the extent the Mortgaged Property consists of UCC Collateral or items of personal property which are or are to become Fixtures under applicable law, this Mortgage shall also be construed as a real property deed security agreement under the UCC. The Mortgagor, in order to secure the payment and performance in full of trust and a "security agreement" within the meaning all of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interestsSecured Obligations, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security the Mortgagee for the Obligations (hereinafter defined)benefit of the Secured Parties, a lien on and security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion all of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur right, title and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality interest of the foregoingMortgagor in, the right to take possession of the and under such UCC Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the CollateralFixtures. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shallthe Mortgagee shall be entitled with respect to the UCC Collateral and Fixtures to exercise all remedies hereunder or any other Loan Document or available under the UCC with respect thereto and all other remedies available under applicable law. Without limiting the foregoing, the UCC Collateral and Fixtures may, at its expensethe Mortgagee’s option, (i) be sold hereunder together with any sale of any portion of the Mortgaged Property or otherwise, (ii) be sold separately pursuant to the UCC, or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the UCC Collateral and Fixtures, and make it available to Lender the Mortgagee at a convenient place (at to be designated by the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower shall pay to Lender on demand any The Mortgagor acknowledges and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance agrees that a disposition of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower such collateral in accordance with the provisions hereof at least Mortgagee’s rights and remedies in respect to the Mortgaged Property as heretofore provided is a commercially reasonable disposition thereof; provided, however, that the Mortgagee shall give the Mortgagor not less than ten (10) business days days’ prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of the time and place of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofintended disposition.
Appears in 1 contract
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower hereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such EXHIBIT G-1 – CBL 4873-9001-7310\2 other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Beneficiary after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender Beneficiary (Secured Partysecured party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. This Security Instrument constitutes and is deemed to be both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Property. By executing and delivering this Security Instrument, Borrower Trustor hereby grants to LenderAdministrative Agent, for the benefit of Administrative Agent and the Lenders, as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuingoccurs, LenderAdministrative Agent, in addition to any other rights and remedies which it may have, shall will have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Administrative Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Administrative Agent after the occurrence occurrence, and during the continuance continuance, of an Event of Default, Borrower shallTrustor will, at its expense, assemble the Collateral and make it available to Lender Administrative Agent at a convenient place (at the Land if tangible property) reasonably acceptable to LenderAdministrative Agent. Borrower shall Trustor will pay to Lender Administrative Agent on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender Administrative Agent in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence occurrence, and during the continuance continuance, of an Event of Default. Any notice of sale, disposition or other intended action by Lender Administrative Agent with respect to the Collateral sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) business days 10 Business Days prior to such action, shallwill, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Administrative Agent to the payment of the Debt Obligations in such priority and proportions as Lender Administrative Agent in its discretion shall deem deems proper. Borrower's (Debtor's) The principal place of business of Trustor (Debtor) is as set forth on page one hereof and the address of Lender Administrative Agent (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Deed of Trust (KBS Real Estate Investment Trust III, Inc.)
Security Agreement. (a)(i) This Security Instrument is both a real property mortgage or deed of trust trust, as applicable, and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERALCollateral"). If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender ▇▇▇▇▇▇ in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff's sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 1 contract
Sources: Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Parkway Properties Inc)
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. By executing and delivering this Security InstrumentMortgage, Borrower Mortgagor hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment Equipment, the Personal Property and the Personal other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERALCollateral"). If an Event of Default shall occur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land Premises if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and costs, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, after an Event of Default may, except as otherwise required by applicable law, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Mortgagor (Debtor) is as set forth on page one hereof and the address of Lender Mortgagee (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender ▇▇▇▇▇▇ in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and ------------------ a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Mortgaged Property. By Mortgagor by executing and delivering this Security Instrument, Borrower Mortgage has granted and hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this paragraph 30 the "COLLATERALCollateral"). If an Event of Default shall occur and be continuingoccur, Lender---------- Mortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon the request or demand of Lender after the occurrence and during the continuance of an Event of DefaultMortgagee, Borrower shall, Mortgagor shall at its expense, expense assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and reasonable attorneys' fees, incurred or paid by Lender Mortgagee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. 2.14.1 This Security Instrument is both Deed of Trust shall also be a real security agreement between Trustor and Beneficiary covering the Deed of Trust Property constituting personal property deed or fixtures (hereinafter collectively called "UCC Collateral") governed by the [INSERT RELEVANT STATE] Uniform Commercial Code ("UCC") as the same may be more specifically set forth in any financing statement delivered in connection with this Deed of trust Trust, and a "as further security agreement" within for the meaning payment and performance of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interestsSecured Obligations, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Trustor hereby grants to Lender, as security for the Obligations (hereinafter defined), Beneficiary a security interest in such portion of the Fixtures, the Equipment and the Personal Property Site to the full extent that the Fixtures, the Equipment and the Personal Property Site may be subject to the Uniform Commercial Code UCC. In addition to Beneficiary's other rights hereunder, Beneficiary shall have all rights of a secured party under the UCC. Trustor shall execute and deliver to Beneficiary all financing statements and such further assurances that may be reasonably required by Beneficiary to establish, create, perfect (said portion to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Beneficiary's security interests, and Trustor shall bear all reasonable costs thereof, including all UCC searches. Except as otherwise provided in the Credit Agreement, if Beneficiary should dispose of any of the Property so subject Site comprising the UCC Collateral pursuant to the Uniform Commercial Code being called UCC, ten (10) days' prior written notice by Beneficiary to Trustor shall be deemed to be reasonable notice; provided, however, Beneficiary may dispose of such property in accordance with the "COLLATERAL")foreclosure procedures of this Deed of Trust in lieu of proceeding under the UCC. If Beneficiary may from time to time execute and deliver at Trustor's expense, all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Trustor and Beneficiary. Except as otherwise provided in the Credit Agreement, if an Event of Default shall occur and be is continuing, Lender(a) Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demanddemand to the extent permitted by law, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, UCC including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon such collateral and (b) upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, assemble the UCC Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand demand, any and all expenses, including reasonable legal expenses and attorneys' fees, fees and disbursements incurred or paid by Lender Beneficiary in protecting its the interest in the UCC Collateral and in enforcing its the rights hereunder with respect to such UCC Collateral.
2.14.2 Trustor and the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of saleBeneficiary agree, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided extent permitted by applicable law, constitute reasonable notice to Borrower. The proceeds that: (i) this Deed of any disposition Trust upon recording or registration in the real estate records of the Collateral, proper office shall constitute a financing statement filed as a "fixture filing" within the meaning of [SECTIONS 9-313 AND 9-402 OF THE UCC]; (ii) all or any a part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority Trust Estate are or are to become fixtures; and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor'siii) principal place the addresses of business is Trustor and Beneficiary are as set forth on the first page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofthis Deed of Trust.
Appears in 1 contract
Sources: Credit Agreement (Calpine Corp)
Security Agreement. (a) This Security Instrument Mortgage is both also a real property deed security agreement under the Uniform Commercial Code for any of trust and the Mortgaged Property which, under applicable law, may be subject to a "security agreement" within the meaning of interest under the Uniform Commercial Code. The Property includes both real and personal property , whether acquired now or in the future, and all other rights products and interestscash and non-cash proceeds thereof (collectively, whether tangible or intangible in nature, of “UCC Collateral”). Borrower in the Property. By executing and delivering this Security Instrument, Borrower (as Debtor) hereby grants to Lender, Lender (as security for the Obligations (hereinafter defined), Creditor and Secured Party) a security interest in the FixturesUCC Collateral. This Mortgage is a self-operative security agreement and fixture filing for the purpose of creating and perfecting a security interest in all of the UCC Collateral. Borrower hereby agrees that the Lender is authorized, without the Equipment need of signature by the Borrower, to file financing statements naming the Borrower as debtor from time to time and in such form as the Personal Property Lender may require to perfect and maintain a security interest with respect to the full extent UCC Collateral. Borrower shall pay all filing costs and all costs and expenses of any record searches for financing statements that Lender may require. Without the Fixturesprior written consent of Lender, the Equipment and the Personal Property may be subject Borrower shall not create or permit to the Uniform Commercial Code (said portion exist any other lien or security interest in any of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")UCC Collateral. If an Event of Default shall occur has occurred and be is continuing, Lender, in addition to any other rights and remedies which it may have, Lender shall have and may exercise immediately and without demand, any and all rights and the remedies granted to of a secured party upon default under the Uniform Commercial Code, includingin addition to all remedies provided by this Mortgage or existing under applicable law. In exercising any remedies, Lender may exercise its remedies against the UCC Collateral separately or together, and in any order, without limiting in any way affecting the generality availability of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such Lender’s other measures as Lender may deem necessary for the care, protection and preservation of the Collateralremedies. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at This Mortgage constitutes a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder financing statement with respect to any part of the Collateral after Mortgaged Property which is or may become a fixture.
(b) It is hereby expressly declared and agreed that, to the occurrence extent permitted by law, all items of Service Equipment, all accessions, renewals, substitutions and during replacements thereof and thereto and all other items included in the continuance Mortgaged Property are, and at all times and for all purposes shall be deemed to be, part and parcel of an Event the real property encumbered by this Mortgage and appropriated to the use of Defaultsuch real property, whether or not any such item is affixed or annexed to such real property and whether or not any such item is or shall be identified by serial number or otherwise referred to or reflected in any recital or list contained in this Mortgage or in any financing statement filed or recorded in connection herewith. Any notice Neither anything set forth in this Section nor the filing or recording of sale, disposition any such financing statement in the records for personal property security interests shall be construed as in any way derogating from or other intended action by otherwise impairing the effectiveness of the aforesaid declaration. The mention in any such financing statement of any particular item included in the Mortgaged Property shall not be construed as in any way altering the rights of Lender with respect thereto pursuant to this Mortgage or the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition priority of the Collateral, or lien of this Mortgage with respect thereto. Any and all such financing statements are intended to be for the protection of Lender in the event that any court shall determine that the priority of the lien of this Mortgage with respect to any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt Mortgaged Property requires the recording or filing of notice in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofrecords for personal property security interests.
Appears in 1 contract
Sources: Open End Mortgage Deed and Security Agreement (GTJ REIT, Inc.)
Security Agreement. (a) This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower Grantor hereby grants to LenderAgent, as security for the Secured Obligations (as hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Personal Property Collateral”). If an Event of Default shall occur and be continuing, LenderAgent, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Personal Property Collateral or any part thereof, and to take such other measures as Lender Agent may deem necessary for the care, protection and preservation of the Personal Property Collateral. Upon request or demand of Lender Agent after the occurrence and during the continuance of an Event of Default, Borrower Grantor shall, at its expense, assemble the Personal Property Collateral and make it available to Lender Agent at a convenient place (at the Land if tangible property) reasonably acceptable to LenderAgent. Borrower Grantor shall pay to Lender Agent on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Agent, individually and/or as agent for the Lender Group and any Bank Product Provider (collectively, the “Secured Parties”), in protecting its Agent’s and any other Secured Party’s interest in the Personal Property Collateral and in enforcing its rights hereunder with respect to the Personal Property Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Agent with respect to the Personal Property Collateral sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Personal Property Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Agent to the payment of the Debt Secured Obligations in such priority and proportions as Lender Agent in its discretion shall deem proper. Borrower's Grantor’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender Agent (Secured Partysecured party) is as set forth on page one hereof. To the extent permitted by law, Grantor and Agent agree that with respect to all items of Personal Property which are or will become fixtures on the Land, this Deed of Trust, upon recording or registration in the real estate records of the proper office, shall constitute a “fixture filing” within the meaning of Sections 9313 and 9402 of the California Commercial Code. Grantor is the record owner of the Land. The foregoing notwithstanding, to the extent of a conflict between the terms of this Section 1.3(a) and the terms of the Security Agreement, the terms of the Security Agreement shall control.
(b) By exercising any of Agent’s rights or remedies under Section 1.3, Grantor acknowledges and agrees that Agent shall not be deemed to have exercised any equitable right of setoff, foreclosed any statutory banker’s lien, initiated or prosecuted any “action” to enforce the rights and obligations secured by this Deed of Trust, or the loan documents, as the term “action” is used in California Code of Civil Procedure Section 726 (“Section 726”), or to have violated the “Security First” principle of Section 726. Accordingly, the exercise of any or all of Agent’s rights and remedies under Section 1.3 shall not in any way prejudice or affect Agent’s right to initiate and complete a judicial or non-judicial foreclosure under this Deed of Trust. This Deed of Trust evidences the consensual granting of a personal property security interest in any reserves as permitted by the Uniform Commercial Code; the parties do not intend that the exercise by Agent of any of its rights or remedies hereunder shall have any different consequences under Section 726 than the exercise of rights or remedies under any other security agreement under which a secured party has been granted a security interest in other types of personal property.
Appears in 1 contract
Security Agreement. (a) This Security Instrument is Deed of Trust constitutes both a real property mortgage or deed of trust and a "“security agreement" ,” within the meaning of the Uniform Commercial Code. The Texas UCC, and the Trust Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower the Grantor in the Trust Property. By The Grantor by executing and delivering this Security Instrument, Borrower hereby grants Deed of Trust has granted to Lenderthe Beneficiary, as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")UCC Collateral. If an Event of Default shall occur and be continuinghereunder, Lenderthe Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeTexas UCC, including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Lender the Beneficiary may deem necessary for the care, protection and preservation of the UCC Collateral. Upon request or demand of Lender after the occurrence and during Beneficiary, the continuance of an Event of Default, Borrower shall, Grantor shall at its expense, expense assemble the UCC Collateral and make it available to Lender the Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to Lenderthe Beneficiary. Borrower The Grantor shall pay to Lender the Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender the Beneficiary in protecting its interest in the UCC Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultUCC Collateral. Any notice of sale, disposition or other intended action by Lender the Beneficiary with respect to the UCC Collateral sent to Borrower the Grantor in accordance with the provisions hereof of this Deed of Trust at least ten (10) business days prior to the date of any such sale, disposition or other action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrowerthe Grantor, and the method of sale or disposition or other intended action set forth or specified in such notice shall conclusively be deemed to be commercially reasonable within the meaning of the Texas UCC unless objected to in writing by the Grantor within five (5) days after receipt by the Grantor of such notice. The proceeds of any sale or disposition of the UCC Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender the Beneficiary to the payment of the Debt Obligations in such order, priority and proportions as Lender the Beneficiary in its discretion shall deem proper. Borrower's (Debtor's) principal place If any change shall occur in the Grantor’s name, the Grantor shall promptly cause to be filed at its own expense, new financing statements as required under the Texas UCC to replace those on file in favor of business is as set forth on page one hereof the Beneficiary. Conflicts between this Paragraph 28 and any provision of the Security Agreement of even date herewith between the Grantor and the address Beneficiary shall be resolved in favor of Lender the Security Agreement.
(Secured Partyb) Certain of the UCC Collateral is or will become “fixtures” (as set forth on page one hereofthat term is defined in the UCC), and when this Deed of Trust is filed for record in the real estate records of the county where such fixtures are situated, it shall also automatically operate as a financing statement upon such of the UCC Collateral which is or may become fixtures.
Appears in 1 contract
Sources: Deed of Trust (Smith & Wollensky Restaurant Group Inc)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within To the meaning of extent that the Uniform Commercial Code. The Mortgaged Property constitutes or includes both real and personal property and all other rights and interests, whether tangible or intangible in naturepersonal property, including goods or items of Borrower in personal property which are or are to become fixtures under applicable law, the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment therein and the Personal Property to the full extent that the Fixtures, the Equipment this Mortgage shall also be construed as a pledge and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the Uniform Commercial CodeUCC; and, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after upon the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available Mortgagee shall be entitled to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder exercise with respect to such tangible or intangible personal property all remedies available under the Collateral after UCC and all other remedies available under applicable law. Without limiting the foregoing, upon the occurrence and during the continuance continuation of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to any personal property may, at the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, mayMortgagee's option and, except as otherwise required by applicable law, without the giving of notice, (i) be applied by Lender sold hereunder, (ii) be sold pursuant to the payment UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the personal property and make it available to the Mortgagee at a place to be designated by the Mortgagee. At any time and from time to time upon the occurrence and continuance of an Event of Default, the Mortgagee shall be the attorney-in-fact of the Debt Mortgagor with respect to any and all matters pertaining to the personal property with full power and authority to give instructions with respect to the collection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Mortgagor and to execute on behalf of the Mortgagor and in Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and agrees that a disposition of the personal property in accordance with the Mortgagee's rights and remedies in respect to the other Mortgaged Property as heretofore provided is a commercially reasonable disposition thereof. Notwithstanding the foregoing, to the extent that the Mortgaged Property includes personal property (that is not a fixture or otherwise become real property under applicable law) covered by the Security Agreement, the provisions of the Security Agreement shall govern with respect to such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofpersonal property.
Appears in 1 contract
Sources: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Polaroid Corp)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within To the meaning extent of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible Collateral or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the FixturesMortgaged Property includes items of personal property which are or are to become fixtures under Applicable Law, the Equipment and the Personal Property may this Mortgage shall also be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to construed as a secured party upon default security agreement under the Uniform Commercial Code; and, includingif an Event of Default has occurred and is continuing, without the Mortgagee shall be entitled with respect to such Collateral and personal property to all remedies hereunder and under the Security Agreement, all remedies available under the Uniform Commercial Code with respect to fixtures and all other remedies available under Applicable Law. To the extent that the Collateral includes Equipment and other items of personal property which are not fixtures under Applicable Law, this Mortgage shall also be construed as a security agreement under the Uniform Commercial Code; and if an Event of Default has occurred and is continuing, the Mortgagee shall be entitled with respect to such Collateral to all remedies hereunder and under the Security Agreement, all remedies available under the Uniform Commercial Code and all other remedies available under Applicable Law. Without limiting the generality of the foregoing, any Collateral may, at the right to take possession of the Collateral or any part thereofMortgagee's option, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultDefault (i) be sold hereunder together with any sale of the Property or otherwise, Borrower shall(ii) be sold pursuant to the Uniform Commercial Code, at its expense, or (iii) be dealt with by the Mortgagee in any other manner permitted under Applicable Law. The Mortgagee may require the Mortgagor to assemble the Collateral and make it available to Lender the Mortgagee at a convenient place (at to be designated by the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and Mortgagee during the continuance of an Event of Default. Any notice If an Event of saleDefault has occurred and is continuing, disposition or other intended action by Lender the Mortgagee shall be the attorney-in-fact of the Mortgagor with respect to any and all matters pertaining to the Collateral with full power and authority to give instructions with respect to the collection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Mortgagor and to execute on behalf of the Mortgagor and in the Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagee may, at its option, appoint any other Person as the agent of the Mortgagee for the purpose of disposition of the Collateral sent to Borrower in accordance with the Uniform Commercial Code. Notwithstanding the foregoing, to the extent that the Mortgaged Property includes personal property covered by the Security Agreement or any other Security Document, the provisions hereof at least ten (10) business days prior of the Security Agreement or such other Security Document shall govern with respect to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofpersonal property.
Appears in 1 contract
Security Agreement. (a) This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Trust Property. By Borrower by executing and delivering this Security Instrument, Borrower Deed of Trust has granted and hereby grants to LenderLender and Trustee, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Trust Property may be subject to the Uniform Commercial Code (said portion of the Trust Property so subject to the Uniform Commercial Code being called in this paragraph the "“COLLATERAL"”). This Deed of Trust shall also constitute a “fixture filing” for the purposes of the Uniform Commercial Code. As such, this Deed of Trust covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Deed of Trust.
(b) If an Event of Default shall occur occur, Lender and be continuing, LenderTrustee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender or Trustee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Defaultor Trustee, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender and Trustee at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender and Trustee on demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' feesdisbursements, incurred or paid by Lender and Trustee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender and Trustee with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its sole discretion shall deem proper. In the event of any change in name, identity or structure of Borrower's , Borrower shall notify Lender and Trustee thereof and promptly after request shall execute (Debtor's) principal place if necessary), file and record such Uniform Commercial Code forms as are necessary to maintain the priority of business is Lender’s lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Borrower shall, promptly after request, execute (if necessary), file and record such Uniform Commercial Code forms or continuation statements as set forth Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Borrower’s obligations under the Note, this Deed of Trust and any of the other Loan Documents. Borrower hereby irrevocably appoints Lender as its attomey-in-fact, coupled with an interest, to file with the appropriate public office on page one hereof and its behalf any financing or other statements signed only by Lender, as secured party, in connection with the address Collateral covered by this Deed of Lender (Secured Party) is as set forth on page one hereofTrust.
Appears in 1 contract
Security Agreement. This Security Instrument Agreement is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Mortgaged Property. By executing and delivering this Security InstrumentAgreement, Borrower has granted and hereby grants to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said such portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this Section the "COLLATERALCollateral"). Borrower hereby agrees with Lender to execute and deliver to Lender, in form and substance satisfactory to Lender, such financing statements and such further assurances as Lender may from time to time, reasonably consider necessary to create, perfect or preserve Lender's security interest therein granted. The Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgaged Property. Borrower shall pay to Lender on demand any and all reasonable out-of-pocket expenses, including Lender's reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business 10 days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. In the event of any change in name, identity or structure of any Borrower, such Borrower shall notify Lender thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Lender's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Borrower shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Borrower's (Debtor's) principal place of business is as set forth on page one hereof obligations under the Note, the Mortgage, this Agreement, the Assignment, the Environmental Agreement and the address of other Loan Documents. Borrower hereby irrevocably appoints Lender (Secured Party) is as set forth its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereofits behalf any financing or other statements signed only by Lender, as secured party, in connection with the Collateral covered by the Mortgage.
Appears in 1 contract
Sources: Loan Agreement (Lodgian Inc)
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Kansas Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Mortgaged Property. By Mortgagor by executing and delivering this Security Instrument, Borrower Mortgage has granted and hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined)Indebtedness, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this Section the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuingoccurs, LenderMortgagee, in addition to any other rights and remedies which that it may have, shall will have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection protection, and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultMortgagee, Borrower shall, Mortgagor at its expense, expense assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower shall Mortgagor will pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after to the occurrence and during the continuance of an Event of Defaultfull extent allowed by law. Any notice of sale, disposition disposition, or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, will constitute commercially reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Mortgagee to the payment of the Debt Indebtedness in such priority and proportions as Lender Mortgagee in its discretion shall deem deems proper. Borrower's (Debtor's) principal place The addresses of business is as set forth on page one hereof Mortgagor and the address Mortgagee are provided in Section 8.13 of Lender (Secured Party) is as set forth on page one hereofthis Mortgage.
Appears in 1 contract
Sources: Mortgage and Security Agreement
Security Agreement. This Security Instrument Deed constitutes a security agreement between Grantor and Grantee with respect to the Collateral in which Grantee is both granted a real property deed security interest hereunder, and, cumulative of trust all other rights and a "security agreement" within the meaning remedies of Grantee hereunder, Grantee shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. The Property includes both real Grantor hereby agrees to execute and personal property deliver on demand and all hereby irrevocably constitutes and appoints Grantee the attorney-in-fact of Grantor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other rights and interestsinstruments as Grantee may request or require in order to impose, whether tangible perfect or intangible in nature, continue the perfection of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a lien or security interest in the Fixtures, the Equipment created hereby. Except with respect to Rents and the Personal Property Profits to the full extent that the Fixtures, the Equipment and the Personal Property may be subject specifically provided herein to the Uniform Commercial Code (said portion contrary, Grantee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property so subject and Grantor shall promptly deliver the same to Grantee, endorsed to Grantee, without further notice from Grantee. Grantor agrees to furnish Grantee with notice of any change in the Uniform Commercial Code being called name, identity, organizational structure, residence, or principal place of business or mailing address of Grantor within ten (10) days of the "COLLATERAL")effective date of any such change. If an Upon the occurrence of any Event of Default Default, Grantee shall occur and be continuing, Lender, in addition to any other have the rights and remedies which it may haveas prescribed in this Security Deed, shall have and may exercise immediately and without demandor as prescribed by general law, or as prescribed by any and all rights and remedies granted to a secured party upon default under the applicable Uniform Commercial Code, all at Grantee's election. Any disposition of the Collateral may be conducted by an employee or agent of Grantee. Any person, including both Grantor and Grantee, shall be eligible to purchase any part or all of the Collateral at any such disposition. xpenses of retaking, holding, preparing for sale, selling or the like (including, without limiting limitation, Grantee's attorneys' fees and legal expenses), together with interest thereon at the generality Default Interest Rate from the date incurred by Grantee until actually paid by Grantor, shall be paid by Grantor on demand and shall be secured by this Security Deed and by all of the foregoing, other Loan Documents securing all or any part of the indebtedness evidenced by the Note. Grantee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of of, assemble and collect the Collateral same or any part thereofto render it unusable, and to take such other measures as Lender may deem necessary for the careor Grantor, protection and preservation of the Collateral. Upon request or upon demand of Lender after the occurrence and during the continuance of an Event of DefaultGrantee, Borrower shall, at its expense, shall assemble the Collateral such property and make it available to Lender at a convenient place (Grantee at the Land if tangible property) Real Estate, a place which is hereby deemed to be reasonably acceptable convenient to LenderGrantee and Grantor. Borrower Grantee shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof give Grantor at least ten (10) business days days' prior written notice of the time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such actionnotice is sent to Grantor, shallas the same is provided for the mailing of notices herein, except as otherwise provided by applicable law, constitute it is hereby deemed that such notice shall be and is reasonable notice to BorrowerGrantor. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Grantee pursuant to an applicable Uniform Commercial Code:
(a) In the event of a foreclosure sale, the Property may, at the option of Grantee, be sold as a whole; and
(b) It shall not be necessary that Grantee take possession of the aforementioned Collateral, or any part thereof, mayprior to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that said Collateral, except as otherwise required by applicable lawor any part thereof, be applied present at the location of such sale; and
(c) Grantee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender to Grantee, including the payment sending of notices and the conduct of the Debt sale, but in such priority the name and proportions as Lender in its discretion shall deem properon behalf of Grantee. Borrower's (Debtor's) principal place of business is as set forth on page one hereof The name and the address of Lender Grantor (as Debtor under any applicable Uniform Commercial Code) are: ▇▇▇▇▇ Cove Apartments LLC c/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, CFO ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, 2{nd} Floor Augusta, Georgia 30901 The name and address of Grantee (as Secured PartyParty under any applicable Uniform Commercial Code) is as set forth on page one hereof.are: First Union National Bank One First Union Center, DC6 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Appears in 1 contract
Sources: Deed to Secure Debt and Security Agreement (Merry Land Properties Inc)
Security Agreement. This Security Instrument is both a real property deed In order to secure the payment and performance of trust and a "security agreement" within the meaning all of the Uniform Commercial Code. The Property includes both real and personal property Lessee’s obligations under this Lease and all other rights and interestsdocuments contemplated under this Lease, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Lessee hereby grants to LenderLessor a first priority security interest in and lien upon, (a) all trade fixtures, equipment, furniture, merchandise, inventory and other personal property located from time to time in or upon the Leased Premises (including the proceeds thereof), and (b) to the fullest extent permitted by applicable law, all accounts, accounts receivable, licenses, certifications, certificates, accreditations, approvals, permits, variances, waivers, provider agreements, certificates of need, and other authorizations issued to or held by Lessee with respect to the operation of the Facility as a rehabilitation hospital, psychiatric hospital, or skilled nursing facility and Lessee’s interest in and rights under all third party payor provider agreements with respect to the Facility (the items listed in clauses (a) and (b), together with the proceeds of same, are hereinafter referred to, collectively, as the “Collateral”) to secure the performance of all of Lessee’s obligations under this Lease. The security interest granted to Lessor with respect to Lessee’s personal property is intended to and shall be subordinate to any purchase money security interest or capital lease on any of Lessee’s personal property provided that Lessee has notified Lessor of the creation of such security interest or capital lease prior to the creation thereof and Lessor has approved same. Lessor and Lessee acknowledge that Lessor’s rights under this Lease, including, but not limited to, this Section [__] have been or will be assigned to the HUD Mortgagee and/or HUD as security for the Obligations HUD Loan. Should any Mortgagee, the HUD Mortgagee, or HUD (hereinafter defined)collectively, a “HUD Secured Party”) require either that the security interest in the FixturesCollateral hereby granted to Lessor be granted directly to such HUD Secured Party, or that Lessor subordinate the priority of its security interest in the Collateral, the Equipment Lessor and Lessee shall promptly execute and deliver such documents as such HUD Secured Party may require to either (i) subordinate Lessor’s lien in the Collateral to the first priority security interest of the HUD Secured Party in the Collateral, or (ii) confirm the direct grant by Lessee of a first priority security interest in the Collateral to the HUD Secured Party. Upon a Lease default by Lessee, Lessor shall have all the rights and remedies of a secured party under the laws of the state where the Collateral is located. Lessee, as debtor, shall cause to be executed (if appropriate or necessary) and delivered to Lessor, as the secured party, upon execution of this Lease by Lessee, UCC‑1 Financing Statements in proper form, and thereafter, from time to time, execute and deliver to Lessor such extensions and/or updates of such financing statements as are required for the purpose of perfecting and maintaining the priority of the security interest granted to Lessor herein, and to perform any other acts reasonably necessary to the perfection of such security interest. Lessee consents to Lessor’s preparation of and the Personal Property to the full extent filing of such financing statements by Lessor and agrees that the Fixtures, provisions of this Section shall constitute a security agreement for the Equipment and the Personal Property may purposes contemplated hereby. The security interest granted by this Section shall be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other lien of Lessor that may now or at any time hereafter be provided by law. In the event Lessor exercises its remedies to foreclose the security interest created under this Section [__] or elsewhere in this Lease, Lessee shall cooperate with Lessor in transferring all of the aforementioned items promptly as requested by Lessor in Lessor’s or its designee’s name or for the benefit of Lessor. This Section and Lessor’s rights and remedies which it may have, hereunder shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under survive the Uniform Commercial Code, including, without limiting the generality termination of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofLease.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur and shall be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence following and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 1 contract
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower Grantor has granted and hereby grants to LenderBeneficiary, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said such portion of the Property so subject to the Uniform Commercial Code being called in this Section the "COLLATERALCollateral"). Grantor represents, warrants and covenants that it has not previously granted, and it shall not in the future grant, any security interests under Article 9 of the Uniform Commercial Code in any of the Collateral. G▇▇▇▇▇▇ hereby agrees with Beneficiary to execute and deliver to Beneficiary, in form and substance satisfactory to Beneficiary, such financing statements and such further assurances as Beneficiary may from time to time reasonably consider necessary to create, perfect or preserve Beneficiary's security interest herein granted. This Deed of Trust shall also be effective as a financing statement covering any other property and may be filed in any other appropriate filing or recording office. This Deed of Trust shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Property are or are to become fixtures. If an Event of Default shall occur and be continuingoccur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Grantor shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (Beneficiary at the Land if tangible property) reasonably acceptable to LenderLand. Borrower Grantor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and Beneficiary's attorneys' fees, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. BorrowerIn the event of any change in name, identity or structure of any Grantor, such Grantor shall notify Beneficiary thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Beneficiary's (Debtor's) principal place lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Beneficiary shall require the filing or recording of business is additional Uniform Commercial Code forms or continuation statements, Grantor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as set forth on page one hereof Beneficiary shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Grantor's obligations under the Note, this Deed of Trust and the address other Loan Documents. Grantor hereby irrevocably appoints Beneficiary as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Beneficiary, as secured party, in connection with the Collateral covered by this Deed of Lender (Secured Party) is as set forth on page one hereofTrust.
Appears in 1 contract
Sources: Deed of Trust (Equity Inns Inc)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Individual Borrower in the Property. By executing and delivering this Security Instrument, Individual Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, thereof and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Individual Borrower shall, at its expense, use commercially reasonable efforts to assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Individual Borrower shall pay to Lender on demand any and all reasonable out-of-pocket expenses, including reasonable legal expenses and attorneys' ’ fees, actually incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Individual Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Individual Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Individual Borrower's ’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. This Security Instrument Agreement is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Mortgaged Property. By executing and delivering this Security InstrumentAgreement, Borrower hereby has granted and thereby grants to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said such portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this Section the "COLLATERALCollateral"). Borrower hereby agrees with Lender to execute and deliver to Lender, in form and substance satisfactory to Lender, such financing statements and such further assurances as Lender may from time to time, reasonably consider necessary to create, perfect or preserve Lender's security interest therein granted. The Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. If an Event of Default shall occur and be continuingoccur, Lender, in addition to any other rights and remedies which it they may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, thereat and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. If Lender retains counsel to enforce its rights hereunder and Lender prevails in such action, Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and Lender's attorneys' fees, incurred or paid by Lender in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business 10 days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. In the event of any change in name. identity or structure of any Borrower, such Borrower shall notice Lender thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Lender's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Borrower shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Borrower's (Debtor's) principal place of business is as set forth on page one hereof obligations under the Note, the Mortgage, this Agreement, the Assignment, the Environmental Agreement and the address of other Loan Documents. Borrower hereby irrevocably appoints Lender (Secured Party) is as set forth its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereofits behalf any financing or other statements signed only by Lender, as secured party, in connection with the Collateral covered by the Mortgage.
Appears in 1 contract
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Agent (for the benefit of Lender), as security for the Obligations (as such term is hereinafter defined), a security interest in the Fixtures, the Equipment Equipment, the Personal Property and the Personal other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, LenderAgent, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Agent after the occurrence and during the continuance of an Event of Default, Borrower shall, at its sole cost and expense, assemble the Collateral and make it available to Lender Agent at a convenient place (at the Land if tangible property) reasonably acceptable to LenderAgent. Borrower shall pay to Lender Agent (for the benefit of Lender) on demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' feescosts, incurred or paid by Agent or Lender in protecting its their interest in the Collateral and in enforcing its their rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender Agent to the payment of the Debt in such priority and proportions as Lender Agent in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address of Lender Agent (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Open End Mortgage and Security Agreement (Inland Western Retail Real Estate Trust Inc)
Security Agreement. (a) This Security Instrument Mortgage is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Mortgaged Property. By Mortgagor, by executing and delivering this Security InstrumentMortgage, Borrower has granted and hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined)Indebtedness, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this paragraph the "COLLATERALCollateral"). This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. As such, this Mortgage covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Mortgage.
(b) If an Event of Default shall occur and be continuingoccur, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultMortgagee, Borrower shall, Buffalo China shall at its expense, expense assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Buffalo China shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' feesfees and disbursements, incurred or paid by Lender Mortgagee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerBuffalo China. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, shall be applied by Lender Mortgagee to the payment of the Debt Indebtedness in such manner as may be provided in the Collateral Agency Agreement. In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and proportions security interest in the Collateral, and Buffalo China shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, at Buffalo China's expense, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Lender in its discretion Mortgagee shall deem propernecessary, and Buffalo China shall pay all expenses and fees in connection with the filing and recording thereof. Borrower's (Debtor's) principal place of business is Mortgagor hereby irrevocably appoints Mortgagee as set forth its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereof and its behalf any financing or other statements signed only by Mortgagee, as secured party, in connection with the address of Lender (Secured Party) is as set forth on page one hereofCollateral covered by this Mortgage.
Appears in 1 contract
Sources: Mortgage, Assignment of Leases and Rents, and Security Agreement (Oneida LTD)
Security Agreement. This Security Instrument Deed of Trust is both a mortgage of real property deed and a grant of trust a security interest in personal property, and shall constitute and serve as a "Security Agreement" and a "security agreementfixture filing" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower uniform commercial code as adopted in the Propertystate wherein the Premises are located ("UCC"). By executing and delivering this Security Instrument, Borrower Grantor has hereby grants to Lender, as security for the Obligations (hereinafter defined), granted unto Beneficiary a security interest in and to all the FixturesTrust Property described in this Deed of Trust that is not real property as further security for the payment and performance of the Mortgaged Obligations, and this Deed of Trust shall constitute a financing statement under the Equipment UCC, with Grantor as the "debtor" and Beneficiary as the Personal Property "secured party". Simultaneously with the recording of this Deed of Trust, Grantor has filed or will file UCC financing statements, and will file continuation statements prior to the full extent lapse thereof, at the appropriate offices to perfect the security interest granted by this Deed of Trust in all the Trust Property that the Fixturesis not real property. Grantor hereby appoints Beneficiary as its true and lawful attorney-in-fact and agent, the Equipment for Grantor and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur in its name, place and be continuing, Lenderstead, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights capacities, to execute any document and remedies granted to a secured party upon default under file the Uniform Commercial Code, including, without limiting same in the generality of appropriate offices to perfect the foregoing, security interest contemplated by the right preceding sentence (to take possession of the Collateral or any part thereofextent it may lawfully do so), and to take such other measures as Lender may deem perform each and every act and thing reasonably requisite and necessary for to be done to perfect the care, protection and preservation of security interest contemplated by the Collateralpreceding sentence. Upon request or demand of Lender after Prior to the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble Beneficiary shall provide Grantor with the Collateral and make it available reasonable ability to Lender at a convenient place (at take the Land if tangible property) reasonably acceptable actions required by the previous sentence before acting pursuant to Lenderthe power of attorney granted pursuant hereto. Borrower Beneficiary shall pay to Lender on demand any and have all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition part of the CollateralTrust Property that is the subject of a security interest afforded by the UCC in addition to, or any part thereofbut not in limitation of, may, except as otherwise required by applicable law, be applied by Lender to the payment of other rights afforded Beneficiary hereunder and under the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofSecurity Agreement.
Appears in 1 contract
Sources: Deed of Trust (Dirsamex Sa De Cv)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), Deed constitutes a security interest in agreement under the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the applicable Uniform Commercial Code (said portion with respect to the Chattels and such other of the Mortgaged Property so subject which is personal property. In addition to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon Beneficiary's request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, Grantor shall promptly and at its expense, expense assemble the Collateral Chattels and such other personal property and make it the same available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Grantor, after an Event of Default, shall pay to Lender Beneficiary on demand demand, with interest at the Default Rate, any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral Chattels and such other personal property and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Defaultthereto. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral Chattels and such other personal property sent to Borrower Grantor in accordance with the provisions hereof at least ten five (105) business days prior to such action, shall, except as otherwise provided by applicable law, action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateralsuch sale or disposition, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt indebtedness secured hereby in such priority order and proportions as Lender Beneficiary in its discretion shall deem properappropriate. Borrower's (Debtor's) principal To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels at the same time and place of business is as and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth on page one hereof in Article II, Section 2.01, III or IV, of this Deed. In this connection, Grantor agrees that the sale may be conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the address of Lender (Secured Party) is Chattels or any part thereof, may be sold separately or together; and that in the event the Premises and the Chattels or any part thereof are sold together, Beneficiary will not be obligated to allocate the consideration received as set forth on page one hereofbetween the Premises and the Chattels.
Appears in 1 contract
Security Agreement. This Security Instrument Deed of Trust is both a real property deed Deed of trust Trust and a "“security agreement" ” within the meaning of the Uniform Commercial CodeCode of the State. The Secured Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Secured Property. By Grantor, by executing and delivering this Security Instrument, Borrower hereby Deed of Trust grants to LenderBeneficiary and Trustee (to the extent provided herein), as security for the Obligations (hereinafter defined)Obligations, a security interest in the Fixtures, the Equipment and the Personal Secured Property to the full extent that the Fixtures, the Equipment and the Personal Secured Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL")Code. If an Event of Default shall occur and be continuingoccur, LenderBeneficiary and/or Trustee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to sell the Personal Property at public or private sale, the right to take possession of the Collateral Personal Property or any part thereof, and to take such other measures as Lender Beneficiary and/or Trustee may deem necessary for the care, protection and preservation of the CollateralPersonal Property. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary and/or Trustee, Borrower shall, Grantor shall at its expense, expense assemble the Collateral Personal Property and make it available to Lender Beneficiary and/or Trustee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary and/or Trustee. Borrower Grantor shall pay to Lender Beneficiary and Trustee on demand any and all expenses, including reasonable legal expenses and attorneys' fees’ fees and disbursements, incurred or paid by Lender Beneficiary and Trustee in protecting its interest in the Collateral Personal Property and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultPersonal Property. Any notice of sale, disposition or other intended action by Lender Beneficiary and/or Trustee with respect to the Collateral Personal Property sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) business days prior to such actionsale, shall, except as otherwise provided by applicable law, disposition or action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the CollateralPersonal Property, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt Obligations in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. Borrower's (Debtor's) principal place WCSR 31792892 62 Deed of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.Trust Loan No. 374-0551
Appears in 1 contract
Security Agreement. This Security Instrument is Mortgage constitutes both a real property deed of trust mortgage and a "security agreement," within the meaning of the Uniform Commercial Code. The Property UCC, and the Collateral includes both real and personal property any and all other rights and interests, whether tangible or intangible in nature, of Borrower each Mortgagor in the PropertyCollateral. By Information relative to the security interest created hereby may be obtained by application to Mortgagee at the address provided in the introductory clause. Each Mortgagor, by executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, has granted as security for the Secured Obligations (hereinafter defined), a lien on and security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion such of the Property so subject to Collateral as is governed by the Uniform Commercial Code being called the "COLLATERAL")UCC in favor of Mortgagee. If an During a Trigger Event of Default shall occur and be continuingPeriod, LenderMortgagee, in addition to any other rights and remedies which that it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party Mortgagee upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of such of the Collateral as is governed by the UCC or any part thereofthereof and such other rights specified in Section 21(a)(ii)(C), and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateralthereof. Upon request or demand of Lender after Mortgagee, the occurrence and during the continuance of an Event of Default, Borrower shall, Company shall at its expense, expense assemble such of the Collateral as is governed by the UCC and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender Mortgagee on demand and shall reimburse Mortgagee for any and all expensesexpense, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender Mortgagee in protecting its interest in such of the Collateral as is governed by the UCC and in enforcing its the rights granted hereunder with respect to such of the Collateral after as is governed by the occurrence and during the continuance of an Event of DefaultUCC. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to such of the Collateral as is governed by the UCC sent to Borrower either Mortgagor in accordance with the provisions hereof of this Mortgage at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, action shall constitute reasonable notice to Borrowersuch Mortgagor. Any method of sale or disposition or other intended action in accordance with the UCC shall conclusively be deemed to be commercially reasonable within the meaning of the UCC unless objected to in writing by either the Company or the IDB within ten (10) days after receipt by such Mortgagor of such notice. The proceeds of any sale or disposition of such of the CollateralCollateral as is governed by the UCC, or any part thereof, may, except as otherwise required by applicable law, shall be applied by Lender Mortgagee to the payment of the Debt Secured Obligations in such order, priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page in Article VI of the Intercreditor Agreement. Notwithstanding anything contained in this Section 16 to the contrary, with respect to any Collateral that is also defined as "Collateral" under the Security Agreement, Mortgagee hereby reserves, and Mortgagee shall be entitled to exercise, each of its rights, powers and remedies under the Security Agreement with respect to such Collateral. At the request of Mortgagee upon advice of counsel, each Mortgagor will execute one hereof or more Financing Statements and renewals and amendments thereof pursuant to the UCC of any jurisdiction deemed applicable by Mortgagee in form satisfactory to Mortgagee, and the address Company will pay the cost of Lender filing the same in all public offices wherever filing is deemed by Mortgagee to be necessary or desirable. The Company covenants to execute and deliver Mortgagee, upon demand, such additional assurances, writings and other instruments as may be reasonably required by Mortgagee to effect the purpose hereof or to perfect the interest of Mortgagee in any security hereby given, including a copy of any opinion it may deliver to the Indenture Trustee in connection with the Indenture and a reliance letter addressed to it in connection therewith. Each Mortgagor hereby appoints (such appointment being coupled with an interest), until the Secured Party) is Obligations are paid in full, Mortgagee as set forth on page one hereofattorney-in-fact for such Mortgagor and to execute in the name thereof any financing statements or other comparable documents reasonably deemed by Mortgagee to be necessary or desirable to perfect or protect or continue the lien and security interest hereby granted. Each Mortgagor hereby ratifies all that Mortgagee shall do or cause to be done as such Mortgagor's attorney-in-fact consistent with the foregoing.
Appears in 1 contract
Sources: Leasehold Mortgage, Assignment of Leases, Rents, Issues and Profits (Mobile Energy Services Co LLC)
Security Agreement. This The undersigned, in its capacity as a Secured Party, hereby executes and delivers the Security Instrument Agreement to which this signature page is both a real property deed of trust attached and a "security agreement" within agrees to be bound by the meaning Security Agreement on the date set forth on the first page of the Uniform Commercial CodeSecurity Agreement. The Property includes both real This counterpart signature page, together with all counterparts of the Security Agreement and personal property and all signature pages of the other rights and interestsparties named therein, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment shall constitute one and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower same instrument in accordance with the provisions hereof at least ten terms of the Security Agreement. Signature of Authorized Signatory of Secured Party: Name of Authorized Signatory: Title of Authorized Signatory: Email Address of Authorized Signatory: Facsimile Number of Authorized Signatory: State of Incorporation of Secured Party: Address for Notice to Secured Party: the Secured Parties identified therein (10the “Security Agreement”) business days prior Reference is made to the Security Agreement as defined above; capitalized terms used herein and not otherwise defined herein shall have the meanings given to such actionterms in, shallor by reference in, except as otherwise provided by applicable law, constitute reasonable notice to Borrowerthe Security Agreement. The proceeds undersigned hereby agrees that upon delivery of any disposition this Additional Debtor ▇▇▇▇▇▇ to the Secured Parties referred to above, the undersigned shall (a) be an Additional Debtor under the Security Agreement, (b) have all the rights and obligations of the Collateral, or any part thereof, may, except Debtors under the Security Agreement as otherwise required by applicable law, be applied by Lender fully and to the payment same extent as if the undersigned was an original signatory thereto and (c) be deemed to have made the representations and warranties set forth therein as of the Debt in date of execution and delivery of this Additional Debtor Joinder (except to the extent such priority representation or warranty specifically refers to an earlier date). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, THE UNDERSIGNED SPECIFICALLY GRANTS TO THE SECURED PARTIES A SECURITY INTEREST IN THE COLLATERAL AS MORE FULLY SET FORTH IN THE SECURITY AGREEMENT AND ACKNOWLEDGES AND AGREES TO THE WAIVER OF JURY TRIAL PROVISIONS SET FORTH THEREIN. Attached hereto are supplemental and/or replacement Schedules to the Security Agreement, as applicable. Attached hereto is an original Subsidiary Guaranty executed by the undersigned and proportions as Lender in its discretion delivered herewith. An executed copy of this Additional Debtor ▇▇▇▇▇▇▇ shall deem proper. Borrower's (Debtor's) principal place of business is as be delivered to the Secured Parties, and the Secured Parties may rely on the matters set forth herein on page one hereof and or after the address date hereof. This Additional Debtor Joinder shall not be modified, amended or terminated without the prior written consent of Lender (the Secured Party) is as set forth on page one hereofParties.
Appears in 1 contract
Sources: Security Agreement (Momentus Inc.)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within To the meaning of extent that the Uniform Commercial Code. The Mortgaged Property constitutes or includes both real and personal property and all other rights and interests, whether tangible or intangible in naturepersonal property, including goods or items of Borrower in personal property which are or are to become fixtures under applicable law, the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment therein and the Personal Property to the full extent that the Fixtures, the Equipment this Mortgage shall also be construed as a pledge and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the Uniform Commercial CodeLocal UCC; and, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after upon the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available Mortgagee shall be entitled to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder exercise with respect to such tangible or intangible personal property all remedies available under the Collateral after Local UCC and all other remedies available under applicable law. Without limiting the foregoing, upon the occurrence and during the continuance continuation of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to any personal property may, at the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, mayMortgagee's option and, except as otherwise required by applicable law, without the giving of notice, (i) be applied by Lender sold hereunder, (ii) be sold pursuant to the payment Local UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the personal property and make it available to the Mortgagee at a place to be designated by the Mortgagee. At any time and from time to time upon the occurrence and continuance of an Event of Default, the Mortgagee shall be the attorney-in-fact of the Debt Mortgagor with respect to any and all matters pertaining to the personal property with full power and authority to give instructions with respect to the collection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Mortgagor and to execute on behalf of the Mortgagor and in Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and agrees that a disposition of the personal property in accordance with the Mortgagee's rights and remedies in respect to the Property as heretofore provided is a commercially reasonable disposition thereof. Notwithstanding the foregoing, to the extent that the Mortgaged Property includes personal property covered by the Security Agreement the provisions of the Security Agreement shall govern with respect to such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofpersonal property.
Appears in 1 contract
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage ------------------ and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Mortgaged Property. By Mortgagor by executing and delivering this Security Instrument, Borrower Mortgage has granted and hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Mortgaged Property to the full extent that the Fixtures, the Equipment and the Personal Mortgaged Property may be subject to the Uniform Commercial Code (said portion of the Mortgaged Property so subject to the Uniform Commercial Code being called in this paragraph 27 the "COLLATERALCollateral"). ---------- If an Event of Default shall occur and be continuingoccur, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon the request or demand of Lender after the occurrence and during the continuance of an Event of DefaultMortgagee, Borrower shall, Mortgagor shall at its expense, expense assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and reasonable attorneys' fees, incurred or paid by Lender Mortgagee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Assignment of Leases and Rents (Afc Enterprises Inc)
Security Agreement. This Security Instrument is Deed of Trust constitutes both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Code of the State of California and the Trust Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. By Trustor, by executing and delivering this Security InstrumentDeed of Trust, Borrower hereby grants has granted to LenderBeneficiary, as security for the Obligations (hereinafter defined)Obligations, a security interest in such of the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to as is governed by the Uniform Commercial Code (said portion Code. Upon the occurrence and continuation of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuinghereunder, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have has and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, Code including, without limiting the generality of the foregoing, the right to take possession of such of the Collateral Trust Property as is governed by the Uniform Commercial Code personally, through an agent or any part thereofby means of a court-appointed receiver, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of such part of the CollateralTrust Property. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultBeneficiary, Borrower shall, Trustor will at its expense, expense assemble such of the Collateral Trust Property as is governed by the Uniform Commercial Code and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower shall Trustor will pay or arrange to Lender be paid to Beneficiary on demand any and all reasonable and documented expenses, including reasonable legal expenses expense and attorneys' fees, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral Trust Property herein granted and in enforcing its rights hereunder with respect to such part of the Collateral after the occurrence and during the continuance of an Event of DefaultTrust Property. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to such part of the Collateral Trust Property sent to Borrower Trustor in accordance with the provisions hereof of this Deed of Trust at least thirty (30) days prior to the date of any such sale, disposition or other action, will constitute reasonable notice to Trustor, and the method of sale or disposition or other intended action set forth or specified in such notice will conclusively be deemed to be commercially reasonable within the meaning of the Uniform Commercial Code unless objected to in writing by Trustor within ten (10) business days prior to after receipt by Trustor of such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofnotice.
Appears in 1 contract
Security Agreement. This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentDeed of Trust, Borrower hereby grants to MERS, as nominee of Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtordebtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Partysecured party) is as set forth on page one hereof. Borrowers organizational ID no. is 3955516.
Appears in 1 contract
Sources: Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
Security Agreement. This Security Instrument Deed constitutes a security agreement between Grantor and Grantee with respect to the Collateral in which Grantee is both granted a real property deed security interest hereunder, and, cumulative of trust all other rights and a "security agreement" within the meaning remedies of Grantee hereunder, Grantee shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. The Property includes both real Grantor hereby agrees to execute and personal property deliver on demand and all hereby irrevocably constitutes and appoints Grantee the attorney-in-fact of Grantor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other rights and interestsinstruments as Grantee may request or require in order to impose, whether tangible perfect or intangible in nature, continue the perfection of Borrower in the Property. By executing and delivering this Security Instrument, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a lien or security interest in the Fixtures, the Equipment created hereby. Except with respect to Rents and the Personal Property Profits to the full extent that the Fixtures, the Equipment and the Personal Property may be subject specifically provided herein to the Uniform Commercial Code (said portion contrary, Grantee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property so subject and Grantor shall promptly deliver the same to Grantee, endorsed to Grantee, without further notice from Grantee. Grantor agrees to furnish Grantee with notice of any change in the Uniform Commercial Code being called name, identity, organizational structure, residence, or principal place of business or mailing address of Grantor within ten (10) days of the "COLLATERAL")effective date of any such change. If an Upon the occurrence of any Event of Default Default, Grantee shall occur and be continuing, Lender, in addition to any other have the rights and remedies which it may haveas prescribed in this Security Deed, shall have and may exercise immediately and without demandor as prescribed by general law, or as prescribed by any and all rights and remedies granted to a secured party upon default under the applicable Uniform Commercial Code, all at Grantee's election. Any disposition of the Collateral may be conducted by an employee or agent of Grantee. Any person, including both Grantor and Grantee, shall be eligible to purchase any part or all of the Collateral at any such disposition. xpenses of retaking, holding, preparing for sale, selling or the like (including, without limiting limitation, Grantee's attorneys' fees and legal expenses), together with interest thereon at the generality Default Interest Rate from the date incurred by Grantee until actually paid by Grantor, shall be paid by Grantor on demand and shall be secured by this Security Deed and by all of the foregoing, other Loan Documents securing all or any part of the indebtedness evidenced by the Note. Grantee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of of, assemble and collect the Collateral same or any part thereofto render it unusable, and to take such other measures as Lender may deem necessary for the careor Grantor, protection and preservation of the Collateral. Upon request or upon demand of Lender after the occurrence and during the continuance of an Event of DefaultGrantee, Borrower shall, at its expense, shall assemble the Collateral such property and make it available to Lender at a convenient place (Grantee at the Land if tangible property) Real Estate, a place which is hereby deemed to be reasonably acceptable convenient to LenderGrantee and Grantor. Borrower Grantee shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof give Grantor at least ten (10) business days days' prior written notice of the time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such actionnotice is sent to Grantor, shallas the same is provided for the mailing of notices herein, except as otherwise provided by applicable law, constitute it is hereby deemed that such notice shall be and is reasonable notice to BorrowerGrantor. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Grantee pursuant to an applicable Uniform Commercial Code:
(a) In the event of a foreclosure sale, the Property may, at the option of Grantee, be sold as a whole; and
(b) It shall not be necessary that Grantee take possession of the aforementioned Collateral, or any part thereof, mayprior to the time that any sale pursuant to the provisions of this Section is conducted and it shall not be necessary that said Collateral, except as otherwise required by applicable lawor any part thereof, be applied present at the location of such sale; and
(c) Grantee may appoint or delegate any one or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender to Grantee, including the payment sending of notices and the conduct of the Debt sale, but in such priority the name and proportions as Lender in its discretion shall deem properon behalf of Grantee. Borrower's (Debtor's) principal place of business is as set forth on page one hereof The name and the address of Lender Grantor (as Debtor under any applicable Uniform Commercial Code) are: Greentree LLC c/o ▇▇▇▇▇▇ ▇. ▇▇▇▇▇, CFO ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, 2{nd} Floor Augusta, Georgia 30901 The name and address of Grantee (as Secured PartyParty under any applicable Uniform Commercial Code) is as set forth on page one hereof.are: First Union National Bank One First Union Center, DC6 ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇
Appears in 1 contract
Sources: Deed to Secure Debt and Security Agreement (Merry Land Properties Inc)
Security Agreement. This Security Instrument is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By Borrower by executing and delivering this Security Instrument, Borrower Instrument has granted and hereby grants to Lender, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said such portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 12 the "COLLATERAL"“Collateral”). This Security Instrument shall also constitute a “fixture filing” for the purposes of the UCC. As such, this Security Instrument covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Security Instrument. If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of DefaultLender, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on within ten (10) days of written demand any and all expenses, including reasonable legal expenses attorneys’ fees and attorneys' feesdisbursements, incurred or paid by Lender in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of DefaultCollateral. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral Collateral, sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its sole discretion shall deem proper. Borrower's (Debtor's) principal In the event of any change in name, identity, structure or place of business is incorporation, organization or formation of Borrower, Borrower shall notify Lender thereof and promptly after request shall file and record such UCC forms as set forth are necessary to maintain the priority of Lender’s lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Lender shall require the filing or recording of additional UCC forms or continuation statements, Borrower shall, promptly after request, file and record such UCC forms or continuation statements as Lender shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Borrower’s obligations under the Loan Documents. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on page one hereof its behalf any financing or other statements naming Lender, as secured party, and Borrower, as debtor, in connection with the address of Lender (Secured Party) is as set forth on page one hereofCollateral covered by this Security Instrument.
Appears in 1 contract
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (Presidential Realty Corp/De/)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property deed of trust mortgage and a "security agreement" within the meaning of the Uniform Commercial CodeUCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Trust Property. By This Deed of Trust is filed as a fixture filing and covers goods which are or are to become fixtures on the Trust Property. Grantor by executing and delivering this Security Instrument, Borrower hereby grants Deed of Trust has granted to LenderBeneficiary, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Trust Property to the full extent that the Fixtures, the Equipment and the Personal Trust Property may be subject to the Uniform Commercial Code UCC of the State in which the Trust Property is located (said portion of the Trust Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"). If an Event of Default shall occur and be continuingoccur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of Beneficiary following an Event of Default, Borrower Grantor shall, at its expense, assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Grantor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff's sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral sent given to Borrower Grantor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the 143 Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Host Funding Inc)
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. By executing and delivering this Security InstrumentMortgage, Borrower Mortgagor hereby grants to LenderMortgagee, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured EXHIBIT G-2 – CBL 4873-9001-7310\2 party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable lawLaws, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable lawLaws, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. Borrower's Mortgagor’s (Debtor'sdebtor’s) principal place of business is as set forth on page one hereof and the address of Lender Mortgagee (Secured Partysecured party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage or deed of trust trust, as applicable, and a "“security agreement" ” within the meaning of the Uniform Commercial CodeUCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument, Borrower hereby grants Instrument has granted to Lender▇▇▇▇▇▇, as security for the Obligations (hereinafter defined)Debt, a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code UCC (said portion of the Property so subject to the Uniform Commercial Code UCC being called in this Section 18.14 the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem reasonably necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender ▇▇▇▇▇▇ in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Except as required by applicable Legal Requirements, any disposition pursuant to the UCC of so much of the Collateral after as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised in the occurrence and during county where the continuance of an Event of DefaultPremises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent given to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business It is as set forth on page one hereof and not necessary that the address of Collateral be present at any disposition thereof. Lender (Secured Party) is as set forth on page one hereofshall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 1 contract
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Maguire Properties Inc)
Security Agreement. This Security Instrument is both a real property deed of trust and a "security agreement" within (a) To the meaning of extent that the Uniform Commercial Code. The Mortgaged Property constitutes or includes both real and personal property and all other rights and interestsequipment, whether tangible including goods or intangible in natureitems of personal property or equipment which are or are to become fixtures under applicable Law, of Borrower in the Property. By executing and delivering this Security Instrument, Borrower Mortgagor hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in therein (and any Proceeds thereof) and this Mortgage shall also be construed as a pledge and a security agreement under the FixturesUCC; and, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If if an Event of Default shall occur has occurred and be is continuing, Lenderthe Mortgagee shall be entitled with respect to such personal property and equipment to all remedies available under the UCC, in addition to any the Security Agreement and all other rights and remedies which it may haveavailable under applicable Law. For purposes of this Article 6, “equipment” shall have and may exercise immediately and without demand, any and all rights and remedies granted the meaning assigned to a secured party upon default under such term in the Uniform Commercial Code, including, without UCC. Without limiting the generality of the foregoing, the right to take possession of the Collateral any personal property or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shallequipment may, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, mayMortgagee’s option and, except as otherwise required by applicable lawLaw, without the giving of notice, (i) be applied by Lender sold hereunder or under the Security Agreement, (ii) be sold pursuant to the payment UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable Law. The Mortgagee may require the Mortgagor to assemble the personal property and make it available to the Mortgagee at a place to be designated by the Mortgagee. If any Event of Default has occurred and is continuing, the Mortgagee shall be the attorney-in-fact of the Debt Mortgagor with respect to any and all matters pertaining to the personal property and equipment (and Proceeds thereof) with full power and authority to give instructions with respect to the collection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Mortgagor and to execute on behalf of the Mortgagor and in Mortgagor’s name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and agrees that a disposition of the personal property in accordance with the Mortgagee’s rights and remedies in respect to the Property as heretofore provided is a commercially reasonable disposition thereof. In the event that any of the Mortgage Property is also subject to a valid and enforceable Lien under the terms of the Security Agreement and the terms of the Security Agreement are inconsistent with the terms of this Mortgage, then with respect to such priority Mortgaged Property, the terms of this Mortgage shall be controlling in case of Fixtures and proportions Leases, and the terms of the Security Agreement shall be controlling in case of all other Collateral.
(b) The Mortgagor hereby authorizes the Mortgagee to file a Record or Records (as Lender defined in the UCC), including, without limitation, financing or continuation statements, and amendments thereto, in all jurisdictions and with all filing offices as the Mortgagee may determine, in its discretion sole discretion, are necessary or advisable to perfect the lien and Security interest granted to the Mortgagee herein without the Mortgagor’s signature appearing thereon. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Mortgagee may determine, in its sole discretion, is necessary, advisable or prudent to ensure the perfection of the Security interest in the collateral granted to the Mortgagee herein, including, without limitation, describing such property as “all fixtures.” The Mortgagor constitutes the Mortgagee its attorney-in-fact to execute and file any filings required or so requested for the foregoing purposes, all acts of such attorney being hereby ratified and confirmed; and such power, being coupled with an interest, shall deem properbe irrevocable until all the Liens granted by the Loan Parties terminate pursuant to the Finance Documents. Borrower's (Debtor's) principal place The Mortgagor shall pay the costs of, or reasonable costs incidental to, any recording or filing of business is as set forth on page one hereof and any financing or continuation statements or other documents recorded or filed pursuant hereto concerning the address of Lender (Secured Party) is as set forth on page one hereofcollateral described herein.
Appears in 1 contract
Sources: Credit Agreement (Lender Processing Services, Inc.)
Security Agreement. This Security Instrument is both Mortgage shall constitute a real property deed of trust and a "security agreement" within the meaning agreement under Article 9 of the Uniform Commercial Code. The Property includes both real UCC in each applicable jurisdiction with respect to the Personal Property, which shall be deemed to include any and all fixtures and personal property included in the description of the Personal Property, now owned or hereafter acquired by Grantor, which might otherwise be deemed “personal property” and all other rights accessions thereto and interests, whether tangible or intangible in nature, of Borrower in the Propertyproceeds thereof. By executing Grantor has granted and delivering this Security Instrument, Borrower does hereby grants to Lender, as security for the Obligations (hereinafter defined), grant Grantee a security interest in the FixturesPersonal Property and in all additions and accessions thereto, renewals and replacements thereof and all substitutions therefor and proceeds thereof for the purpose of securing all Obligations now or hereafter secured by this Mortgage. The following provisions relate to such security interest:
(a) The Personal Property includes all now existing or hereafter acquired or arising equipment, inventory, accounts, chattel paper, instruments, documents, deposit accounts, investment property, letter-of-credit rights, commercial tort claims, supporting obligations and general intangibles now or hereafter used or procured for use in the Collateral or otherwise relating to the Collateral. If Grantor shall at any time acquire a commercial tort claim relating to the Collateral, Grantor shall promptly notify Grantee in a writing signed by Grantor of the brief details thereof and grant to Grantee a security interest therein and in the proceeds thereof.
(b) Grantor hereby irrevocably authorizes Grantee at any time and from time to time to file in any filing office in any UCC jurisdiction any initial financing statements and amendments thereto that (a) indicate the collateral as “all assets used or procured for use or otherwise relating to” the Collateral or words of similar effect, or as being of equal or lesser scope or in greater detail, and to indicate the Collateral as defined, or in a manner consistent with the term as defined, in this Mortgage and (b) contain any other information required by part 5 of Article 9 of the UCC of any such filing office for the sufficiency or filing office acceptance of any initial financing statement or amendment, including whether Grantor is an organization, the Equipment type of organization and the Personal Property any organizational identification number issued to Grantor. Grantor agrees to provide any such information to Grantee promptly upon request. Grantor also ratifies its authorization for Grantee to have filed in any filing office in any UCC jurisdiction any like initial financing statements or amendments thereto if filed prior to the full extent that date hereof. Grantor shall pay to Grantee, from time to time, within the Fixtures, the Equipment and the Personal Property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demandDemand Period, any and all rights costs and remedies granted to a secured party upon default under expenses incurred by Grantee in connection with the Uniform Commercial Codefiling of any such initial financing statements and amendments, including, without limiting including attorneys’ fees and all disbursements. Such costs and expenses shall bear interest at the generality Default Rate from the expiration of the foregoingDemand Period until the date repaid by Grantor, and such costs and expenses, together with such interest, shall be part of the Obligations and shall be secured by this Mortgage.
(c) Grantor shall any time and from time to time take such steps as Grantee may reasonably request for Grantee to obtain “control” of any Personal Property for which control is a permitted or required method to perfect, or to insure priority of, the right to take possession of the Collateral or any part thereof, and to take security interest in such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Personal Property granted herein.
(d) Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, Grantee shall have the rights and remedies of a secured party under the UCC as well as all other rights and remedies available at its expense, assemble law or in equity or under this Mortgage.
(e) It is intended by Grantor and Grantee that this Mortgage be effective as a financing statement filed with the Collateral and make it available to Lender at applicable real estate records as a convenient place (at fixture filing covering the Collateral. A description of the Land if tangible propertywhich relates to the Personal Property is set forth in Exhibit A attached hereto. Grantor is a New York limited liability company with the following organizational identification numbers, issued by the Secretary of State of the State of New York: (i) reasonably acceptable to Lender▇▇▇-▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ - ▇▇-▇▇▇▇▇▇▇; and (ii) ▇▇-▇▇ ▇▇▇▇ ▇▇▇▇▇▇, LLC - ▇▇-▇▇▇▇▇▇▇. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Lender in protecting its interest The Grantor is the record owner of the Land.
(f) Terms defined in the Collateral UCC and not otherwise defined in enforcing its rights hereunder with respect to this Mortgage shall have the Collateral after same meanings in this Article as are set forth in the occurrence UCC. In the event that a term is used in Article 9 of the UCC and during also in another Article of the continuance of an Event of Default. Any notice of saleUCC, disposition or other intended action by Lender with respect to the Collateral sent to Borrower term used in accordance with the provisions hereof at least ten (10) business days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrowerthis Article is that used in Article 9. The proceeds term “control,” as used in this Article, has the meaning given in Sections 9-104, 9-105, 9-106 or 9-107 of any disposition of the CollateralArticle 9, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) principal place of business is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereofapplicable.
Appears in 1 contract
Sources: Mortgage, Security Agreement and Fixture Filing (GTJ REIT, Inc.)
Security Agreement. This Security Instrument Mortgage is both a real property deed of trust mortgage and a "“security agreement" ” within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. By executing and delivering this Security InstrumentMortgage, Borrower hereby grants to Lender, as security for the Obligations (hereinafter defined), a security interest in the Fixtures, the Equipment and Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment and Equipment, the Personal Property and such other property may be subject to the Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "COLLATERAL"“Collateral”). If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys' ’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral sent to Borrower in accordance with the provisions hereof at least ten (10) business days Business Days prior to such action, shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. Borrower's (Debtor's) The principal place of business of Borrower (Debtor) is as set forth on page one hereof and the address of Lender (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Sources: Leasehold Mortgage, Assignment of Rents and Security Agreement