Security property. The term ‘‘security property’’ means the property (real, personal or mixed) or an inter- est in property (including leaseholds, life es- tates, reversionary interests, and any other es- tates under applicable State law), together with fixtures and other interests subject to the lien of the mortgage under applicable State law.
Security property. The Borrower and each Guarantor will maintain and protect all of its Security Property and will not take any action that is reasonably likely to result in the business of the Group not remaining capable of operating in a manner that will enable the Borrower to meet its obligations.
Security property. Each Security Provider will:
Security property. To the extent any of the property encumbered by ----------------- this Mortgage from time to time constitutes personal property subject to the provision of the Uniform Com mercial Code, this Mortgage constitutes a "Security Agreement" for all purposes under the Code; and the recording or filing of this Mortgage with any public officer or agency will have the same effect as recording or filing a "Financing Statement" under the Code. Without limitation, Mortgagee, at its election upon any default under this Mortgage, will have all rights and remedies from time to time available to a secured party under the Code with respect to such property. Notwithstanding the foregoing, Mortgagor and Mortgagee intend and agree that, unless and until Mortgagee elects otherwise, all right, title, and interest of Mortgagor in and to the Mortgaged Property and rents constitutes an interest in real property. Without limitation, the parties intend and agree that the inclusion of the Mortgaged --------- Property, rents, or any rights therein or proceeds thereof, in any such financing statement will not operate to alter Mortgagee's rights under this Mortgage, or otherwise available at law or in equity, or to impair the priority of the lien or security interest granted by this Mortgage.
Security property. (a) (Good repair): Each Obligor will maintain and protect the Security Property and keep the same in a good and tenantable state of repair and in good working order and condition, and will on being required so to do by the Facility Agent promptly rectify every material defect in the repair and condition thereof.
Security property. The Loan will be secured by, among other things, the Security Instrument (as defined below) (a) creating a first lien on the Property, all buildings and other improvements now or hereafter located on the Property, (the "Improvements"), and all fixtures, equipment, furnishings, inventory, machinery and other articles of personal property now or hereafter owned by the Borrower and attached to or contained in and/or used in connection with the Property and the Improvements (the "Tangible Personalty") (the Property, the Improvements and the Tangible Personalty being referred to herein collectively as the "Premises") and (b) an assignment of and security interest in all present and future accounts, general intangibles, instruments, documents and chattel paper now or hereafter affecting or relating to the Premises (the "Intangible Personalty") and all leases and other occupancy or use agreements now or hereafter made or affecting the Premises and all security deposits, rents, issues, profits, revenues and other income of the Premises from time to time accruing therefrom (the "Rents and Profits"), all as more particularly described in the Security Instrument.
Security property. All Security Property, together with any other security that may be pledged or otherwise granted to Lender under the Loan Documents may be referred to as the "
Security property. LLC shall grant to Bank a perfected first lien on the following: (i) “Town Center Fees and Charges” (as that term is defined in the Town Center Declaration for Sun City Center Ft. Xxxxx recorded in Official Records Book 3535, Page 4496 of the Public Records of Xxx County, Florida, as amended; (ii) the real property and improvements on the Pelican Preserve Town Center including +/- 70,000 square foot improvements on +/- 23.98 acres (“Project”) pursuant to a Mortgage and Security Agreement; (iii) all personal property owned by Borrower at the Project; (iv) all leases, rents, profits, permits and other appurtenances applicable to the Project; (v) pledge of an account to be established and maintained at Bank in the initial amount of $800,000.00 (which amount shall be adjusted annually by Borrower’s determination of Borrower’s projected share of operating deficits for the Project, which shall be subject to Bank’s reasonable consent (the “Deficit Account”); and (vi) all rights of the “Declarant” and “Town Center Owner” under the Declaration (the assignment contemplated by this subparagraph [iv] is a collateral assignment).
Security property
