Common use of UCCs Clause in Contracts

UCCs. Borrower and guarantors hereby grant to LIDC a security interest in all fixtures attached to or used in connection with the premises now existing and hereafter acquired or created subject to no prior liens except Republic National Bank. LIDC is hereby authorized to file Financing Statements under the New York Uniform Commercial Code without Borrowers signatures. Borrower and guarantors agree to pay the cost of filing said financing statements or renewals thereof during the loan term. It is agreed that Borrower owns all said fixtures and shall not transfer, sell, assign or otherwise dispose of said fixtures nor permit any other security interest to be created thereon without LIDC's written approval.