Warranties, Representations and Covenants of Borrower Clause Samples
The 'Warranties, Representations and Covenants of Borrower' clause sets out the specific promises, assurances, and ongoing obligations that the borrower makes to the lender in a loan agreement. This typically includes statements confirming the borrower's legal authority to enter into the agreement, the accuracy of financial information provided, and commitments to maintain certain financial standards or refrain from prohibited activities during the loan term. By clearly outlining these assurances and obligations, the clause helps protect the lender by ensuring the borrower meets agreed standards and provides a basis for recourse if the borrower fails to comply.
Warranties, Representations and Covenants of Borrower. Borrower covenants, warrants, represents and agrees with and to ▇▇▇▇▇▇ as follows:
(a) This Deed of Trust constitutes a security agreement under the Code and serves as a fixture filing in accordance with the Code. This Deed of Trust creates, and Borrower hereby grants to Lender, a security interest in favor of ▇▇▇▇▇▇ as secured party under the Code with respect to all of the Mortgaged Property which is covered by the Code (“Personal Property”). The mention of any portion of the Mortgaged Property in a financing statement filed in the records normally pertaining to personal property shall not derogate from or impair in any manner the intention of Borrower and Lender hereby declared that all items of the Collateral are part of the real property encumbered hereby to the fullest extent permitted by law, regardless of whether any such item is physically attached to the Improvements or whether serial numbers are used for the better identification of certain items. Specifically, the mention in any such financing statement of: (i) the rights in or to the Proceeds of any policy of insurance; (ii) any condemnation Proceeds; (iii) Borrower’s interest in any Leases or Property Income; or (iv) any other item included in the Mortgaged Property, shall not be construed to alter, impair or impugn any rights of Lender as determined by this Deed of Trust or the priority of ▇▇▇▇▇▇’s lien upon and security interest in the Mortgaged Property. Any such mention shall be for the protection of Lender in the event that notice of ▇▇▇▇▇▇’s priority of interest as to any portion of the Mortgaged Property is required to be filed in accordance with the Code to be effective against or take priority over the interest of any particular class of Persons, including the federal government or any subdivision or instrumentality thereof.
(b) Except for the Permitted Encumbrances and the security interest granted by this Deed of Trust, Borrower is and, as to portions of the Mortgaged Property to be acquired after the date hereof, will be the sole owner of the Mortgaged Property, free from any lien, security interest, encumbrance or adverse claim thereon of any kind whatsoever. Borrower shall notify Lender of, and shall defend the Mortgaged Property against, all claims and demands of all Persons at any time claiming the same or any interest therein.
(c) Except as expressly provided in the Loan Agreement and this Deed of Trust, Borrower shall not lease, sell, convey or in any manner transfer the Mor...
Warranties, Representations and Covenants of Borrower. Borrower covenants, warrants, represents and agrees with and to Trustee and Lender as follows:
(a) This Deed of Trust constitutes a security agreement under the Code and serves as a fixture filing in accordance with the Code. This Deed of Trust creates a security interest in favor of Lender as secured party under the Code with respect to all property (specifically including the Collateral) included in the Mortgaged Property which is covered by the Code. The mention of
Warranties, Representations and Covenants of Borrower. Borrower hereby warrants, represents and covenants as follows:
(a) Except for the security interest granted hereby, Borrower is, and as to portions of the Personal Property to be acquired after the date hereof will be, the sole owner of the Personal Property, free from any adverse lien, security interest, encumbrance or adverse claims thereon of any kind whatsoever. Borrower shall notify Lender of, and shall defend the Personal Property against, all claims and demands of all persons at any time claiming the same or any interest therein.
(b) Borrower shall not lease, sell, convey or in any manner transfer the Personal Property without the prior written consent of Lender.
(c) The Personal Property is not and shall not be used or bought for personal, family or household purposes.
(d) The Personal Property shall be kept on or at the Premises and Borrower will not remove the Personal Property from the Premises without the prior written consent of Lender, except such portions or items of Personal Property which are consumed or worn out in ordinary usage, all of which shall be promptly replaced by Borrower.
(e) Borrower maintains a place of business in the State of Florida and Borrower shall immediately notify Lender in writing of any change in its place of business as set forth in the beginning of this Mortgage.
(f) At the request of the Lender, Borrower shall join Lender in executing one or more financing statements and renewals and amendments thereof pursuant to the Uniform Commercial Code of Florida in form satisfactory to Lender, and will pay the cost of filing the same in all public offices wherever filing is deemed by Lender to be necessary or desirable.
(g) All covenants and obligations of Borrower contained herein relating to the Mortgaged Property shall be deemed to apply to the Personal Property whether or not expressly referred to herein.
(h) This Mortgage constitutes a Security Agreement as that term is used in the Uniform Commercial Code of Florida.
Warranties, Representations and Covenants of Borrower