Common use of Character of Property Clause in Contracts

Character of Property. Mortgagor and Mortgagee agree that the filing of a financing statement in the records normally having to do with personal property shall never be construed as derogating from or impairing the express declaration and intention of the parties, that the Improvements are, 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 encumbered by this Mortgage irrespective of whether (a) any such item is physically attached to the Improvements, (b) serial numbers are used for the better identification of certain equipment items capable of being thus identified in a recital or in any list filed with Mortgagee, or (c) any such item is referred to or reflected in any such financing statement so filed at any time. Similarly, the mention in any such financing statement of (d) rights in or to the proceeds of any fire and/or hazard insurance policy, or (e) an award in eminent domain proceedings for a taking or for loss of value, or (f) Mortgagor’s interest as lessor in any present or future lease or rights to income growing out of the use and occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as altering any of the rights of Mortgagee as determined by this instrument or impugning the priority of Mortgagee’s lien or by any other recorded document, but such mention in the financing statement is declared to be solely for the protection of Mortgagee in the event any court or judge shall hold, with respect to the matters stated in the foregoing clauses (d), (e) and (f) that notice of Mortgagee’s priority of interest, to be effective against a particular class of persons, including but not limited to the federal government and any subdivision or entity of the federal government, must be filed in the Code records.

Character of Property. Mortgagor Trustor and Mortgagee Beneficiary agree that the filing of a financing statement in the records normally having to do with personal property shall never be construed as derogating from or impairing the express declaration and intention of the parties, that the Improvements are, 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 encumbered by this Mortgage Deed of Trust irrespective of whether (ai) any such item is physically attached to the Improvements, (bii) serial numbers are used for the better identification of certain equipment items capable of being thus identified in a recital or in any list filed with MortgageeBeneficiary, or (ciii) any such item is referred to or reflected in any such financing statement so filed at any time. Similarly, the mention in any such financing statement of (d1) rights in or to the proceeds of any fire and/or hazard insurance policy, or (e2) an award in eminent domain proceedings for a taking or for loss of value, or (f3) Mortgagor’s Trustor's interest as lessor in any present or future lease or rights to income growing out of the use and occupancy of the Property, whether pursuant to lease or otherwise, shall never be construed as altering any of the rights of Mortgagee Beneficiary as determined by this instrument or impugning the priority of Mortgagee’s Beneficiary's lien or by any other recorded document, but such mention in the financing statement is declared to be solely for the protection of Mortgagee Beneficiary in the event any court or judge shall hold, with respect to the matters stated in the foregoing clauses (d1), (e2) and (f3) that notice of Mortgagee’s Beneficiary's priority of interest, to be effective against a particular class of persons, including but not limited to the federal government and any subdivision or entity of the federal government, must be filed in the Uniform Commercial Code records.