Common use of Collateral not a Fixture Clause in Contracts

Collateral not a Fixture. Notwithstanding any presumption of applicable law, and irrespective of any manner of attachment, the Collateral shall not be deemed real property but shall retain its character as personal property. However, Debtor will at the option of Secured Party furnish the latter with a waiver or waivers in recordable form, signed by all persons having an ownership interest in the real estate, of any interest in the Collateral which is or might be deemed to be prior to Secured Party's interest.

Collateral not a Fixture. Notwithstanding any presumption of applicable law, and irrespective of any manner of attachment, the Collateral shall not be deemed real property but shall retain its character as personal property. However, Debtor will at the option of Secured Party furnish the latter with a waiver or waivers in recordable form, signed by all persons having an ownership interest in the real estate, of any interest in the Collateral which is or might be deemed to be prior to Secured Party's interest.