Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTS, MORTGAGES, CONVEYS AND WARRANTS to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance Proceeds; (d) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time.
Appears in 2 contracts
Samples: Grubb & Ellis Healthcare REIT II, Inc., Grubb & Ellis Healthcare REIT II, Inc.
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTS, MORTGAGES, CONVEYS MORTGAGES AND WARRANTS to Beneficiary Beneficiary, with power of sale, the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance Proceeds; (d) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of CreditCredit (if any); and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time.
Appears in 2 contracts
Samples: www.sec.gov, KBS Real Estate Investment Trust III, Inc.
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTSirrevocably and unconditionally grants, MORTGAGESconveys, CONVEYS AND WARRANTS transfers and assigns to Beneficiary the Property TO HAVE AND TO HOLD Mortgagee, with power of sale and right of entry and possession, all estate, right, title and interest that Mortgagor now has or may later acquire in and to the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary Mortgagee a security interest in the Personalty; (c) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; (d) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of CreditCredit (if any); and (e) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary Mortgagee under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time.
Appears in 1 contract
Samples: Easement and Construction Agreement (KBS Real Estate Investment Trust III, Inc.)
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor Grantor (a) GRANTSirrevocably and unconditionally grants, MORTGAGESconveys, CONVEYS AND WARRANTS transfers and assigns to Beneficiary Trustee, in trust, for the Property TO HAVE AND TO HOLD benefit of Beneficiary, with power of sale and right of entry and possession, all estate, right, title and interest that Grantor now has or may later acquire in and to the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of MortgagorGrantor’s right, title and interest in, but not any of MortgagorGrantor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the NoteNote or the Loan Agreement. GRANTOR REPRESENTS AND WARRANTS THAT THE REAL PROPERTY CONVEYED BY THIS DEED OF TRUST IS NOT USED PRINCIPALLY FOR AGRICULTURAL PURPOSES. Section 2.2 Absolute Assignment of Leases and Rents. In consideration of the making of the Loan by Beneficiary to Grantor, the Credit Agreement or any Swap Contract sum of Ten and No/100 Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which provide that are hereby acknowledged, Grantor absolutely and unconditionally assigns the Leases and Rents to Beneficiary. This assignment is, and is intended to be, an unconditional, absolute and present assignment from Grantor to Beneficiary of all of Grantor’s right, title and interest rate on one or more in and to the Leases and the Rents and not an assignment in the nature of a pledge of the Leases and Rents or the mere grant of a security interest therein. So long as no Event of Default shall exist, however, and so long as Grantor is not in default in the performance of any obligation, covenant or agreement contained in the Leases, Grantor shall have a license (which license shall terminate automatically and without notice upon the occurrence of an Event of Default beyond expiration of any applicable notice and/or cure period or a material default by Grantor under the Leases) to collect, but not prior to accrual, all Rents. Grantor agrees to collect and hold all Rents in trust for Beneficiary and to use the Rents for the payment of the cost of operating and maintaining the Property and for the payment of the other Obligations may vary from time to timebefore using the Rents for any other purpose.
Appears in 1 contract
Samples: Construction Loan Agreement (4Front Ventures Corp.)
Conveyances and Security Interests. The aggregate unpaid principal amount of the Obligations outstanding at any particular time (after having given effect to all advances and all repayments made prior to such time) which is secured by this Deed of Trust shall not aggregate, for purposes of C.R.S. Section 00-00-000, in excess of $124,000,000.00 (the “Total Maximum Principal Amount”). The Total Maximum Principal Amount does not in any way imply that Lenders are obligated to make any future advances to Grantor at any time unless specifically so provided in the Loan Documents. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor Grantor (a) GRANTShereby irrevocably and unconditionally grants, MORTGAGESbargains, CONVEYS AND WARRANTS sells and conveys the Real Property unto Trustee, IN TRUST with the power of sale for the benefit and security of Beneficiary, with power of sale and right of entry and possession, all estate, right, title and interest that Grantor now has or may later acquire in and to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, to have and privileges thereunto belonging, to hold the Real Property unto Trustee in fee simple forever; provided that Grantor may retain possession of the Beneficiary, Beneficiary’s successors and assigns foreverReal Property until the occurrence of an Event of Default; (b) grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to Beneficiary, and grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in, all of MortgagorGrantor’s right, title and interest in, but not any of MortgagorGrantor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Xxxxxxx and Beneficiary agree and acknowledge that Lenders may elect (without any obligation to do so) to make additional advances under the terms of the Notes or otherwise, and that any such future advances shall be subject to, and secured by, this Deed of Trust. Should the Obligations decrease or increase pursuant to the terms of the Obligations, the Notes or otherwise, at any time or from time to time, this Deed of Trust shall retain its priority position of record until (a) the termination of the Loan Documents in accordance with the terms thereof, (b) the full, final and complete payment of all the Obligations, and (c) the full release and termination of the liens and security interests created by this Deed of Trust.
Appears in 1 contract
Samples: KBS Strategic Opportunity REIT, Inc.
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTSirrevocably and unconditionally grants, MORTGAGESconveys, CONVEYS AND WARRANTS transfers and assigns to Beneficiary Mortgagee, all estate, right, title and interest that Mortgagor now has or may later acquire in and to the Property TO HAVE AND TO HOLD Ground Lease and the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto including without limitation any options to purchase or rights of first offer/refusal under the Beneficiary, Beneficiary’s successors and assigns foreverGround Lease; (b) grants to Beneficiary Mortgagee a security interest in the Personalty; (c) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to BeneficiaryMortgagee , and grants to Beneficiary Mortgagee a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Development Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Unless Lender otherwise agrees in writing, Mortgagor’x xxxxxxtions under any Swap Contract shall continue to be secured by this Mortgage notwithstanding that Lender hax xxxx, participated, syndicated or otherwise transferred or released some or all of its interest in the Loan to another person.
Appears in 1 contract
Samples: NNN Healthcare/Office REIT, Inc.
Conveyances and Security Interests. The aggregate unpaid principal amount of the Obligations outstanding at any particular time (after having given effect to all advances and all repayments made prior to such time) which is secured by this Deed of Trust shall not aggregate in excess of $500,000,000.00 (the “Total Maximum Principal Amount”). The Total Maximum Principal Amount does not in any way imply that Lenders are obligated to make any future advances to Borrower at any time unless specifically so provided in the Loan Documents. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor Grantor (a) GRANTShereby irrevocably and unconditionally grants, MORTGAGESconveys, CONVEYS AND WARRANTS transfers and assigns the Real Property unto Trustee, IN TRUST, for the benefit of Beneficiary, for the ratable benefit of Lenders, with power of sale and right of entry and possession, all estate, right, title and interest that Grantor now has or may later acquire in and to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to Beneficiary, and grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in, all of MortgagorGrantor’s right, title and interest in, but not any of MortgagorGrantor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Grantor agrees and acknowledges that Lenders may elect (without any obligation to do so) to make additional advances under the terms of the Notes or otherwise, and that any such future advances shall be subject to, and secured by, this Deed of Trust. CERTAIN OF THE OBLIGATIONS SECURED HEREBY ARE MADE PURSUANT TO A REVOLVING CREDIT ARRANGEMENT AND MAY PERMIT BORROWING, REPAYMENT AND REBORROWING. PRIOR TO THE TERMINATION OF THE CREDIT FACILITIES PROVIDED FOR IN THE LOAN DOCUMENTS, A ZERO PRINCIPAL BALANCE WITH RESPECT THERETO SHALL NOT AFFECT THE SECURITY OR PRIORITY OF THIS DEED OF TRUST, AND THE DEED OF TRUST AS WELL AS THE INTEREST OF LENDER HEREUNDER, SHALL REMAIN IN FULL FORCE AND EFFECT, NOTWITHSTANDING A ZERO BALANCE UNDER ANY FACILITY PROVIDED FOR IN THE LOAN DOCUMENTS. Should the Obligations decrease or increase pursuant to the terms of the Obligations, the Notes or otherwise, at any time or from time to time, this Deed of Trust shall retain its priority position of record until (a) the termination of the Loan Documents, (b) the full, final and complete payment of all the Obligations, and (c) the full release and termination of the liens and security interests created by this Deed of Trust.
Appears in 1 contract
Conveyances and Security Interests. The aggregate unpaid principal amount of the Obligations outstanding at any particular time (after having given effect to all advances and all repayments made prior to such time) which is secured by this Deed of Trust shall not aggregate in excess of $145,000,000.00 (the "Total Maximum Principal Amount"). The Total Maximum Principal Amount does not in any way imply that Lenders are obligated to make any future advances to Grantor at any time unless specifically so provided in the Loan Documents. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor Grantor (a) GRANTShereby irrevocably and unconditionally grants, MORTGAGESconveys, CONVEYS AND WARRANTS transfers and assigns the Real Property unto Trustee, IN TRUST, for the benefit of Beneficiary, for the ratable benefit of Lenders, with power of sale and right of entry and possession, all estate, right, title and interest that Grantor now has or may later acquire in and to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to Beneficiary, and grants to Beneficiary Beneficiary, for the ratable benefit of Lenders, a security interest in, all of Mortgagor’s Grantor's right, title and interest in, but not any of Mortgagor’s Grantor's obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Grantor agrees and acknowledges that Lenders may elect (without any obligation to do so) to make additional advances under the terms of the Notes or otherwise, and that any such future advances shall be subject to, and secured by, this Deed of Trust.
Appears in 1 contract
Samples: Security Agreement (KBS Real Estate Investment Trust II, Inc.)
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTS, MORTGAGES, CONVEYS MORTGAGES AND WARRANTS to Beneficiary Mortgagee the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the BeneficiaryMortgagee, BeneficiaryMortgagee’s successors and assigns forever; (b) grants to Beneficiary Mortgagee a security interest in the Personalty; (c) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; (d) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of CreditCredit (if any); and (e) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary Mortgagee under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time.
Appears in 1 contract
Conveyances and Security Interests. In order to secure the prompt payment of all principal, interest and performance other amounts pursuant to the terms of a promissory note of Mortgagor of even date herewith in the Obligationsamount of $50,321,500.00, including payable to the order of Mortgagee, and any and all renewalsextensions, modifications, renewals and substitutions therefore (the “Note” or extensions the “Notes”) and the payment and performance by Mortgagor of all obligations under the Mortgage, the Note, all Swap Contracts, and any of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage)other Loan Documents, Mortgagor Mortgagor, for consideration paid, (a) GRANTSirrevocably and unconditionally grants, MORTGAGESmortgages, CONVEYS AND WARRANTS transfers and assigns to Beneficiary the Property TO HAVE AND TO HOLD Mortgagee (as agent for Lenders), with power of sale and right of entry and possession, all estate, right, title and interest that Mortgagor now has or may later acquire in and to the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s successors and assigns forever; (b) grants to Beneficiary Mortgagee (as agent for Lenders) a security interest in the PersonaltyPersonalty and fixtures; (c) assigns to BeneficiaryMortgagee (as agent for Lenders), and grants to Beneficiary Mortgagee (as agent for Lenders) a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to BeneficiaryMortgagee (as agent for Lenders), and grants to Beneficiary Mortgagee (as agent for Lenders) a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Development Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the NoteNotes, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Unless Administrative Agent and Required Lenders (as defined in the Loan Agreement) otherwise agree in writing, Mortgagor’s (or its affiliate’s, as the case may be) obligations under any Swap Contract shall continue to be secured by this Mortgage notwithstanding that the counterparty under such Swap Contract ceases to be a Lender (or an affiliate of a Lender) under the Loan Agreement.
Appears in 1 contract
Samples: Mortgage, Assignment, Security Agreement and Fixture (Grubb & Ellis Healthcare REIT, Inc.)
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTSirrevocably and unconditionally mortgages, MORTGAGESgrants, CONVEYS AND WARRANTS conveys, transfers and assigns to Beneficiary Mortgagee, with power of sale and right of entry and possession, all estate, right, title and interest that Mortgagor xxx xxx or may later acquire in and to the Property TO HAVE AND TO HOLD Ground Lease and the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto including without limitation any options to purchase or rights of first offer/refusal under the Beneficiary, Beneficiary’s successors and assigns foreverGround Lease; (b) grants to Beneficiary Mortgagee a security interest in the Personalty; (c) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to BeneficiaryMortgagee , and grants to Beneficiary Mortgagee a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Development Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. Unless Lender otherwise agrees in writing, Mortgagor’x xxxxxxtions under any Swap Contract shall continue to be secured by this Mortgage notwithstanding that Lender hax xxxx, participated, syndicated or otherwise transferred or released some or all of its interest in the Loan to another person.
Appears in 1 contract
Samples: Grubb & Ellis Healthcare REIT, Inc.
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any Mortgagor does hereby IRREVOCABLY GRANT, GIVE, BARGAIN, SELL, WARRANT, ALIEN, REMISE, RELEASE, CONVEY, MORTGAGE, TRANSFER, ASSIGN, CONFIRM, HYPOTHECATE, DEPOSIT, PLEDGE, CREATE A SECURITY INTEREST IN and SET OVER to Mortgagee, in fee simple, all renewalsof Mortgagor's present and future estate, right, title and interest in and to the following described property, whether such property is now or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair hereafter in any manner the validity of or priority of this Mortgage), Mortgagor existence to: (a) GRANTS, MORTGAGES, CONVEYS AND WARRANTS to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the BeneficiaryMortgagee, BeneficiaryMortgagee’s successors and assigns forever; (b) grants to Beneficiary a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance ProceedsProceeds and to refunds, credits and abatements of real estate taxes; (d) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to of Mortgagor’s and Agency’s rights in tenants’ security deposits, deposits with respect to utility services to under Section 365 of the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap ContractBankruptcy Code. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. The lien of this Mortgage attaches to, and the Property hereunder shall include all of Mortgagor's rights and remedies at any time arising under or pursuant to Section 365(h) of the Bankruptcy Code, 11 U.S.C. §365(h), including without limitation all of Borrower's rights to remain in possession of the Real Property under the Ground Leases.
Appears in 1 contract
Samples: And Security Agreement (Inland Diversified Real Estate Trust, Inc.)
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTSgrants, MORTGAGESbargains, CONVEYS AND WARRANTS sells, aliens, remises, releases, assigns, mortgages, hypothecates, deposits, pledges, sets over, confirms, warrants and conveys the Real Property unto Mortgagee, for the ratable benefit of Lenders, all estate, right, title and interest of Mortgagor in and to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rightswhether now owned or held or hereafter acquired by Mortgagor, appurtenancesto have and hold the Real Property unto Mortgagee, for the ratable benefit of Lenders, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s its successors and assigns forever; and to hold the Real Property unto Mortgagee in fee simple forever; provided that Mortgagor may retain possession of the Real Property until the occurrence of an Event of Default; (b) grants to Beneficiary Mortgagee, for the ratable benefit of Lenders, a security interest in the Personalty; (c) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to BeneficiaryMortgagee, for the ratable benefit of Book29750/Page1327 Lenders, and grants to Beneficiary Mortgagee, for the ratable benefit of Lenders, a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. The definition of “Obligations” includes Future Advances.
Appears in 1 contract
Samples: Security Agreement (KBS Real Estate Investment Trust II, Inc.)
Conveyances and Security Interests. In consideration of the provisions of this Deed of Trust and the sum of TEN DOLLARS ($10.00) cash in hand paid and other good and valuable consideration the receipt and sufficiency of which are acknowledged by Grantor, in order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor Grantor hereby (a) irrevocably and unconditionally GRANTS, MORTGAGESCONVEYS, CONVEYS AND WARRANTS TRANSFERS AND, ASSIGNS to Beneficiary Trustee, in trust, for the Property TO HAVE AND TO HOLD benefit of Beneficiary, with power of sale and right of entry and possession, all of Grantor’s estate, right, title and interest now or hereafter acquired, in and to the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto for the use and benefit of Beneficiary, Beneficiary’s successors and assigns foreverassigns; (b) grants to Beneficiary a security interest in all of Grantor’s right, title and interest in and to the Ground Lease, including any options to purchase, extend or renew provided for in the Ground Lease and any nondisturbance, attornment and recognition agreement benefiting Grantor with respect to the Ground Lease, together with all credits, deposits, privileges, rights, estates, title and interest of Grantor as tenant under the Ground Lease (including all rights of Grantor to treat the Ground Lease as terminated pursuant to a 365(h) Election, or any other Debtor Relief Law, together with all rights, remedies and privileges related thereto), and all books and records that contain records of payments of rent or security made under the Ground Lease and all of Grantor’s claims and rights to the payment of any Lease Damage Claim; (c) grants to Beneficiary a security interest in the Personalty; (cd) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance Proceeds; (de) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of MortgagorGrantor’s right, title and interest in, but not any of MortgagorGrantor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (ef) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to MortgagorGrantor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor Grantor may from time to time authorize Holder Beneficiary to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. This Deed of Trust secures all present and future advances and/or future obligations that may from time to time be made or incurred by Borrower under the Loan Documents (including without limitation under this Deed of Trust), and all other sums from time to time owing to Lenders by Borrower under the Loan Documents (including without limitation any existing Obligations incurred or any advances made at or prior to the filing of this Deed of Trust of record in the real estate records of the county where the Property is situated). The present amount of obligations be secured by this Deed of Trust is Twenty Five Million and No/100 Dollars ($25,000,000.00), and the maximum principal amount, including present and future obligations, that may be secured by this Deed of Trust at any one time is Twenty Five Million and No/100 Dollars ($25,000,000.00). The time period within which any future advances may be made and future obligations may be incurred is the period between the date hereof and the date fifteen (15) years from the date hereof.
Appears in 1 contract
Samples: Security Agreement and Fixture Filing (Grubb & Ellis Healthcare REIT II, Inc.)
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTS, MORTGAGES, CONVEYS MORTGAGES AND WARRANTS to Beneficiary Administrative Agent on behalf of the Lenders the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the BeneficiaryAdministrative Agent, Beneficiaryand the Administrative Agent’s successors and assigns forever, with the power of sale; (b) grants to Beneficiary Administrative Agent on behalf of the Lenders a security interest in the Personalty; (c) assigns to BeneficiaryAdministrative Agent on behalf of the Lenders, and grants to Beneficiary Administrative Agent on behalf of the Lenders a security interest in, all Condemnation Awards and all Insurance Proceeds; (d) assigns to BeneficiaryAdministrative Agent on behalf of the Lenders, and grants to Beneficiary Administrative Agent on behalf of the Lenders a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to BeneficiaryAdministrative Agent on behalf of the Lenders, and grants to Beneficiary Administrative Agent on behalf of the Lenders a security interest in, all Accounts arising from or related to any transactions related to the Premises Property (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the PremisesProperty, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder Administrative Agent to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary Administrative Agent under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time.
Appears in 1 contract
Samples: FSP 50 South Tenth Street Corp
Conveyances and Security Interests. In consideration of the provisions of this Deed of Trust and the sum of TEN DOLLARS ($10.00) cash in hand paid and other good and valuable consideration the receipt and sufficiency of which are acknowledged by Grantor, in order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor Grantor hereby (a) irrevocably and unconditionally GRANTS, MORTGAGESCONVEYS, CONVEYS AND WARRANTS TRANSFERS AND, ASSIGNS to Beneficiary Trustee, in trust, for the Property TO HAVE AND TO HOLD benefit of Beneficiary, with power of sale and right of entry and possession, all of Grantor’s estate, right, title and interest now or hereafter acquired, in and to the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto for the use and benefit of Beneficiary, Beneficiary’s successors and assigns foreverassigns; (b) grants to Beneficiary a security interest in all of Grantor’s right, title and interest in and to the Ground Lease, including any options to purchase, extend or renew provided for in the Ground Lease and any nondisturbance, attornment and recognition agreement benefiting Grantor with respect to the Ground Lease, together with all credits, deposits, privileges, rights, estates, title and interest of Grantor as tenant under the Ground Lease (including all rights of Grantor to treat the Ground Lease as terminated pursuant to a 365(h) Election, or any other Debtor Relief Law, together with all rights, remedies and privileges related thereto), and all books and records that contain records of payments of rent or security made under the Ground Lease and all of Grantor’s claims and rights to the payment of any Lease Damage Claim; (c) grants to Beneficiary a security interest in the Personalty; (cd) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance Proceeds; (de) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of MortgagorGrantor’s right, title and interest in, but not any of MortgagorGrantor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (ef) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to MortgagorGrantor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor Grantor may from time to time authorize Holder Beneficiary to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap Contract. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time. This Deed of Trust secures all present and future advances and/or future obligations that may from time to time be made or incurred by Borrower under the Loan Documents (including without limitation under this Deed of Trust), and all other sums from time to time owing to Lenders by Borrower under the Loan Documents (including without limitation any existing Obligations incurred or any advances made at or prior to the filing of this Deed of Trust of record in the real estate records of the county where the Property is situated). The assignment of Grantor’s right, title and interest in all Design and Construction Documents shall not terminate upon release, foreclosure or other termination of this Deed of Trust, but shall survive foreclosure of the liens and security interest created by this Deed of Trust or conveyance in lieu of foreclosure.
Appears in 1 contract
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any and all renewals, or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair in any manner the validity of or priority of this Mortgage), Mortgagor (a) GRANTSgrants, MORTGAGESbargains, CONVEYS sells, conveys, transfers and assigns with MORTGAGE COVENANTS, UPON THE STATUTORY CONDITION AND WARRANTS WITH THE STATUTORY POWER OF SALE the Real Property unto Mortgagee, all estate, right, title and interest of Mortgagor in and to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rightswhether now owned or held or hereafter acquired by Mortgagor, appurtenancesto have and hold the Real Property unto Mortgagee, and privileges thereunto belonging, unto the Beneficiary, Beneficiary’s its successors and assigns forever; and to hold the Real Property unto Mortgagee in fee simple forever; provided that Mortgagor may retain possession of the Real Property until the occurrence of an Event of Default; (b) grants to Beneficiary Mortgagee a security interest in the Personalty; (c) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all Condemnation Awards and all Insurance Proceeds; and (d) assigns to BeneficiaryMortgagee, and grants to Beneficiary Mortgagee a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, and all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap ContractSale. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage instrument made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract Hedge Agreement between Mortgagor and Mortgagee (or its affiliate) which provide that the interest rate on one or more of the Obligations may vary from time to time. The definition of “Obligations” includes future advances.
Appears in 1 contract
Samples: Security Agreement (AstroNova, Inc.)
Conveyances and Security Interests. In order to secure the prompt payment and performance of the Obligations, including any Mortgagor does hereby IRREVOCABLY GRANT, GIVE, BARGAIN, SELL, WARRANT, ALIEN, REMISE, RELEASE, CONVEY, MORTGAGE, TRANSFER, ASSIGN, CONFIRM, HYPOTHECATE, DEPOSIT, PLEDGE, CREATE A SECURITY INTEREST IN and SET OVER to Mortgagee, in fee simple, all renewalsof Mortgagor’s present and future estate, right, title and interest in and to the following described property, whether such property is now or extensions of the whole or any part thereof (and any such renewals or extensions shall not impair hereafter in any manner the validity of or priority of this Mortgage), Mortgagor existence to: (a) GRANTS, MORTGAGES, CONVEYS AND WARRANTS to Beneficiary the Property TO HAVE AND TO HOLD the Real Property, with all rights, appurtenances, and privileges thereunto belonging, unto the BeneficiaryMortgagee, BeneficiaryMortgagee’s successors and assigns forever; (b) grants to Beneficiary a security interest in the Personalty; (c) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Condemnation Awards and all Insurance ProceedsProceeds and to refunds, credits and abatements of real estate taxes; (d) assigns to Beneficiary, and grants to Beneficiary a security interest in, all of Mortgagor’s right, title and interest in, but not any of Mortgagor’s obligations or liabilities under, all Swap Contracts, Design and Construction Documents, all Contracts of Sale and all Refinancing Commitments, and all Letters of Credit; and (e) assigns to Beneficiary, and grants to Beneficiary a security interest in, all Accounts arising from or related to any transactions related to the Premises (including but not limited to of Mortgagor’s rights in tenants’ security deposits, deposits with respect to utility services to under Section 365 of the Premises, and any deposits, deposit accounts or reserves hereunder or under any other Loan Documents), and any account or deposit account from which Mortgagor may from time to time authorize Holder to debit and/or credit payments due with respect to the Loan or any Swap Contract, all rights to the payment of money from Beneficiary under any Swap Contract, and all accounts, deposit accounts and general intangibles including payment intangibles, described in any Swap ContractBankruptcy Code. All Persons who may have or acquire an interest in all or any part of the Property will be deemed to have notice of, and will be bound by, the terms of the Obligations and each other agreement or Mortgage made or entered into in connection with each of the Obligations. Such terms include any provisions in the Note, the Credit Loan Agreement or any Swap Contract which provide that the interest rate on one or more of the Obligations may vary from time to time.
Appears in 1 contract