DEED OF TRUST AND SECURITY AGREEMENT. Seller hereby grants to Buyer, a senior security interest in and to Seller’s 2012 crop revenue (gross revenue from crops currently being planted) on the Land and the Leased Premises (“Crops”) as security for repayment of Buyer’s “Secured Payments” in the event Buyer timely terminates this Agreement. Secured Payments are defined as follows: The aggregate sum of Invoices paid on Seller’s behalf, not to exceed $400,000.00, plus the sum of all amounts paid to Dxxxxxxx representing his salary in addition to employment costs as set forth below in Section V. A., at the time of termination of this Agreement. Amounts incurred by Seller as a result of Dxxxxxxx’x employment with TRF shall also be included in the Secured Payments calculations. The Secured Payments shall accrue interest at the rate of 6% per annum. More specifically, if Buyer timely terminates this Agreement on or before the expiration of the due diligence period, Buyer shall be entitled to reimbursement of Buyer’s Secured Payments plus interest at the rate of six percent (6%) per annum upon the sale of the Crops. Attached hereto and incorporated by reference herein as Exhibit A is the Deed of Trust granted by Seller in favor of Buyer which encumbers the Land and the Leased Premises (“Junior Deed of Trust”). The Junior Deed of Trust also constitutes Buyer’s security agreement in Seller’s Crops. If Closing occurs, the Crops shall become the unencumbered property of Buyer and Seller shall not be obligated to reimburse Buyer for the Secured Payments. In the event Buyer terminates this Agreement on or before expiration of the due diligence period, Buyer’s right to Seller’s Crop revenue, shall be exercised. If the proceeds from Seller’s Crop revenue are insufficient to satisfy the amounts due and owing to Buyer, Buyer may exercise any and all remedies at law or in equity available to Buyer by virtue of the Junior Deed of Trust, including without limitation, a public trustee foreclosure. If Buyer and Seller proceed with Closing the Transaction, the Junior Deed of Trust shall be released by Buyer. The Junior Deed of Trust shall be recorded in the records of the Pueblo County Clerk and Recorder.
DEED OF TRUST AND SECURITY AGREEMENT. TOGETHER with all contracts for sale and leases in the nature of sales of the Real Property, or any portion thereof, now and hereafter entered into and all right, title and interest of Trustor thereunder, including, without limitation, cash or securities deposited thereunder to secure performance by the lessees or contract purchasers; all letter of credit rights; all proceeds and revenues arising from or out of the Real Property or any part thereof including, without limitation, room revenues, banquet revenues and cancellation payments relating to the use and enjoyment of the Real Property; all sanitary sewer, drainage, water and utility service agreements benefiting the Real Property or any part thereof, together with all accounts, accounts receivable, credit card receipts, contract rights, reserve accounts required to be established hereunder or under any management agreement affecting the Real Property; inventory, operating supplies, general intangibles, documents, instruments and chattel paper and proceeds of any of the foregoing arising from or in connection with the Real Property, including all books and records in connection with the operations of the Real Property; and all rights of Trustor under any leases, covenants, agreements, restrictions or declarations recorded with respect to, or as an appurtenance to, the Real Property or any part thereof (all of the tangible and intangible personal property described in this and the previous five paragraphs collectively, the “Personal Property”); TOGETHER with all of Trustor’s right, title and interest of in, to and under that certain Lease Agreement dated as of substantially even date herewith (the “Operating Lease”), by and between Borrower and Operating Tenant; TOGETHER with all of Trustor’s right, title and interest as lessee in, to and under any equipment or personal property leases (the “Personalty Leases”) for the lease of any furniture, equipment and/or other personal property used by Trustor in the operation of the Improvements or otherwise located on the Real Property (the “Leased Personalty”). TOGETHER with all of Trustor’s right, title and interest of in, to and under that certain [Management Agreement dated June 2005], by and between Crestline Hotels & Resorts, Inc., a Delaware corporation (“Manager”) and Operating Tenant (the “Management Agreement”); TOGETHER with all of the right, title and interest of Trustor in and to all and singular the tenements, hereditaments and appurtenances belongi...
DEED OF TRUST AND SECURITY AGREEMENT. Section 5.4.1 of the Deed of Trust and Security Agreement is hereby amended by (i) inserting “either (x)” after “If” and before “the Secured Obligations” in such Section and (ii) inserting “or (y) the Security Agreement has terminated in accordance with Section 5.4 thereof,” before “then on such date” in such Section.
DEED OF TRUST AND SECURITY AGREEMENT. TOGETHER with any and all awards heretofore made and hereafter to be made by any municipal or other governmental authorities to the present and all subsequent owners of the Security for the taking of all or any portion of the Security by power of eminent domain, including, without limitation, awards for damage to the remainder of the Security and any awards for any change or changes of grade of streets affecting the Security, which said awards are hereby assigned to Beneficiary, and Beneficiary, at its option, is hereby authorized, directed and empowered to collect and receive the proceeds of any such awards from the authorities making the same and to give proper receipts and acquittances therefore, and, subject to the terms hereof, to apply the same toward the payment of the Indebtedness, notwithstanding the fact that such amount may not then be due and payable; and Trustor hereby covenants and agrees to and with Beneficiary, upon request by Beneficiary, to make, execute and deliver, at Trustor’s expense, any and all assignments and other instruments sufficient for the purpose of assigning the aforesaid awards to or for the benefit of Beneficiary, free, clear and discharged of any and all encumbrances of any kind or nature whatsoever (all of the foregoing Land, Improvements, rights, easements, rights-of-way, licenses, privileges, and awards, collectively, the “Real Property”); TOGETHER with all proceeds, insurance or otherwise, paid for the damage done to any of the Security and all proceeds of the conversion, voluntarily or involuntarily, of any of the Security into cash or liquidated claims; TOGETHER with all fixtures, machinery, equipment, furniture, goods, and every other article of personal property, tangible and intangible, now or hereafter attached to or used in connection with the Real Property, or placed on any part thereof and whether or not attached thereto, appertaining or adapted to the use, management, operation or improvement of the Real Property, insofar as the same and any reversionary right thereto may now or hereafter be owned or acquired by Trustor, including, but without limitation all goods, supplies, equipment, appliances, implements, furniture, furnishings, fixtures, machinery, inventory and construction materials and all personal property used in the operation of a hotel on the Real Property, including, without limiting the generality of the foregoing, all hotel furniture, furnishings and equipment, heating, lighting, plumbing, ve...
DEED OF TRUST AND SECURITY AGREEMENT. This Deed Of Trust And Security Agreement (the “Security Instrument”) is made as of the day of , 20__, by [1], a , having its principal place of business at , as grantor (“Borrower”) to [2], having an address at _________________________________, as trustee (“Trustee”) for the benefit of [3], a , having an address at , as beneficiary (“Lender”).
DEED OF TRUST AND SECURITY AGREEMENT. DEED OF TRUST AND SECURITY AGREEMENT, dated as of _______ __, ____ (this "Deed of Trust"), made by FBTC LEASING CORP., a New York corporation (the ------------- "Grantor"), to ___________________ (the "Trustee"), for the use and benefit of ------- ------- THE CHASE MANHATTAN BANK, a New York banking corporation, as collateral agent (in such capacity, the "Beneficiary" or the "Agent") under the Collateral Agent ----------- ----- Agreement, dated as of November 4, 1997 (as amended, supplemented, or otherwise modified from time to time, the "Collateral Agent Agreement"), among the -------------------------- Grantor, the Beneficiary and the financial institutions from time to time parties thereto.
DEED OF TRUST AND SECURITY AGREEMENT from Borrower and Colonial Downs --------------------------------------- Holdings, Inc. ("Holdings") to Lawyers Title Realty Services, Inc. as Trustee for the benefit of PNC, filed for record on July 31, 1997;
DEED OF TRUST AND SECURITY AGREEMENT. Upon the occurrence of an Event of Default hereunder, Lender may, at its option, have a receiver appointed to take control of the Property and/or its Rents and Profits and any matter related to its operation, management or disposition, and the Grantor hereby does consent to the appointment of a receiver in such event. If the Grantor shall pay the Note and such other indebtedness secured hereby in accordance with their terms, together with interest thereon, and any renewals or extensions thereof in whole or in part, all other sums secured hereby and shall comply with all of the covenants, terms and conditions of this Deed of Trust, then this conveyance shall be null and void and may be canceled of record at the request and expense of the Grantor.
DEED OF TRUST AND SECURITY AGREEMENT. Page 21 hereof, shall not further assign any such lease, license or occupancy agreement or any such rents. Grantor, at no cost or expense to Beneficiary, shall enforce, short of termination, the performance and observance of each and every condition and covenant of each of the parties under such leases. Grantor shall not, without the prior written consent of Beneficiary, modify any of the leases, terminate or accept the surrender of any leases, waive or release any other party from the performance or observance of any obligation or condition under such leases except in the normal course of business in a manner which is consistent with sound and customary leasing and management practices for similar properties in the community in which the Property is located. Grantor shall not permit the prepayment of any rents under any of the leases for more than one (1) month prior to the due date thereof.
DEED OF TRUST AND SECURITY AGREEMENT. (Ancala – First) THIS DEED OF TRUST AND SECURITY AGREEMENT (Ancala – First) (this “Instrument”) is made as of the 25th day of January, 2008, by CNL INCOME EAGL SOUTHWEST GOLF, LLC, a Delaware limited liability company, having its principal office and place of business at c/o CNL Income Company, LLC, 000 Xxxxx Xxxxxx Xxxxxx, Xxxxxxx, Xxxxxxx 00000, as grantor/trustor (“Borrower”), to FIRST AMERICAN TITLE INSURANCE COMPANY, a California corporation, having an address at 0 Xxxxx Xxxxxxxx Xxx, Xxxxx Xxx, Xxxxxxxxxx 00000, as trustee (“Trustee”), for the benefit of THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation, having an office at 0000 Xxxx Xxxxxx, Suite 4900E, Dallas, Texas 75201, as beneficiary (“Lender”).
