DUTIES TOWARD PROPERTY Clause Samples
The "Duties Toward Property" clause defines the responsibilities of parties regarding the care, use, and protection of property involved in the agreement. It typically outlines expectations for maintaining the property in good condition, reporting any damage or loss, and possibly restricting certain uses to prevent harm. This clause ensures that property is preserved and safeguarded during the term of the contract, thereby minimizing disputes and clarifying accountability for any damage or misuse.
DUTIES TOWARD PROPERTY. A. Protection of Secured Party’s Interest. I will defend the Property against any other claim. I agree to do whatever you require to protect your security interest and to keep your claim in the Property ahead of the claims of other creditors. I will not do anything to harm your position. I will keep books, records and accounts about the Property and my business in general. I will let you examine these and make copies at any reasonable time. I will prepare any report or accounting you request which deals with the Property.
DUTIES TOWARD PROPERTY. A. Protection of Secured Party's Interest. I will defend the Property against any other claim. I agree to do whatever you require to protect your security interest and to keep your claim in the Property ahead of the claims of other creditors. I will not do anything to harm your position. I will keep books, records and accounts about the Property and my business in general. I will let you examine these and make copies at any reasonable time. I will prepare any report or accounting you request which deals with the Property.
B. Use, Location, and Protection of the Property. I will keep the Property in my possession and in good repair. I will use it only for commercial purposes. I will not change this specified use without your prior written consent. You have the right of reasonable access to inspect the Property and I will immediately inform you of any loss or damage to the Property. I will not cause or permit waste to the Property. I will keep the Property at my address listed in the DATE AND PARTIES section unless we agree I may keep it at another location. If the Property is to be used in other states, I will give you a list of those states. The location of the Property is given to aid in the identification of the Property. It does not in any way limit the scope of the security interest granted to you. I will notify you in writing and obtain your prior written consent to any change in location of any of the Property. I will not use the Property in violation of any law. I will notify you in writing prior to any change in my address, name or, if an organization, any change in my identity or structure. Until the Secured Debts are fully paid and this Agreement is terminated, I will not grant a security interest in any of the Property without your prior written consent. I will pay all taxes and assessments levied or assessed against me or the Property and provide timely proof of payment of these taxes and assessments upon request.
C. Selling, Leasing or Encumbering the Property. I will not sell, o▇▇▇▇ ▇▇ sell, lease, or otherwise transfer or encumber the Property without your prior written permission, except for Inventory sold in the ordinary course of business at fair market value, or at a minimum price established between you and me. If I am in default under this Agreement, I may not sell the Inventory portion of the Property even in the ordinary course of business, Any disposition of the Property contrary to this Agreement will violate your rights. Your perm...
DUTIES TOWARD PROPERTY. A. Protection of Secured Party's Interest. I will defend the Property against any other claim. I agree to do whatever you require to protect your security interest and to keep your claim in the Property ahead of the claims of other creditors. I will not do anything to harm your position. I will keep books, records and accounts about the Property and my business in general. I will let you examine these and make copies at any reasonable time. I will prepare any report or accounting you request which deals with the Property. I will furnish you, promptly upon receipt, copies of all material notices, requests and other documents I receive relating to the Property.
B. Protection of the Property. I will notify you in writing prior to any change in my address, name or, if an organization, any change in my identity or structure. Until the Secured Debts are fully paid and this Agreement is terminated, I will not grant a security interest in any of the Property without your prior written consent. I will pay all taxes and assessments levied or assessed against me or the Property and provide timely proof of payment of these taxes and assessments upon request.
DUTIES TOWARD PROPERTY. If the Property includes farm products, Debtor will provide Secured Party with a list of the buyers, commission merchants, and selling agents to or through whom Debtor may sell the farm products. Debtor authorizes Secured Party to notify any additional parties regarding Secured Party's interest in Debtor's farm products, unless prohibited by law. Debtor agrees to plant, cultivate, and harvest crops in due season. Debtor will, upon receipt of any payment for and in connection with the sale of any such crops, upon receipt, deliver any proceeds and products of the Property to Secured Party. Debtor will provide Secured Party with any notices, documents, financial statements, reports, and other information relating to the Property Debtor receives as the owner of the Property.
DUTIES TOWARD PROPERTY. A. Protection of Secured Party’s Interest. I will defend the Property against any other claim. I agree to do whatever you require to protect your security interest and to keep your claim in the Property ahead of the claims of other creditors. I will not do anything to harm your position.
B. Use, Location and Protection of the Property. I will keep the Property in my possession and in good repair. I will use it only for commercial purposes. I will not change this specified use without your prior written consent. You have the right of reasonable access to
C. Selling, Leasing or Encumbering the Property. I will not sell, lease, or otherwise transfer or encumber the Property without your prior written permission. Any disposition of the Property contrary to this Agreement will violate your rights. Your Permission to sell the Property may be reasonably withheld without regard to the creditworthiness of any buyer or transferee. I will not permit the Property to be the subject of any court order affecting my rights to the Property in any action by anyone other than you. If the Property includes chattel paper or instruments, either as original collateral or as proceeds of the Property, I will note your security interest in the face of the chattel paper or instruments.
DUTIES TOWARD PROPERTY. Debtor will protect the Property and Secured Party’s interest against any competing claim. Except as otherwise agreed, Debtor will provide and deliver the Property to Secured Party as required by the Loan Agreement executed between the parties and a Commercial Promissory Note executed by D▇▇▇▇▇. Debtor agrees to provide any and all documentation required to perfect and to complete the Property, and shall ensure proper execution of all documentation related thereto. Debtor will not use the Property in violation of any law and will pay all taxes and assessments levied or assessed again the Property. Secured Party has the right of reasonable access to inspect the Property, including the right to require Debtor to assemble and make the Property available to Secured Party. Debtor will immediately notify Secured Party of any loss or damage to the Property. Debtor will prepare and keep books, records and accounts about the Property and D▇▇▇▇▇’s business to which Debtor will allow Secured Party reasonable access. Debtor will not sell, offer to sell, license, lease or otherwise transfer or encumber the Property without Secured Party’s prior written consent. Any disposition of the Property will violate the Secured Party’s rights. If the Property includes chattel paper or instruments, either as original collateral or as proceeds of the Property, Debtor will record Secured Party’s interest on the face of the chattel paper or instruments. If the Property includes accounts, D▇▇▇▇▇ will not settle any account for less than the full value, dispose of the accounts by assignment, or make any material change in the terms of any account without Secured Party’s prior written consent. Debtor will collect all accounts in the ordinary course of business, unless otherwise required by Secured Party. Debtor will keep the proceeds of the accounts, and any goods returned to Debtor, in trust for Secured Party and will cont commingle the proceeds or returned goods with any of the Debtor’s other property. Secured Party has the right to require account debtors to make payments on the accounts directly to Secured Party. Debtor will deliver the accounts to reports, certificates, lists of account debtors (showing names, addresses, and amounts owing), invoices applicable to each account and any other data pertaining to the accounts as Secured Party requests. Debtor will provide Secured Party with any notices, documents, financial statements, reports and other information relating to the Prope...
DUTIES TOWARD PROPERTY a. Protection of Secured Party’s Interest: Borrower will defend the property against any other claim. Borrower agrees to do whatever is necessary to protect Lender’s security interest and to keep its claim in the property ahead of the claims of other creditors. Borrower will not do anything to harm Lender’s position. Borrower will keep books, records, and accounts about its business and the property. Lender may examine these and make copies at any reasonable time. Borrower will prepare any reasonable report or accounting of the property as requested by Lender.
DUTIES TOWARD PROPERTY