Granting Clauses Secured Indebtedness Clause Samples
The Granting Clauses; Secured Indebtedness clause establishes the lender's security interest in specific assets of the borrower to secure repayment of a debt. In practice, this clause identifies the collateral—such as equipment, inventory, or receivables—that the borrower pledges, and it defines the types of obligations or indebtedness that are covered by the security interest. Its core function is to protect the lender by ensuring that, if the borrower defaults, the lender has a legal right to seize and sell the specified assets to recover the outstanding debt.
Granting Clauses Secured Indebtedness. Grantor does hereby GRANT, BARGAIN, SELL, CONVEY, TRANSFER, ASSIGN and SET OVER to Jerry Richter, as Trustee, or a▇▇ ▇▇▇▇▇▇▇▇▇ or substitute appointed and designated as herein provided from time to time acting hereunder (a) the tract of land (herein called the "Land") described in Exhibit A which is attached ---- --------- hereto and incorporated herein by reference, and (i) all improvements now or hereafter situated on the Land (herein called the "Improvements"); and (ii) all ------------ right, title and interest of Grantor in and to (1) all streets, passages, roads, alleys, easements, rights-of-way, licenses, rights of ingress and egress, vehicle parking rights and public places, existing or proposed, abutting, adjacent, used in connection with or pertaining to the Land and/or the Improvements; (2) any strips or gores between the Land and abutting or adjacent properties; and (3) all water rights, timber, crops and mineral interests on or pertaining to the Land (the Land, Improvements and other rights, titles and interests referred to in this clause (a) being herein sometimes collectively called the "Premises"); (b) all fixtures, equipment, machinery, furnishings, -------- appliances, goods, supplies, and articles of personal property, of every kind and character, now owned or hereafter acquired by Grantor, or in which Grantor has or shall have an interest, which are now or hereafter attached to, located upon, situated in, on or about, or used in connection with the Land or the Improvements, or appurtenant thereto (the foregoing properties referred to in this clause (b) herein sometimes collectively called the "Accessories") all of ----------- which are hereby declared to be and deemed to constitute fixtures (herein called the "Fixtures"), and are part of the Land; (c) all awards or payments which may -------- hereafter be made with respect to the Premises, the Improvements, the Fixtures, or the Accessories by means of a taking or voluntary conveyance as a result of, or in settlement of, any condemnation or other eminent domain proceeding and all other proceeds of the conversion, voluntary or involuntary, of the Mortgaged Property (as hereinafter defined), or part thereof; (d) all leases, tenancies, licenses and other agreements affecting the use, enjoyment or occupancy of the Premises, the Improvements, the Fixtures, or the Accessories or any portion thereof now or hereafter entered into (herein called the "Leases"), together ------ with all credits, ca...
Granting Clauses Secured Indebtedness
