Common use of Notation of Security Interest Clause in Contracts

Notation of Security Interest. If the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, Vanderbilt or the related Originator as the holder of a first priority security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show Vanderbilt as secured party. If the related Manufactured Home secures a Land-and-Home Contract, the related land securing such Land-and-Home Contract is subject to a Mortgage properly filed in the appropriate public recording office and naming Vanderbilt as mortgagee. In each such case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons claiming an interest in such Manufactured Home.

Notation of Security Interest. If the related Manufactured Home is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, Vanderbilt the Company or the related Originator as the holder of a first priority security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show Vanderbilt the Company as secured party. If the related Manufactured Home secures a Land-and-Home Contract, the related land securing such Land-and-Home Contract is subject to a Mortgage properly filed in the appropriate public recording office and naming Vanderbilt the Company as mortgagee. In each such case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons claiming an interest in such Manufactured Home.

Notation of Security Interest. If the related Manufactured Home ----------------------------- is located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, Vanderbilt the Company or the related Originator as the holder of a first priority security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show Vanderbilt the Company as secured party. If the related Manufactured Home secures a Land-and-Home Contract, the related land securing such Land-and-Home Contract is subject to a Mortgage properly filed in the appropriate public recording office and naming Vanderbilt the Company as mortgagee. In each such case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons claiming an interest in such Manufactured Home.

Notation of Security Interest. If the related Manufactured Home is ----------------------------- located in a state in which notation of a security interest on the title document is required or permitted to perfect such security interest, the title document shows, or if a new or replacement title document with respect to such Manufactured Home is being applied for such title document will be issued within 180 days and will show, Vanderbilt the Company or the related Originator as the holder of a first priority security interest in such Manufactured Home. If the related Manufactured Home is located in a state in which the filing of a financing statement or the making of a fixture filing under the UCC is required to perfect a security interest in manufactured housing, such filings or recordings have been duly made and show Vanderbilt the Company as secured party. If the related Manufactured Home secures a Land-and-Home Contract, the related land securing such Land-and-Home Contract is subject to a Mortgage properly filed in the appropriate public recording office and naming Vanderbilt the Company as mortgagee. In each such case, the Trustee has the same rights as the secured party of record would have (if such secured party were still the owner of the Contract) against all Persons claiming an interest in such Manufactured Home.