Common use of Perfection Upon Recordation Clause in Contracts

Perfection Upon Recordation. Trustor acknowledges that Beneficiary has taken all reasonable actions necessary to obtain, and that upon recordation of this Deed of Trust, Beneficiary shall have, to the extent permitted under applicable law, a valid and fully perfected, first priority, present assignment of Trustor's interest in the rents arising out of any leases of the Land and Trustor acknowledges and agrees that upon recordation of this Deed of Trust, Beneficiary’s interest in such rents shall be deemed to be fully perfected, “xxxxxx” and enforced as to Trustor and all third parties, including, without limitation, any subsequently appointed trustee in any case under the Bankruptcy Code (as hereinafter defined), without the necessity of commencing a foreclosure action with respect to this Deed of Trust, making formal demand for the rents, obtaining the appointment of a receiver or taking any other affirmative action.

Perfection Upon Recordation. Trustor acknowledges that Beneficiary has taken all reasonable actions necessary to obtain, and that upon recordation of this Deed of Trust, Beneficiary shall have, to the extent permitted under applicable law, a valid and fully perfected, first priority, present assignment of Trustor's interest in the rents Rents arising out of any leases of the Land Leases and all security for such Leases. Trustor acknowledges and agrees that upon recordation of this Deed of Trust, Beneficiary’s interest in such rents the Rents shall be deemed to be present and fully perfected, “xxxxxx” and enforced as to Trustor and to the extent permitted under applicable law, all third parties, including, without limitation, any subsequently appointed trustee in any case under Title 11 of the Bankruptcy United States Code (as hereinafter definedthe “Bankruptcy Code”), without the necessity of commencing a foreclosure action with respect to this Deed of Trust, making formal demand for the rentsRents, obtaining the appointment of a receiver or taking any other affirmative action.