Common use of Personal Property Security Interest Clause in Contracts

Personal Property Security Interest. (a) This Mortgage shall cover, and Mortgagor hereby grants to Mortgagee a security interest in, all property now or hereafter affixed or attached or incorporated upon the Mortgaged Property including without limitation all furnaces, heating equipment, air conditioners, fans, water heaters, pipes, ducts, wiring and electrical fixtures, conduits, plumbing, sinks, partitions, restroom fixtures, light fixtures, windows and window coverings, and floor, ceiling and wall coverings, and all replacements thereof and substitutions therefor, which, to the fullest extent permitted by law shall be deemed fixtures and a part of the real property. In addition, this Mortgage shall cover, and Mortgagor hereby grants to Mortgagee a security interest in: (i) all building materials, fixtures, equipment and other personal property to be incorporated into any improvements constructed on the Premises; (ii) all interest of Mortgagor in all goods, materials, supplies, fixtures, equipment, machinery, furniture and furnishing and other personal property which are now or hereafter affixed to, placed upon or used in connection with, the Premises, and all replacements thereof, and substitutions therefor; (iii) all interest of Mortgagor in all rents, issues and profits, as well as the fees, charges, accounts, or other payments for the use or occupancy of rooms and other public facilities, and insurance policies, insurance and condemnation awards and proceeds, tradenames, trademarks and service marks, arising from or related to the Premises and any other business conducted on the Premises; (iv) all of Mortgagor’s interest in and rights pursuant to any franchise or licensing agreement or other similar agreement with respect to the Premises but only to the extent such grant does not violate any such agreement; and (v) all books, records and files relating to, any of the foregoing. The security interests hereby granted are first and prior liens on the property described. To the extent any property covered by this Mortgage consists of rights in action or personal property covered by the Uniform Commercial Code, this Mortgage constitutes a Security Agreement and is intended to create a security interest in such property in favor of Mortgagee. This Mortgage shall be self-operative with respect to such property, but Mortgagor agrees to execute and deliver on demand such security agreements, financing statements and other instruments as Mortgagee may request in order to manifest or perfect the lien hereof more specifically upon any of such property. If the lien of this Mortgage on any property is subject to a prior security agreement covering such property, then in the event of any default hereunder, all the right, title and interest of Mortgagor in and to any and all deposits made in connection with the transaction whereby such prior security agreement was made is hereby assigned to Mortgagee, together with the benefit of any payments now or hereafter made in connection with such transactions.

Personal Property Security Interest. (a) This Mortgage shall cover, and Mortgagor hereby grants to Mortgagee a security interest in, all property now or hereafter affixed or attached or incorporated upon the Mortgaged Property including without limitation all furnaces, heating equipment, air conditioners, fans, water heaters, pipes, ducts, wiring and electrical fixtures, conduits, plumbing, sinks, partitions, restroom fixtures, light fixtures, windows and window coverings, and floor, ceiling and wall coverings, and all replacements thereof and substitutions therefor, which, to the fullest extent permitted by law shall be deemed fixtures and a part of the real property. In addition, this Mortgage shall cover, and Mortgagor hereby grants to Mortgagee a security interest in: (i) all building materials, fixtures, equipment and other personal property to be incorporated into any improvements constructed on the Premises; (ii) all interest of Mortgagor in all goods, materials, supplies, fixtures, equipment, machinery, furniture and furnishing and other personal property which are now or hereafter affixed to, placed upon or used in connection with, the Premises, and all replacements thereof, and substitutions therefor; (iii) all interest of Mortgagor in all rents, issues and profits, as well as the fees, charges, accounts, or other payments for the use or occupancy of rooms and other public facilities, and insurance policies, insurance and condemnation awards and proceeds, tradenames, trademarks and service marks, arising from or related to the Premises and any other business conducted on the Premises; (iv) all of Mortgagor’s interest in and rights pursuant to any franchise or licensing agreement or other similar agreement with respect to the Premises but only to the extent such grant does not violate any such agreement; and (v) all books, records and files relating to, any of the foregoing. The security interests hereby granted are first and prior liens on the property described. To the extent any property covered by this Mortgage Deed of Trust consists of rights an interest in action or personal property covered by the California Uniform Commercial Code, this Mortgage Deed of Trust constitutes a Security Agreement security agreement and is intended to create a security interest in such property in favor of MortgageeBeneficiary. This Mortgage Deed of Trust shall be self-operative with respect to such property, but Mortgagor agrees to Trustor shall execute and deliver on demand such from Beneficiary one or more security agreements, financing statements and other instruments as Mortgagee Beneficiary may request in order to manifest or perfect impose the lien hereof more specifically upon any of such property. If the lien of this Mortgage on any property is subject to a prior security agreement covering such property, then the terms and conditions thereof to be as required by Beneficiary, in Beneficiary's sole and absolute discretion. Without limiting the event generality of any default hereunderthe foregoing, as security and collateral for all of the rightSecured Obligations, title Trustor grants Beneficiary a continuing security interest in all of Trustor's interest in all of the following types of property, whether now owned or hereafter acquired and interest of Mortgagor in and to any and all deposits made wherever located (collectively, the "Collateral"), which are now or hereafter used or useful for or in connection with the transaction whereby such prior ownership, design, planning, construction, development, use, operation, maintenance, or marketing of, or are otherwise related to, the Property: All accounts, contract rights, general intangibles, inventory, equipment, deposit accounts, documents, instruments, letters of credit, farm products, fixtures and chattel paper (as those terms are defined in the Uniform Commercial Code) including without limitation the following: (1) All deposits, advance payments, security agreement was deposits, and rental payments made is hereby assigned by or on behalf of Trustor to Mortgageeothers, together with or by others to Trustor, including (but not limited to) those relating to any or all of the benefit following: management or operational services; marketing services; architectural, engineering, or design services; utility services; cleaning, maintenance, security, or repair services; rubbish or refuse removal services; sewer services; rental of furnishings, fixtures or equipment; parking; or any payments now or hereafter made in connection with such transactions.other service; (2) All reports, appraisals, drawings, plans, blueprints, studies, specifications, certificates of occupancy, building permits, grading permits, and other permits, surveys, licenses, consents, authorizations, utility installation and service agreements, management contracts, franchise agreements, rights and claims under insurance policies, rights to condemnation and other awards and governmental claims, tax refunds, goodwill, designs, customer lists, and all other rights,