PERSONAL PROPERTY; SECURITY INTERESTS. Borrower shall suitably equip, or cause to be equipped, the Project for the Approved Use. Except as otherwise approved in writing by HUD, Borrower shall grant to Lender and HUD a first lien security interest in all personal property of Borrower related to the Project as additional security for the obligations of Borrower under the Note, the Borrower’s Security Instrument and this Agreement. Such security interest shall be evidenced by such security agreements as Lender and/or HUD may require and, in connection therewith, Borrower shall execute or cause to be executed and delivered such deposit account control agreements as may be required by Lender and/or HUD. Borrower hereby authorizes each of Lender and HUD to file such UCC financing statements, amendments, and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interests. Borrower shall not be permitted to grant any other liens on any of the Mortgaged Property without the prior written approval of Lender and HUD.
PERSONAL PROPERTY; SECURITY INTERESTS. (a) Customer acknowledge that under this Agreement, Customer grants Security Interests to Supplier including without limitation:
PERSONAL PROPERTY; SECURITY INTERESTS. The following is hereby added to the Agreement as paragraph 9(i):
PERSONAL PROPERTY; SECURITY INTERESTS. Borrower shall suitably equip, or cause to be equipped, the Project for the Approved Use. Except as otherwise approved in writing by HUD, Borrower shall grant to Lender and HUD a second lien security interest in all personal property of Borrower related to the Project as additional security for the obligations of Borrower under the Note, the Borrower’s SecurityBorrower Security Instrument and this Agreement, subject only to the rights of the First Lender under the First Mortgage Documents. Such security interest shall be evidenced by such security agreements as Lender and/or HUD may require and, in connection therewith, Borrower shall execute or cause to be executed and delivered such deposit account control agreements as may be required by Lender and/or HUD. Borrower hereby authorizes each of Lender and HUD to file such UCC financing statements, amendments, and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interests. Borrower shall not be permitted to grant any other liens on any of the Mortgaged Property without the prior written approval of Lender and HUD.
PERSONAL PROPERTY; SECURITY INTERESTS. (i) Each Note Document Party shall have delivered, or caused to be delivered, to Note Purchaser evidence, satisfactory to Note Purchaser, that such Note Document Party has taken, or caused to be taken, all actions required to perfect a first priority Lien in favor of Note Purchaser in all of the Collateral, subject only to Permitted Liens. Without limiting the generality of the foregoing, (A) Equity Owner shall have executed and delivered to Note Purchaser the Equity Owner Pledge Agreement, (B) Issuer shall have executed and delivered to Note Purchaser the Security Agreement, (C) Issuer shall have executed and delivered to Note Purchaser the Note Purchase Agreement and the Account Control Agreement, and the Account Bank shall have executed and delivered to the Note Purchaser the Account Control Agreement, (D) each Note Document Party, as applicable, shall have executed and filed, or caused to be filed, UCC-1 financing statements with respect to the Collateral in all jurisdictions required to provide Note Purchaser such perfected security interest in the Collateral and (E) each Note Document Party, as applicable, shall have delivered all original certificates and instruments, if any, evidencing “Investment Property” (as defined in the UCC) accompanied by proxies and instruments of transfer, duly endorsed in blank and otherwise reasonably satisfactory in form and substance to Note Purchaser).
PERSONAL PROPERTY; SECURITY INTERESTS. As of the Loan Closing Date, Borrowers will have good, valid and marketable title to all Personal Property, subject only to the Permitted Encumbrances. As of the Loan Closing Date and at all times during the Term, except as may be permitted under Section 6.17, Lender shall have first priority security interests in the Personal Property (other than the Personal Property that is leased by a Borrower, as lessee), free and clear of all liens, encumbrances, pledges or leases, other than the Permitted Encumbrances. None of the moveable equipment or other moveable Personal Property shall be removed from any Facility except in compliance with Section 6.22.11(d) below.
PERSONAL PROPERTY; SECURITY INTERESTS. Borrower shall suitably equip, or cause to be equipped, the Project for the Approved Use. Except as otherwise approved in writing by HUD, Borrower shall grant to Lender and HUD a first lien security interest in all personal property of Borrower related to the Project as additional security for the obligations of Borrower under the Note, the Borrower’s Security Instrument and this Agreement. Such security interest shall be evidenced by such security agreements as Lender and/or HUD may require and, in connection therewith, Borrower shall execute or cause to be executed and delivered such deposit account control agreements as may be required by Lender and/or HUD. Borrower hereby authorizes each of Lender and HUD to file such UCC financing statements, amendments, and continuation statements as either of them may deem to be necessary or appropriate in connection with Previous versions obsolete Page 18 of 29 form HUD-92466-ORCF (Rev. 06/2014) the foregoing security interests. Borrower shall not be permitted to grant any other liens on any of the Mortgaged Property without the prior written approval of Lender and HUD.
PERSONAL PROPERTY; SECURITY INTERESTS. The following is hereby added to the Agreement as paragraph 9(i): The Owners shall suitably equip, or cause to be equipped, the project for its use and operation for the Approved Use. Except as otherwise approved in writing by the Secretary, the Owners shall grant to the mortgagee and the Secretary a first lien security interest in all personal property of the Owners as additional security for the obligations of the Owners under the note, mortgage and this agreement. Such security interest shall be evidenced by such security agreements as the mortgagee and/or the Secretary may require and, in connection therewith, the Owners shall execute and deliver such deposit account control agreements as may be required by the mortgagee and/or the Secretary. Owners hereby authorize each of the mortgagee and the Secretary to file such UCC financing statements and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interest. The Owners shall not be permitted to grant any other liens on any of such personal property without the prior written approval of the mortgagee and the Secretary. If the project includes a skilled nursing home and is not subject to an operating lease, the Owners shall be permitted to pledge their accounts receivable to an accounts receivable lender in a manner approved by the mortgagee and the Secretary. In the event that the mortgagee and the Secretary grant such approval, (i) the holder(s) of such lien shall enter into an intercreditor agreement and a rider thereto with the mortgagee or the Secretary, or both, on such terms and conditions as may be required by the mortgagee and the Secretary and (ii) the Owners shall comply with any requirements imposed on them by the mortgagee or the Secretary (or either of them) in connection therewith.
