Common use of PERSONAL PROPERTY; SECURITY INTERESTS Clause in Contracts

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. 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 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 Borrower 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. 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 Borrower 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. The Borrower shall suitably equip, or cause to be equipped, the Project for the Approved Use. Except as otherwise approved in writing by HUD, the Borrower shall grant to the Lender and HUD a first lien security interest in all personal property of the Borrower related to the Project as additional security for the obligations of the Borrower under the Note, the Borrower’s Security Instrument Mortgage and this Agreement. Such security interest shall be evidenced by such security agreements as the Lender and/or HUD may require and, in connection therewith, the Borrower shall execute or cause to be executed and delivered deliver such deposit account control agreements as may be required by the Lender and/or HUD. Borrower hereby authorizes authorize each of the Lender and HUD to file such UCC financing statements, amendments, statements and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interestsinterest. The Borrower shall not be permitted to grant any other liens on any of the Mortgaged Property without the prior written approval of the Lender and HUD.

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 '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. 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 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. The Borrower shall suitably equip, or cause to be equipped, the Project for the Approved Use. Except as otherwise approved in writing by HUD, the Borrower shall grant to the Lender and HUD a first lien security interest in all personal property of the Borrower related to the Project as additional security for the obligations of the Borrower under the Note, the Borrower’s Mortgagethe Security Instrument Instrument, and this Agreement. Such security interest shall be evidenced by such security agreements as the Lender and/or HUD may require and, in connection therewith, the Borrower shall execute or cause to be executed and delivered deliver such deposit account control agreements as may be required by the Lender and/or HUD. Borrower hereby authorizes xxxxxx authorizeauthorizes each of the Lender and HUD to file such UCC financing statements, amendments, statements and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interestsinterestinterests. The Borrower shall not be permitted to grant any other liens on any of the Mortgaged Property without the prior written approval of the Lender and HUD.

PERSONAL PROPERTY; SECURITY INTERESTS. The Borrower shall suitably equip, or cause to be equipped, the Project for the Approved Use. Except as otherwise approved in writing by HUD, the Borrower shall grant to the Lender and HUD a first lien security interest in all personal property of the Borrower related to the Project as additional security for the obligations of the Borrower under the Note, the Borrower’s Security Instrument and this Agreement. Such security interest shall be evidenced by such security agreements as the Lender and/or HUD may require and, in connection therewith, the Borrower shall execute or cause to be executed and delivered such deposit account control agreements as may be required by the Lender and/or HUD. Borrower hereby authorizes each of the Lender and HUD to file such UCC financing statements, amendments, amendments and continuation statements as either of them may deem to be necessary or appropriate in connection with the foregoing security interests. The Borrower shall not be permitted to grant any other liens on any of the Mortgaged Property without the prior written approval of the Lender and HUD.

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.. Previous versions obsolete Page 21 of 33 form HUD-92466-ORCF (06/2014)