Common use of Security Agreement and Financing Statement Clause in Contracts

Security Agreement and Financing Statement. This Mortgage (a) creates a security interest in the Personalty, and, to the extent the Personalty is not real property, this Mortgage constitutes a security agreement from Mortgagor to Beneficiary under the Uniform Commercial Code of the State, and(b) creates a security interest in favor of Beneficiary for all sums at any time on deposit for the benefit of Mortgagor or held by Beneficiary (whether deposited by or on behalf of Mortgagor or anyone else) pursuant to any of the provisions of this Mortgage or the other Loan Documents. In addition to all of its other rights under this Mortgage and otherwise, Beneficiary shall have all of the rights of a secured party under the Uniform Commercial Code of the State, as in effect from time to time, or under the Uniform Commercial Code in force from time to time in any other state to the extent the same is applicable Law. This Mortgage shall also be effective as a financing statement with respect to any other Property as to which a security interest may be perfected by the filing of a financing statement and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Beneficiary are set forth in Section 2.4 below. A carbon, photographic or other reproduction of this Mortgage or any other financing statement relating to this Mortgage shall be sufficient as a financing statement for any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage. The foregoing authorization includes Mortgagor’s irrevocable authorization for Beneficiary at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (ii) as being of an equal or lesser scope or with greater detail.

Security Agreement and Financing Statement. This Mortgage (a) creates Deed of Trust is intended to be a security agreement pursuant to the Uniform Commercial Code for any of the items specified herein as a part of the Property which, under applicable law, may be subject to a security interest pursuant to the Uniform Commercial Code and Grantor hereby grants Beneficiary a security interest in said items. Grantor agrees that Beneficiary may file this Deed of Trust or a reproduction thereof in the PersonaltyReal Estate Records or other appropriate index as a financing statement for any of the items specified herein as part of the Property. Any reproduction of this Deed of Trust or of any other security agreement or financing statement shall be sufficient as a financing statement. In addition, andGrantor agrees to execute and deliver to Beneficiary, upon Beneficiary’s reasonable request, any financing statement, as well as extensions, renewals, and amendments thereof, and reproduction of this Deed of Trust in such form as the Beneficiary may require to the extent the Personalty is not real property, this Mortgage constitutes perfect a security agreement from Mortgagor interest with respect to said items. Grantor shall pay all costs of filing such financing statement and any extensions, renewals, amendments, and releases thereof, and shall pay all reasonable court costs and expenses of any record searches for financing statements Beneficiary under may reasonably require. Without prior written consent of Beneficiary, Grantor shall not create or suffer to be created pursuant to the Uniform Commercial Code of the State, and(b) creates a any other security interest in favor said items, including any replacements, substitutions, and additions thereto. Upon Grantor's breach of Beneficiary for any covenant or agreement of Grantor contained in this Deed of Trust, including the covenants to pay when due all sums at any time on deposit for the benefit secured by this Deed of Mortgagor or held by Beneficiary (whether deposited by or on behalf of Mortgagor or anyone else) pursuant to any of the provisions of this Mortgage or the other Loan Documents. In addition to all of its other rights under this Mortgage and otherwiseTrust, Beneficiary shall have all of the rights remedies of a secured party under the Uniform Commercial Code and, at Beneficiary's option may also invoke the remedies provided in this Deed of Trust as to such items. In exercising any of said remedies, Beneficiary may proceed against the Property and any items of personal property specified herein as part of the StateProperty separately or together and in any order whatsoever, as without in effect from time to time, or any way affecting the availability of Beneficiary's remedies under the Uniform Commercial Code or of the remedies provided by this Deed of Trust Grantor hereby agrees that written notice of sale of the Property received by Grantor at least ten (10) days prior to foreclosure sale, and otherwise in force from time to time in any other state to accordance with the extent the same is applicable Law. This Mortgage shall also be effective as a financing statement with respect to any other Property as to which a security interest may be perfected by the filing Note or this Deed of a financing statement and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Beneficiary are set forth in Section 2.4 below. A carbonTrust, photographic or other reproduction of this Mortgage or any other financing statement relating to this Mortgage shall be sufficient commercially reasonable as a financing statement for any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized contemplated by applicable Law, reasonably required by Beneficiary to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage. The foregoing authorization includes Mortgagor’s irrevocable authorization for Beneficiary at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (ii) as being of an equal or lesser scope or with greater detailCode.

Security Agreement and Financing Statement. This Mortgage (a) creates Deed of Trust is also a security agreement between Grantor, as debtor, and Beneficiary, as secured party. Grantor hereby grants to Beneficiary and Beneficiary’s successors and assigns, a security interest in the Personalty, and, to the extent the Personalty is not real property, this Mortgage constitutes a security agreement from Mortgagor to Beneficiary under the Uniform Commercial Code those portions of the StateProperty, and(b) creates other than the Land and Improvements, which constitute personal property (excluding inventory and other trade or business movable personal property), whether tangible or intangible, and each and every part thereof, and in all proceeds from the sale, lease or other disposition thereof, and in all sums, proceeds, funds and reserves described or referred to in Sections 13.01, 13.02 and 13.03 hereof. However, the grant of a security interest in favor of Beneficiary for all sums at proceeds shall not be deemed to authorize any time on deposit for the benefit of Mortgagor or held by Beneficiary (whether deposited by or on behalf of Mortgagor or anyone else) pursuant to any of the provisions of this Mortgage or the other Loan Documentsaction otherwise prohibited herein. In addition to all of its other Beneficiary’s rights under this Mortgage and hereunder or otherwise, Beneficiary shall have all of the rights of a secured party under the Uniform Commercial Code Texas Business and Commerce Code, as amended (the “Code”). Furthermore, without limiting Beneficiary’s rights hereunder, Grantor authorizes Beneficiary to file financing statements and amendments thereto under the provisions of the StateCode. In addition, as in effect Grantor, from time to time, upon each request of Beneficiary, shall promptly (a) execute and deliver to Beneficiary such other documents as required by Beneficiary in order to establish or under maintain the Uniform Commercial Code in force from time to time in any other state to validity, perfection or priority of the extent the same is applicable Law. This Mortgage shall also be effective as a financing statement security interest with respect to any other Property as the personal property or fixtures; (b) pay to which a security interest may be perfected by the Beneficiary on demand all costs of preparation and filing of financing statements pursuant hereto and all costs of Code searches reasonably required by Beneficiary; and (c) give to Beneficiary a financing statement certificate in form satisfactory to Beneficiary listing all trade names of Grantor and may be filed as under which Grantor operates or intends to operate the Property or any part thereof, and give to Beneficiary advance written notice of any proposed change of any such in trade name and of any appropriate filing change of name (or recording office. The respective mailing addresses trade name or assumed name), identity or structure of Mortgagor and Beneficiary are set forth in Section 2.4 belowGrantor. A carbon, photographic or other reproduction of this Mortgage Deed of Trust or any other of a financing statement relating to this Mortgage shall be executed pursuant hereto is sufficient as a financing statement. This Deed of Trust is, without limitation, intended to be a financing statement for any filed as a fixture filing with respect to the portions of the purposes referred Property which are or are to become fixtures, and as mineral, crop and timber filing. The address of Grantor (debtor) is set forth on the first page hereof and the address of Beneficiary (secured party) from whom information concerning the security interest may be obtained, is set forth in this SectionSection 8.01 hereof. Mortgagor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary to establish or maintain Grantor is the validity, perfection and priority record owner of the security interests granted in this MortgageProperty. The foregoing authorization includes MortgagorGrantor’s irrevocable authorization for Beneficiary at any time jurisdiction of organization is Delaware and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment Grantor’s organizational identification number is filed704525, or (ii) as being of an equal or lesser scope or with greater detailif no number is inserted, Grantor has none.

Security Agreement and Financing Statement. This Mortgage (a) creates a security interest in the Personalty, and, to the extent the Personalty is not real property, this Mortgage constitutes a security agreement from Mortgagor to Beneficiary under the Uniform Commercial Code of the State, and(b) creates a security interest in favor of Beneficiary for all sums at any time on deposit for the benefit of Mortgagor or held by Beneficiary (whether deposited by or on behalf of Mortgagor or anyone else) pursuant to any of the provisions of this Mortgage or the other Loan Documents. In addition to all of its other rights under this Mortgage and otherwise, Beneficiary shall have all of the rights of a secured party under the Uniform Commercial Code of the State, as in effect from time to time, or under the Uniform Commercial Code in force from time to time in any other state to the extent the same is applicable Law. This Mortgage shall also be effective as a financing statement with respect to any other Property as to which a security interest may be perfected by the filing of a financing statement and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Beneficiary are set forth in Section 2.4 2.6 below. A carbon, photographic or other reproduction of this Mortgage or any other financing statement relating to this Mortgage shall be sufficient as a financing statement for any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage. The foregoing authorization includes Mortgagor’s irrevocable authorization for Beneficiary at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (ii) as being of an equal or lesser scope or with greater detail.

Security Agreement and Financing Statement. This Mortgage Deed of Trust (a) creates a security interest in the Personalty, and, to the extent the Personalty is not real property, this Mortgage Deed of Trust constitutes a security agreement from Mortgagor Grantor to Beneficiary under the Uniform Commercial Code of the StateState (or such other state as is applicable) to the extent any of the Personalty has been or may be acquired with funds advanced by Beneficiary under the Loan Documents, and(bthe security interest granted hereunder is a purchase money security interest, and (b) creates a security interest in favor of Beneficiary for all sums at any time on deposit for the benefit of Mortgagor Grantor or held by Beneficiary (whether deposited by or on behalf of Mortgagor Grantor or anyone else) pursuant to any of the provisions of this Mortgage Deed of Trust or the other Loan Documents. In addition to all of its other rights under this Mortgage Deed of Trust and otherwise, Beneficiary shall have all of the rights of a secured party under the Uniform Commercial Code of the State, as in effect from time to time, or under the Uniform Commercial Code in force from time to time in any other state to the extent the same is applicable Law. This Mortgage Deed of Trust shall also be effective as a financing statement with respect to any other Property as to which a security interest may be perfected by the filing of a financing statement and may be filed as such in any appropriate filing or recording office. Until such time as the Obligations have been paid in full, or until the security interest granted hereby has been released in writing by Beneficiary, this Deed of Trust shall remain fully effective as a security agreement, notwithstanding that the lien on Real Property may be extinguished or released by foreclosure of this Deed of Trust. Grantor is the “Debtor” and Beneficiary is the “Secured Party” (as such terms are defined and used in the Uniform Commercial Code of the State). The respective mailing addresses of Mortgagor Grantor and Beneficiary are set forth in Section 2.4 belowthe Preamble to this Deed of Trust. A carbon, photographic or other reproduction of this Mortgage Deed of Trust or any other financing statement relating to this Mortgage Deed of Trust shall be sufficient as a financing statement for any of the purposes referred to in this Section. Mortgagor Grantor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageDeed of Trust. The foregoing authorization includes MortgagorGrantor’s irrevocable authorization for Beneficiary at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor Grantor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (ii) as being of an equal or lesser scope or with greater detail.

Security Agreement and Financing Statement. This Mortgage (a) creates a security interest in the Personalty, and, to the extent the Personalty is not real property, this Mortgage constitutes a security agreement from Mortgagor to Beneficiary Administrative Agent on behalf of the Lenders under the Uniform Commercial Code of the State, and(b) creates a security interest in favor of Beneficiary for all sums at any time on deposit for the benefit of Mortgagor or held by Beneficiary (whether deposited by or on behalf of Mortgagor or anyone else) pursuant to any of the provisions of this Mortgage or the other Loan Documents. In addition to all of its other rights under this Mortgage and otherwise, Beneficiary Administrative Agent shall have all of the rights of a secured party under the Uniform Commercial Code of the State, as in effect from time to time, or under the Uniform Commercial Code in force from time to time in any other state to the extent the same is applicable Law. This Mortgage shall also be effective as a financing statement with respect to any other Property as to which a security interest may be perfected by the filing of a financing statement and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Beneficiary Administrative Agent are set forth in Section 2.4 belowthe opening paragraph of this Mortgage. A carbon, photographic or other reproduction of this Mortgage or any other financing statement relating to this Mortgage shall be sufficient as a financing statement for any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Beneficiary Administrative Agent at any time and from time to time to file (without Mortgagor’s signature) any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary Administrative Agent to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage. The foregoing authorization includes Mortgagor’s irrevocable authorization for Beneficiary Administrative Agent at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (ia) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (iib) as being of an equal or lesser scope or with greater detail.

Security Agreement and Financing Statement. This Mortgage Deed of Trust (a) creates a security interest in the Personalty, and, to the extent the Personalty is not real property, this Mortgage Deed of Trust constitutes a security agreement from Mortgagor Grantor to Beneficiary under the Uniform Commercial Code of the State, and(band (b) creates a security interest in favor of Beneficiary for all sums at any time on deposit for the benefit of Mortgagor Grantor or held by Beneficiary (whether deposited by or on behalf of Mortgagor Grantor or anyone else) pursuant to any of the provisions of this Mortgage Deed of Trust or the other Loan Documents. In addition to all of its other rights under this Mortgage Deed of Trust and otherwise, Beneficiary shall have all of the rights of a secured party under the Uniform Commercial Code of the State, as in effect from time to time, or under the Uniform Commercial Code in force from time to time in any other state to the extent the same is applicable Law. This Mortgage Deed of Trust shall also be effective as a financing statement with respect to any other Property as to which a security interest may be perfected by the filing of a financing statement and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor Grantor and Beneficiary are set forth in Section 2.4 belowthe Preamble to this Deed of Trust. A carbon, photographic or other reproduction of this Mortgage Deed of Trust or any other financing statement relating to this Mortgage Deed of Trust shall be sufficient as a financing statement for any of the purposes referred to in this Section. Mortgagor Grantor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageDeed of Trust. The foregoing authorization includes MortgagorGrantor’s irrevocable authorization for Beneficiary at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor Grantor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filed, or (ii) as being of an equal or lesser scope or with greater detail.

Security Agreement and Financing Statement. This Mortgage (a) creates is, pursuant to the UCC, a security agreement and financing statement with respect to that portion of the Property constituting fixtures and Personal Property. Grantor hereby authorizes Lxxxxx to execute and file financing statements and continuation statements without the signature of Grantor if Lender shall determine that such are necessary or advisable in order to perfect Lender’s security interest in such fixtures and Personal Property and hereby authorizes Lxxxxx to execute financing statements to further evidence and secure Lxxxxx’s interest in such fixtures and Personal Property and shall pay to Lender on demand any expenses incurred by Lxxxxx in connection with the Personaltypreparation, andexecution and filing of such statements and any continuation statements that may be filed by Lender. Upon the occurrence of any Event of Default, to Lender may, at its option, sell or otherwise dispose of such fixtures and Personal Property by public or private proceedings, separate from or together with the extent the Personalty is not real property, this Mortgage constitutes a security agreement from Mortgagor to Beneficiary under the Uniform Commercial Code sale of the StateProperty, and(b) creates a security interest in favor of Beneficiary for all sums at any time on deposit for the benefit of Mortgagor or held by Beneficiary (whether deposited by or on behalf of Mortgagor or anyone else) pursuant to any of accordance with the provisions of this Mortgage or the other Loan Documents. In addition UCC, and Lender may with respect to all of its such fixtures and Personal Property, exercise any other rights under this Mortgage and otherwise, Beneficiary shall have all of the rights or remedies of a secured party under the Uniform Commercial Code UCC. Unless such fixtures and Personal Property are perishable or threaten to decline speedily in value or are of a type customarily sold on a recognized market, Lender shall give Grantor at least ten (10) days prior written notice of the Statetime and place of any public sale of such fixtures or other intended disposition thereof. Upon occurrence of any Event of Default, as in effect from time to timethe Lender reserves the option, or under the Uniform Commercial Code in force from time to time in any other state pursuant to the extent appropriate provisions of the same is applicable LawUCC to proceed with respect to such fixtures and Personal Property as part of the Property in accordance with its rights and remedies with respect to the Property, in which event the default provisions of the UCC shall not apply. This Mortgage shall also be effective as deemed to be a fixture financing statement with respect to any other within the meaning of the UCC and for such purpose, the following information is given: Name and address of Debtor: WSI Industries, Inc. 200 Xxxxxxx Xxxx Xxxxxxxxxx, XX 00000 Type of organization: corporation Jurisdiction of organization: Minnesota Organization ID No.: K-680 Name and address of Secured Party: BMO Hxxxxx Bank N.A. 50 Xxxxx Xxxxx Xxxxxx, Xxxxx 0000 Xxxxxxxxxxx, XX 00000 Description of the types (or items) of property covered by this Financing Statement: All Property as to and collateral described in the Granting Clauses I through VI above (or which Debtor has otherwise granted Lender a security interest may in), which is subject to the UCC Description of real estate to which the collateral is attached or upon which it is or will be perfected by located: Those certain tracts of land, described on Exhibit A Record owner of real estate to which the filing collateral is attached or upon which it is or will be located: Grantor Some of a financing statement the above-described collateral is or is to become fixtures upon the above described real estate and may this Mortgage is to be filed as such for record in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Beneficiary are set forth in Section 2.4 below. A carbon, photographic or other reproduction of this Mortgage or any other financing statement relating to this Mortgage shall be sufficient as a financing statement for any the public real estate records of the purposes referred to county or counties in this Section. Mortgagor hereby irrevocably authorizes Beneficiary at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable Law, reasonably required by Beneficiary to establish or maintain which the validity, perfection and priority of the security interests granted in this Mortgage. The foregoing authorization includes Mortgagor’s irrevocable authorization for Beneficiary at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Personalty (i) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Personalty falls within the scope of the Uniform Commercial Code of the State or the jurisdiction where the initial financing statement or amendment is filedfixtures are, or (ii) as being of an equal or lesser scope or with greater detailare to be, located.