Security Agreement; Fixture Filing. This Deed of Trust shall, as to any rents, equipment, furnishings and other personal property covered hereby (collectively, the "Personal Property") and constituting a portion of the Property, be deemed to constitute a security agreement, and Trustor hereby grants to Beneficiary, as secured party, for the benefit of the Holders, a security interest therein pursuant to the Nevada Uniform Commercial Code. Trustor agrees, as necessary, to execute any supplements to this Deed of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available to Beneficiary at a place to be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Laws, the right to take possession of such Personal Property with or without demand and with or without process of law and the right to sell and dispose of the same and distribute the proceeds according to law. The parties hereto agree that any requirement of reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior to the date of sale, disposition or other event giving rise to the required notice, and that the proceeds of any disposition of any such Personal Property may be applied by Beneficiary first to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the other Obligations. The parties hereto further agree that any sale of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has become so attached to the real property covered hereby that an interest therein arises under the real property law of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502.
Appears in 12 contracts
Samples: Leasehold Deed of Trust (Herbst Gaming Inc), Leasehold Deed of Trust (Herbst Gaming Inc), Deed of Trust (Herbst Gaming Inc)
Security Agreement; Fixture Filing. (a) This Deed of Trust shall, as to any rents, equipment, furnishings is both a real property deed of trust and other a "security agreement" within the meaning of the UCC. The Property includes both real and personal property covered hereby (collectivelyand all other rights and interests, the "Personal Property") and constituting a portion whether tangible or intangible in nature, of Borrower in the Property, be deemed . This Deed of Trust further constitutes a financing statement filed as a fixture filing and covers goods which are or are to constitute a security agreement, and Trustor become fixtures on the Property. Borrower hereby grants to Beneficiary, Lender as secured party, security for the benefit of the Holders, Debt a security interest therein in the Property to the full extent that the Property may be subject to the UCC of the State. If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC. Any disposition pursuant to the Nevada Uniform Commercial Code. Trustor agrees, as necessary, to execute any supplements to this Deed UCC of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all so much of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited Property as may constitute personal property shall be considered commercially reasonable if made pursuant to the right but not the obligation to require Trustor to assemble the Personal Property and make it available to Beneficiary at a place to be designated by Beneficiary public sale which is reasonably convenient to both parties, and subject to applicable Gaming Laws, the right to take possession of such Personal Property with or without demand and with or without process of law and the right to sell and dispose of the same and distribute the proceeds according to law. The parties hereto agree that any requirement of reasonable notice shall be met if Beneficiary sends such notice to Trustor advertised at least ten days prior to twice in a newspaper in which sheriff's sales are advertised in the date county where the Premises is located. Any notice of sale, disposition or other event giving rise intended action by Lender with respect to the required noticeCollateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, and that the shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any such Personal Property part thereof, may be applied by Beneficiary first Lender to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the other Obligations. The parties hereto further agree that Debt in such priority and proportions as Lender in its discretion shall deem proper.
(b) Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, and authorize Lender to file with the appropriate public office on its behalf any sale of the Personal Property held contemporaneously with any sale of the Land financing, continuation or other Property and upon statements, as secured party, in connection with the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has become so attached to the real property Collateral covered hereby that an interest therein arises under the real property law of the State of Nevada, by this Deed of Trust shall also constitute a financing statement at Borrower's cost and a fixture filing under NRS § 104.9502expense.
Appears in 2 contracts
Samples: Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas), Multifamily Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Wilshire Oil Co of Texas)
Security Agreement; Fixture Filing. This Deed of Trust shall, as to any rents, equipment, furnishings and other personal property covered hereby (collectively, the "Personal Property") and constituting a portion of the Property, be deemed to constitute a security agreement, and Trustor hereby grants to Beneficiary, as secured party, for the benefit of the Holders, a security interest therein pursuant to the Nevada Uniform Commercial Code. Trustor agrees, as necessary, to execute any supplements to this Deed of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available to Beneficiary at a place to be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Laws, the right to take possession of such Personal Property with or without demand and with or without process of law and the right to sell and dispose of the same and distribute the proceeds according to law. The parties hereto agree that any requirement of reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior to the date of sale, disposition or other event giving rise to the required notice, and that the proceeds of any disposition of any such Personal Property may be applied by Beneficiary first to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the other Obligationsobligations. The parties hereto further agree that any sale of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has become so attached to the real property covered hereby that an interest therein arises under the real property law of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502.
Appears in 1 contract
Security Agreement; Fixture Filing. This Deed of Trust shallTrustor hereby grants, as assigns and transfers to any rents, equipment, furnishings Beneficiary a first priority security interest in and other to the personal property covered hereby (collectivelyencumbered hereby, including, without limitation, the collateral described in Exhibit E ("Personal Property") ); and constituting this Deed of Trust shall constitute a portion security agreement pursuant to the UCC with respect to Personal Property located in Nevada. For purposes of the Property, be deemed to constitute treating this Deed of Trust as a security agreement, Trustor shall be deemed to be the "Debtor" and Trustor hereby grants Beneficiary the "Secured Party". As to Beneficiaryall of the above described personal property which is or which hereafter becomes a "fixture" under applicable law, this Deed of Trust constitutes a financing statement filed as a fixture filing under NRS 104.9502(3), as secured partyamended or recodified from time to time.
6.1.1 Trustor is a limited liability company, for duly organized under the benefit laws of the Holders, a security interest therein pursuant to the Nevada Uniform Commercial CodeState of Delaware. Trustor agrees, as necessary, to execute any supplements to maintains a place of business in the State of Idaho at the address set forth in Section 8.11 of this Deed of Trust, such address is Trustor's mailing address; and Trustor will immediately notify Beneficiary in writing of any separate security agreement change in its place of business and/or mailing address. The organizational identification number for Trustor is 4514579.
(a) The Trustor irrevocably authorizes the Trustee and the Beneficiary, at any time and from time to time, to file, at the expense of the Trustor, in any UCC jurisdiction any financing statements and amendments thereto that contain information required by the UCC for the sufficiency of any financing statement or amendment. The Trustor agrees to promptly furnish any information necessary to prepare such financing statements and amendments upon prior written request. Notwithstanding the foregoing, nothing herein shall require the Trustee or the Beneficiary to file financing statements or continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect be responsible for maintaining the security interest granted hereby. Upon purported to be created as described herein, and such responsibility shall be solely the occurrence of an Event of Default, Beneficiary shall have all responsibility of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available to Beneficiary at a place to be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Laws, the right to take possession of such Personal Property with or without demand and with or without process of law and the right to sell and dispose of the same and distribute the proceeds according to law. The parties hereto agree that any requirement of reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior to the date of sale, disposition or other event giving rise to the required notice, and that the proceeds of any disposition of any such Personal Property may be applied by Beneficiary first to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the other Obligations. The parties hereto further agree that any sale of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has become so attached to the real property covered hereby that an interest therein arises under the real property law of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502Trustor.
Appears in 1 contract
Security Agreement; Fixture Filing. (a) This Deed Security Instrument shall also be considered a security agreement under the Uniform Commercial Code. This Security Instrument is both a real property mortgage and a “security agreement” within the meaning of Trust shall, as to any rents, equipment, furnishings the Uniform Commercial Code. The Property includes both real and other personal property covered hereby (collectivelyand all other rights and interests, the "Personal Property") and constituting a portion whether tangible or intangible in nature, of Mortgagor in the Property. By executing and delivering this Security Instrument, be deemed to constitute a security agreement, and Trustor Mortgagor hereby grants to BeneficiaryLender, as secured party, security for the benefit of the HoldersObligations (hereinafter defined), a security interest therein pursuant to in the Nevada Uniform Commercial Code. Trustor agreesFixtures, as necessarythe Equipment, to execute any supplements to this Deed of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available other property constituting the Property to Beneficiary at a place to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Lawsthe Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the “Collateral”). Mortgagor hereby authorizes Lender to file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue the perfection of this security interest without the authorization or signature of Xxxxxxxxx. If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such Personal Property with or without demand other measures as Lender may deem necessary for the care, protection and with or without process of law and the right to sell and dispose preservation of the same Collateral. Upon request or demand of Lender after the occurrence and distribute during the proceeds according continuance of an Event of Default, Mortgagor shall, at its expense, assemble the Collateral and make it available to lawLender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. The parties hereto agree that Mortgagor shall pay to Lender on demand any requirement of and all expenses, including reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior legal expenses and attorneys’ fees, incurred or paid by Xxxxxx in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the date Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other event giving rise intended action by Lender with respect to the required noticeCollateral sent to Mortgagor in accordance with the provisions hereof at least ten (10) Business Days prior to such action, and that the shall, except as otherwise provided by Applicable Law, constitute reasonable notice to Mortgagor. The proceeds of any disposition of the Collateral, or any such Personal Property may part thereof, may, except as otherwise required by Applicable Law, be applied by Beneficiary first Lender to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the Debt and other ObligationsObligations in such priority and proportions as Lender in its discretion shall deem proper.
(b) From the date of its recording, this Security Instrument shall be effective as a “fixture filing” with respect to all of the Property which is or is to become fixtures (within the meaning of the Uniform Commercial Code). The parties hereto further agree that addresses of Mortgagor (Debtor) and Lender (Secured Party) are set forth below. This Security Instrument is to be filed for recording with the recorder's office of any sale county or counties where the Land (including such fixtures) is located. For this purpose, the following information is set forth: Name and Address of Debtor: __________________________ __________________________ __________________________ __________________________ Name and Address of Secured Party: Truist Bank _________________________ ________________________ This document covers any portion of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has now is or later may become so a fixture attached to the real property covered hereby that an interest therein arises under Land. Debtor is the real property law record owner of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502.Property.1
Appears in 1 contract
Samples: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing
Security Agreement; Fixture Filing. (a) This Deed Security Instrument shall also be considered a security agreement under the Uniform Commercial Code. This Security Instrument is both a real property mortgage and a “security agreement” within the meaning of Trust shall, as to any rents, equipment, furnishings the Uniform Commercial Code. The Property includes both real and other personal property covered hereby (collectivelyand all other rights and interests, the "Personal Property") and constituting a portion whether tangible or intangible in nature, of Mortgagor in the Property. By executing and delivering this Security Instrument, be deemed to constitute a security agreement, and Trustor Mortgagor hereby grants to BeneficiaryLender, as secured party, security for the benefit of the HoldersObligations (hereinafter defined), a security interest therein pursuant to in the Nevada Uniform Commercial Code. Trustor agreesFixtures, as necessarythe Equipment, to execute any supplements to this Deed of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available other property constituting the Property to Beneficiary at a place to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Lawsthe Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the “Collateral”). Mortgagor hereby authorizes Lender to file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue the perfection of this security interest without the authorization or signature of Xxxxxxxxx. If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such Personal Property with or without demand other measures as Lender may deem necessary for the care, protection and with or without process of law and the right to sell and dispose preservation of the same Collateral. Upon request or demand of Lender after the occurrence and distribute during the proceeds according continuance of an Event of Default, Mortgagor shall, at its expense, assemble the Collateral and make it available to lawLender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. The parties hereto agree that Mortgagor shall pay to Lender on demand any requirement of and all expenses, including reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior legal expenses and attorneys’ fees, incurred or paid by Xxxxxx in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the date Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other event giving rise intended action by Lender with respect to the required noticeCollateral sent to Mortgagor in accordance with the provisions hereof at least ten (10) Business Days prior to such action, and that the shall, except as otherwise provided by Applicable Law, constitute reasonable notice to Mortgagor. The proceeds of any disposition of the Collateral, or any such Personal Property may part thereof, may, except as otherwise required by Applicable Law, be applied by Beneficiary first Lender to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the Debt and other ObligationsObligations in such priority and proportions as Lender in its discretion shall deem proper.
(b) As to those items of the Collateral which are or shall become affixed to the Land and/or the Improvements, and all products and proceeds thereof, this Security Instrument is and shall be effective as a Financing Statement filed as a fixture filing as and from the date of its recordation in the real estate records of the County in which the Land is situated. The parties hereto further agree that any sale addresses of Mortgagor (Debtor) and Lender (Secured Party) are set forth below. The name of the Personal Property held contemporaneously with any sale record owner of the Land or other Property and upon Improvements is the same notice as required in the Nevada Uniform Commercial Code shall be deemed Mortgagor. This Security Instrument is to be a public sale conducted filed for recording with the recorder's office of any county or counties where the Land (including such Fixtures) is located. The definition of the “Property” contained in a commercially reasonable manner. With respect Section 1.1 of this Security Instrument describes the types and items of Personal Property affixed or to be affixed to the Personal Land and the Improvements. For this purpose, the following information is set forth: Name and Address of Debtor: __________________________ __________________________ __________________________ __________________________ Name and Address of Secured Party: Truist Bank _________________________ ________________________ This document covers any portion of the Property that has now is or later may become so a fixture attached to the real property covered hereby that an interest therein arises under Land. Debtor is the real property law record owner of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502.Property.1
Appears in 1 contract
Samples: Mortgage, Assignment of Rents, Security Agreement and Fixture Filing
Security Agreement; Fixture Filing. (a) This Deed Security Instrument shall also be considered a security agreement under the Uniform Commercial Code. This Security Instrument is both a deed of Trust shall, as to any rents, equipment, furnishings trust and other a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property covered hereby (collectivelyand all other rights and interests, the "Personal Property") and constituting a portion whether tangible or intangible in nature, of Grantor in the Property. By executing and delivering this Security Instrument, be deemed to constitute a security agreement, and Trustor Grantor hereby grants to BeneficiaryLender, as secured party, security for the benefit of the HoldersObligations (hereinafter defined), a security interest therein pursuant to in the Nevada Uniform Commercial Code. Trustor agreesFixtures, as necessarythe Equipment, to execute any supplements to this Deed of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available other property constituting the Property to Beneficiary at a place to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Lawsthe Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "Collateral"). Grantor hereby authorizes Lender to file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue the perfection of this security interest without the authorization or signature of Grantor. If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such Personal Property with or without demand other measures as Lender may deem necessary for the care, protection and with or without process of law and the right to sell and dispose preservation of the same Collateral. Upon request or demand of Lender after the occurrence and distribute during the proceeds according continuance of an Event of Default, Grantor shall, at its expense, assemble the Collateral and make it available to lawLender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. The parties hereto agree that Grantor shall pay to Lender on demand any requirement of and all expenses, including reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior legal expenses and attorneys' fees, incurred or paid by Xxxxxx in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the date Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other event giving rise intended action by Lender with respect to the required noticeCollateral sent to Grantor in accordance with the provisions hereof at least ten (10) Business Days prior to such action, and that the shall, except as otherwise provided by Applicable Law, constitute reasonable notice to Grantor. The proceeds of any disposition of the Collateral, or any such Personal Property may part thereof, may, except as otherwise required by Applicable Law, be applied by Beneficiary first Lender to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the Debt and other ObligationsObligations in such priority and proportions as Lender in its discretion shall deem proper.
(b) From the date of its recording, this Security Instrument shall be effective as a "fixture filing" for the purposes of Code of Virginia § 8.9A-502 with respect to all of the Property which is or is to become fixtures (within the meaning of the Uniform Commercial Code). The parties hereto further agree that addresses of Grantor (Debtor) and Lender (Secured Party) are set forth below. This Security Instrument is to be filed for recording with the Clerk of Superior Court of any sale county or counties where the Land (including such fixtures) is located. For this purpose, the following information is set forth: Name and Address of Debtor: __________________________ __________________________ __________________________ __________________________ Name and Address of Secured Party: Truist Bank _________________________ ________________________ This document covers any portion of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has now is or later may become so a fixture attached to the real property covered hereby that an interest therein arises under Land. Debtor is the real property law record owner of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502.Property.1
Appears in 1 contract
Samples: Credit Line Deed of Trust
Security Agreement; Fixture Filing. (a) This Deed Security Instrument shall also be considered a security agreement under the Uniform Commercial Code. This Security Instrument is both a deed of Trust shall, as to any rents, equipment, furnishings trust and other a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property covered hereby (collectivelyand all other rights and interests, the "Personal Property") and constituting a portion whether tangible or intangible in nature, of Grantor in the Property. By executing and delivering this Security Instrument, be deemed to constitute a security agreement, and Trustor Grantor hereby grants to BeneficiaryLender, as secured party, security for the benefit of the HoldersObligations (hereinafter defined), a security interest therein pursuant to in the Nevada Uniform Commercial Code. Trustor agreesFixtures, as necessarythe Equipment, to execute any supplements to this Deed of Trust, any separate security agreement and any financing statements and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect the security interest granted hereby. Upon the occurrence of an Event of Default, Beneficiary shall have all of the rights and remedies therein provided or otherwise provided by law or by this Deed of Trust or the other Loan Documents, including but not limited to the right but not the obligation to require Trustor to assemble the Personal Property and make it available other property constituting the Property to Beneficiary at a place to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Lawsthe Uniform Commercial Code (said portion of the Property so subject to the Uniform Commercial Code being called the "Collateral"). Grantor hereby authorizes Lender to file financing statements, continuation statements and financing statement amendments in such form as Lender may require to perfect or continue the perfection of this security interest without the authorization or signature of Grantor. If an Event of Default shall occur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such Personal Property with or without demand other measures as Lender may deem necessary for the care, protection and with or without process of law and the right to sell and dispose preservation of the same Collateral. Upon request or demand of Lender after the occurrence and distribute during the proceeds according continuance of an Event of Default, Grantor shall, at its expense, assemble the Collateral and make it available to lawLender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. The parties hereto agree that Grantor shall pay to Lender on demand any requirement of and all expenses, including reasonable notice shall be met if Beneficiary sends such notice to Trustor at least ten days prior legal expenses and attorneys' fees, incurred or paid by Xxxxxx in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the date Collateral after the occurrence and during the continuance of an Event of Default. Any notice of sale, disposition or other event giving rise intended action by Lender with respect to the required noticeCollateral sent to Grantor in accordance with the provisions hereof at least ten (10) Business Days prior to such action, and that the shall, except as otherwise provided by Applicable Law, constitute reasonable notice to Grantor. The proceeds of any disposition of the Collateral, or any such Personal Property may part thereof, may, except as otherwise required by Applicable Law, be applied by Beneficiary first Lender to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the Debt and other ObligationsObligations in such priority and proportions as Lender in its discretion shall deem proper.
(b) From the date of its recording, this Security Instrument shall be effective as a "fixture filing" for the purposes of § 9-502 of the Maryland Uniform Commercial Code-Secured Transactions with respect to all of the Property which is or is to become fixtures (within the meaning of the Uniform Commercial Code). The parties hereto further agree that addresses of Grantor (Debtor) and Lender (Secured Party) are set forth below. This Security Instrument is to be filed for recording with the Clerk of Superior Court of any sale county or counties where the Land (including such fixtures) is located. For this purpose, the following information is set forth: Name and Address of Debtor: __________________________ __________________________ __________________________ __________________________ Name and Address of Secured Party: Truist Bank _________________________ ________________________ This document covers any portion of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code shall be deemed to be a public sale conducted in a commercially reasonable manner. With respect to the Personal Property that has now is or later may become so a fixture attached to the real property covered hereby that an interest therein arises under Land. Debtor is the real property law record owner of the State of Nevada, this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502.Property.1
Appears in 1 contract
Samples: Construction Mortgage
Security Agreement; Fixture Filing. This Deed a. Trustor hereby grants, assigns and transfers to Beneficiary a security interest in and to that portion of Trust shallthe Improvements, as to any rentsFixtures, equipmentProceeds, furnishings Leases and other Rents constituting personal property covered hereby and fixtures (collectively, the "Personal PropertyUCC Collateral"), and this Deed of Trust shall constitute a security agreement pursuant to the California Uniform Commercial Code ("UCC") and constituting a portion with respect thereto. For purposes of the Property, be deemed to constitute treating this Deed of Trust as a security agreement, Trustor shall be deemed to be the "Debtor" and Beneficiary the "Secured Party."
b. Trustor hereby grants to Beneficiary, as secured party, for represents that Trustor maintains a place of business in the benefit State of California at the Holders, a security interest therein pursuant to the Nevada Uniform Commercial Code. Trustor agrees, as necessary, to execute any supplements to address set forth in this Deed of Trust; and Trustor will immediately notify Beneficiary in writing of any change in its place of business.
c. In addition to Beneficiary's rights under the UCC, Beneficiary may, but shall not be obligated to, at any separate security agreement time and at the expense of Trustor (i) give notice to any person of Beneficiary's rights hereunder and enforce such rights; (ii) insure, protect, defend and preserve the UCC Collateral and any financing statements rights or interests of Beneficiary therein; and continuation statements in order to include specifically any after acquired Personal Property or otherwise to perfect (iii) inspect the security interest granted hereby. UCC Collateral.
d. Upon the occurrence of an any Event of Default, Beneficiary shall have and may exercise all of the rights and remedies therein provided or otherwise provided by law or of a secured party under the UCC. Without limiting the generality of the foregoing:
(i) Beneficiary, at its option, may proceed as to both the real and personal property covered by this Deed of Trust or in accordance with its rights and remedies in respect of said real property, in which event (i) the other Loan Documentsprovisions of the UCC shall not apply to disposition of the UCC Collateral, including but not limited and (ii) the sale of the UCC Collateral in conjunction with and as one parcel with said real estate shall be deemed to be a commercially reasonable manner of sale; or
(ii) Beneficiary, at its option, may proceed as to the right but not UCC Collateral separately from said real property, in which event the obligation to require Trustor to assemble the Personal Property and make it available to Beneficiary at a place to be designated by Beneficiary which is reasonably convenient to both parties, and subject to applicable Gaming Laws, the right to take possession of such Personal Property with or without demand and with or without process of law and the right to sell and dispose of the same and distribute the proceeds according to law. The parties hereto agree that any requirement of reasonable notice shall be met if Beneficiary sends such by mailing notice of the sale, postage prepaid, to Trustor or any other person entitled thereto at least ten (10) days prior before the time of the sale or other disposition of any of the UCC Collateral.
e. This Deed of Trust constitutes a financing statement filed as a fixture filing under the UCC in the official records of the county in which the Property is located with respect to any and all fixtures included within the term "Property" and with respect to any goods or other personal property that may now be or hereafter become such a fixture. PARTS OF THE UCC COLLATERAL ARE, OR ARE TO BECOME, FIXTURES ON THE PROPERTY.
f. Beneficiary has no responsibility for, and does not assume any of, Trustor's obligations or duties under any agreement or obligation relating to the date of sale, disposition UCC Collateral or other event giving rise any obligation relating to the required noticeacquisition, preparation, custody, use, enforcement or operation of any of the Property.
g. Trustor and Beneficiary agree that the filing of a financing statement in the records normally having to do with personal property shall never be construed as in any way derogating from or impairing this Deed of Trust and the intention of the parties that everything used in connection with the production of income from the Property or adapted for use therein or which is described or reflected in this Deed of Trust is, and that at all times and for all purposes and in all proceedings both legal or equitable shall be regarded as, part of the real estate subject to the lien hereof, irrespective of whether (i) any such item is physically attached to improvements located on such real property or (ii) any such item is referred to or reflected in any financing statement so filed at any time. Similarly, the mention in any such financing statement of (A) the rights in or the proceeds of any disposition fire or hazard insurance policy or (B) any award in eminent domain proceedings for taking or for loss of value or for any cause of action or proceeds thereof in connection with any damage or injury to the Property or any part thereof shall never be construed as in any way altering any of the rights of Beneficiary as determined by this instrument or impugning the priority of Beneficiary's lien granted hereby or by any other recorded document, but such mention in such financing statement is declared to be for the protection of Beneficiary in the event any court shall at any time hold with respect to matters (A) and (B) above that notice of Beneficiary's priority of interest, to be effective against a particular class of persons, including, without limitation, the Federal government and any subdivision or entity of the Federal government, must be filed in the personal property records or other commercial code records.
h. Trustor shall not permit any of the UCC Collateral to be removed from the Improvements without the prior written consent of Beneficiary unless (i) the replacements for such items are of equivalent value and quality and (ii) Trustor has good and clear title to such replacements free and clear of any and all liens, encumbrances, security interests, ownership interests, claims of title (contingent or otherwise) or charges of any kind or the rights of any such Personal Property conditional sellers, vendors or any other third parties have been expressly subordinated, at no cost to Beneficiary, to the lien and security interest granted hereby in a manner satisfactory to Beneficiary.
i. It is understood and agreed that, in order to protect Beneficiary from the effect of the provisions of the UCC relating to priorities of security interests in Fixtures, in the event that (A) Trustor intends to purchase any goods which may become Fixtures, and (B) such goods will be applied subject to a security interest held by a seller or any other party, Trustor shall, before executing any security agreement or other document evidencing such security interest, obtain the prior written approval of Beneficiary, and all requests for such written approval shall be in writing and contain the following information:
(i) A description of the Fixtures to be replaced, added to, installed or substituted;
(ii) The address at which the Fixtures will be replaced, added to, installed or substituted; and
(iii) The name and address of the proposed holder and proposed amount of the security interest; and any failure of Trustor to obtain such approval shall be a material breach of Trustor's covenants under this Deed of Trust, and shall, at the option of Beneficiary, entitle Beneficiary to all rights and remedies provided for herein upon default. No consent by Beneficiary first pursuant to the expenses in connection therewith, including reasonable attorneys' fees and other legal expenses incurred, and then to payment of the other Obligations. The parties hereto further agree that any sale of the Personal Property held contemporaneously with any sale of the Land or other Property and upon the same notice as required in the Nevada Uniform Commercial Code this section shall be deemed to be a public sale conducted constitute an agreement to subordinate any right of Beneficiary in a commercially reasonable manner. With respect to the Personal Property that has become so attached to the real fixtures or other property covered hereby that an interest therein arises under the real property law of the State of Nevada, by this Deed of Trust shall also constitute a financing statement and a fixture filing under NRS § 104.9502Trust.
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Samples: Credit Agreement (Matrix Service Co)