Common use of Security Agreement Clause in Contracts

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with respect to the Chattels and such other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 6 contracts

Samples: Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc), Mortgage (Taubman Centers Inc)

AutoNDA by SimpleDocs

Security Agreement. This Mortgage constitutes is both a real property mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the “Collateral”). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to deliver to Mortgagee, in form and substance reasonably satisfactory to Mortgagee, such financing statements filed in connection with the Loan without and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee’s prior consentsecurity interest herein granted. In This Mortgage shall also constitute a “fixture filing” for the purposes of the Uniform Commercial Code as to all or any items of the Collateral that are or are to become fixtures under the Uniform Commercial Code. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee, in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon Mortgagee’s requestrequest or demand of Mortgagee after the occurrence and during the continuance of an Event of Default, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place reasonably acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, within ten (10) Business Days of demand therefor any and all expenses, including reasonable attorneys’ feesfees and disbursements, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five ten (510) days Business Days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its sole discretion shall deem appropriateproper. This Mortgage In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall be effective notify Mortgagee thereof and promptly after Mortgagee’s request shall execute, file and record such Uniform Commercial Code forms as a financing statement filed as a fixture filing with respect are necessary to all fixtures included within maintain the Mortgaged Property priority of Mortgagee’s lien upon and is to be filed for record security interest in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage Collateral, and shall also be effective as a financing statement pay all reasonable expenses and fees in connection with respect to any other Mortgaged 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 recording thereof. If Mortgagee shall require the filing or recording office. The respective mailing addresses of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee are set forth on shall deem reasonably necessary, and shall pay all reasonable expenses and fees in connection with the first page of this Mortgage. A carbonfiling and recording thereof, photographic it being understood and agreed, however, that no such additional documents shall increase Mortgagor’s obligations or other reproduction of decrease Mortgagor’s rights under the Note, this Mortgage or any other financing statement relating to this Mortgage shall be sufficient as a financing statement for and any of the purposes referred to in this Sectionother Loan Documents. Mortgagor hereby irrevocably authorizes appoints Mortgagee at any time and from time to time as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any initial financing statementsor other statements signed only by Mortgagee, amendments thereto and continuation statements as authorized secured party, in connection with the Collateral covered by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 4 contracts

Samples: Leases and Rents and Security Agreement, And Security Agreement (Griffin Industrial Realty, Inc.), And Security Agreement (Griffin Industrial Realty, Inc.)

Security Agreement. This With respect to the items of personal property and fixtures referred to and described in the Granting Clause of this Mortgage constitutes and included as part of the Collateral, this Mortgage is hereby made and declared to be a security agreement under encumbering each and every item of personal property and fixtures now or hereafter owned by Mortgagor and included herein as a part of the applicable Collateral, in compliance with the provisions of the Uniform Commercial Code with respect as enacted in the State. In this respect, Mortgagor, as "Debtor", expressly grants to the Chattels Mortgagee, as "Secured Party", a security interest in and such other to all of the Mortgaged Property property now or hereafter owned by Mortgagor which is constitutes the personal propertyproperty and fixtures hereinabove referred to and described in this Mortgage, including all extensions, accessions, additions, improvements, betterments, renewals, replacements and substitutions thereof or thereto, and all proceeds from the sale or other disposition thereof. Mortgagor agrees that it will not terminate Mortgagee may file this Mortgage, or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya reproduction thereof, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition real estate records or other intended action by Mortgagee with respect to the Chattels appropriate index, as, and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as deemed to be, a financing statement filed as a fixture filing in accordance with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part laws of the Mortgaged Property (including such fixtures) is situatedState. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other Any reproduction of this Mortgage or of any other security agreement or financing statement relating to this Mortgage executed by Mortgagor shall be sufficient as a financing statement for statement. In addition, Mortgagor agrees to execute and deliver to Mortgagee, upon Mortgagee's request, any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time other security agreement and from time to time to file any initial financing statements, as well as extensions, renewals, and amendments thereto thereof, and continuation reproductions of this Mortgage, in such form as Mortgagee may reasonably require to perfect a security interest with respect to said items. Mortgagor shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Mortgagee may reasonably require. Except as authorized by applicable lawis provided in the Credit Agreement, required and except for the Permitted Encumbrances, without the prior written consent of Mortgagee, Mortgagor shall not create or suffer to establish or maintain be created pursuant to the validityUniform Commercial Code any other security interest in the above-described personal property and fixtures, perfection including any replacements and priority additions thereto. Upon the occurrence and continuance of an Event of Default under this Mortgage, the Mortgagee shall have and shall be entitled to exercise any and all of the security interests granted rights and remedies (i) as prescribed in this Mortgage, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory provisions now or hereafter enacted and specified in said Uniform Commercial Code, all at Mortgagee's sole election. Mortgagor and Mortgagee agree that the filing of any financing statements in the records normally having to do with personal property shall not in any way affect the agreement of Mortgagor and Mortgagee that everything located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of, the Collateral, which is described or reflected as a fixture in this Mortgage, is, and at all times and for all purposes and in all proceedings, both legal and equitable, shall be, regarded as part of the Real Estate conveyed hereby. Mortgagor warrants that Mortgagor's name, identity and address are as set forth herein. The mailing address of the Mortgagee from which information may be obtained concerning the security interest created herein is also set forth herein. This information hereof is provided in order that this Mortgage shall comply with the requirements of the Uniform Commercial Code as enacted in the State for instruments to be filed as financing statements. In accordance with the laws of the State, this Mortgage shall remain effective as a fixture filing until this Mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the Collateral.

Appears in 3 contracts

Samples: Sterling Chemical Inc, Sterling Chemical Inc, Sterling Chemical Inc

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this section the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Mortgagor's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Mortgagor shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding affects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 3 contracts

Samples: Mortgage (Ramco Gershenson Properties Trust), Ramco Gershenson Properties Trust, Ramco Gershenson Properties Trust

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with respect to the Chattels and such other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneysAttorneysfeesFees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 3 contracts

Samples: Leases and Rents and Security Agreement (Taubman Centers Inc), And Rents and Security Agreement (Taubman Centers Inc), And Security Agreement (Taubman Centers Inc)

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the any other rights and remedies which they may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Mortgagor's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Mortgagor shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding effects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 3 contracts

Samples: Second Mortgage and Security Agreement (Janus American Group Inc), Mortgage and Security Agreement (Janus American Group Inc), Trust and Security Agreement (Concord Milestone Plus L P)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Mortgaged Property, and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee in writing with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor thirty (30) days prior to the effective date of any such change. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee’s reasonable attorneys’ fees and legal expenses), together with interest thereon at its expense the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Mortgagee shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Mortgagee to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneysleast ten (10) daysfees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any prior written notice of salethe time and place of any public sale of such property, disposition or adjournments thereof, or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as a financing statement filed as a fixture filing provided in Section 15.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 officerequired under said Section 15.1(e). The respective mailing addresses name and principal place of business of Mortgagor (as Debtor under any applicable Uniform Commercial Code) are: URBAN DEVELOPMENT PARTNERS (61), LLC 000 Xxxxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 The name and principal place of business of Mortgagee are set forth on the first page of this Mortgage. A carbon(as Secured Party) are: DEUTSCHE BANC MORTGAGE CAPITAL, 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 Mortgagee at any time and from time to time to file any initial financing statementsL.L.C. 00 Xxxx 00xx Xxxxxx 00xx Xxxxx Xxx Xxxx, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Xxx Xxxx 00000

Appears in 2 contracts

Samples: Mortgage and Security Agreement (American Realty Capital New York Recovery Reit Inc), Mortgage and Security Agreement (American Realty Capital New York Recovery Reit Inc)

Security Agreement. Grantor hereby grants to Beneficiary a security interest in the Personal Property Collateral pursuant to the Texas Business and Commerce Code (the “Code”) for the purpose of further securing the Indebtedness. Grantor shall give advance notice in writing to Beneficiary of any proposed change in Grantor’s name, identity, structure or principal place of business, and will execute and deliver to Beneficiary, prior to or concurrently with the occurrence of any such change, all financing statements or amendments to financing statements that Beneficiary may require to establish and maintain the validity and priority of Beneficiary’s security interest with respect to any Personal Property Collateral described or referred to herein. This Mortgage constitutes Deed of Trust shall constitute a security agreement under with respect to, and Grantor hereby grants to Beneficiary a security interest in, (a) any portion of the applicable Uniform Commercial Code Personal Property Collateral which may not be deemed to form part of the Real Property or may not constitute a fixture within the meaning of the Code, (b) all property described on any financing statement recorded or filed with respect to the Chattels security interest created hereunder, whether or not described herein, and (c) all replacements of, substitutions for and additions to such other of property and the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consentproceeds thereof. In addition to any other rights and remedies available to Beneficiary hereunder, Beneficiary shall have all the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s requestTo the extent permitted by law, Mortgagor shall promptly Grantor hereby authorizes Beneficiary to sign and file financing statements at its expense assemble any time in respect of any of the Chattels Personal Property Collateral, without such financing statements being executed by or on behalf of Grantor, but Grantor will however, at any time upon request of Beneficiary, execute, or cause to be executed, financing statements in respect of any Collateral. Grantor agrees to pay all filing and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expensesrecording fees, including fees for filing and recording continuation statements in connection with such financing statements, and to reimburse Beneficiary for all costs and expenses of any kind incurred in connection therewith, including, without limitation, attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as Deed of Trust constitutes a financing statement filed as a (fixture filing with respect to all fixtures included within filing). Grantor is the Mortgaged Property and is to be filed for record in the real estate records of each county where any part owner of the Mortgaged Property (including such fixtures) is situatedProperty. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a Information concerning the security interest created by this Deed of Trust may be perfected by obtained from Beneficiary, as secured party, at 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 Mortgagee are address set forth on the first page 1 of this MortgageDeed of Trust. A carbonThe address of Grantor, photographic or other reproduction as debtor, is set forth on page 1 of this Mortgage or any other financing statement relating to this Mortgage shall be sufficient as a financing statement for any Deed of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageTrust.

Appears in 2 contracts

Samples: Deed of Trust (FSP Galleria North Corp), Security Agreement and Fixture Filing (FSP Phoenix Tower Corp)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein and subject to the rights of tenant under the Percentage Lease and the terms and provisions thereof, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Mortgaged Property, and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee’s election. Any disposition of the Collateral following the occurrence and continuance of an Event of Default may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Mortgagee shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Mortgagee to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneysleast ten (10) daysfees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any prior written notice of salethe time and place of any public sale of such property, disposition or adjournments thereof, or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 2 contracts

Samples: Mortgage and Security Agreement (Apple Hospitality Two Inc), Mortgage and Security Agreement (Apple Hospitality Two Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code and creates a security interest in all that property (and the proceeds thereof) of Mortgagor included in the Mortgaged Property which might otherwise be deemed “personal property.” Mortgagor shall execute, deliver, file and refile any financing statements, continuation statements or other security agreements Mortgagee may require from time to time to confirm the lien of this Mortgage with respect to such property. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney-in-fact for Mortgagor to execute, deliver and file such other instruments for and on behalf of Mortgagor. All costs of such Exhibit 10.9 filing and refiling shall be paid by Mortgagor. Notwithstanding any release of any or all of that property included in the Mortgaged Property which is personal deemed “real property. Mortgagor agrees that it will not terminate ,” any proceedings to foreclose this Mortgage or amend any financing statements filed in connection with its satisfaction of record, the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee terms hereof shall have all of the rights and remedies survive as a security agreement with respect to the Chattels security interest created hereby and such other personal property referred to above until the repayment or satisfaction in full of the obligations of Mortgagor as are granted to a secured party under now or hereafter evidenced by the applicable Uniform Commercial CodeNote. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by Notwithstanding the filing of a financing statement covering any of the Mortgaged Property in the records normally pertaining to personal property, all of the Mortgaged Property, for all purposes and may in all proceedings, legal or equitable, shall be regarded, at Mortgagee’s option (to the extent permitted by law), as part of the Real Property whether or not any such item is physically attached to the Real Property or Improvements or serial numbers are used for the better identification of certain items. The mention in any such financing statement of any of the Mortgaged Property shall never be construed as in any way altering any of the rights of Mortgagee or adversely affecting the priority of the lien granted hereby or by any other Loan Document, but such mention in the financing statement is hereby declared to be for the protection of Mortgagee in the event any court shall at any time hold that notice of Mortgagee’s priority of interest, to be effective against any third party, including the federal government and any authority or agency thereof, must be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page of this MortgageUniform Commercial Code records. A carbon, photographic or other reproduction of this Mortgage or of any other financing statement relating to this Mortgage signed by Mortgagor in connection herewith shall be sufficient as a financing statement for any of the purposes referred and may be filed to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of perfect the security interests granted in interest created hereby. The Mortgaged Property includes goods which are or are to become fixtures and this MortgageMortgage is intended to serve as a fixture filing under the Pennsylvania Uniform Commercial Code.

Appears in 2 contracts

Samples: Mortgage and Security Agreement, Mortgage and Security Agreement (Unilife Corp)

Security Agreement. 2.16.1 This Mortgage constitutes shall also be a security agreement under between Mortgagor and Mortgagee covering the applicable Mortgaged Property constituting personal property or fixtures (hereinafter collectively called "UCC Collateral") governed by the Uniform Commercial Code ("UCC") of the State of Illinois (the "State") as such UCC Collateral may be more specifically set forth in any financing statement delivered in connection with respect this Mortgage, and, as further security for the payment and performance of the Secured Obligations, Mortgagor hereby grants to the Chattels and Mortgagee a security interest in such other portion of the Mortgaged Property which is personal property. Mortgagor agrees to the full extent that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consentMortgaged Property may be subject to the UCC. In addition to the Mortgagee's other rights and remedies granted to Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all rights of a secured party under the UCC, as is in effect in the relevant jurisdiction, or other applicable laws or in equity. Mortgagor hereby authorizes the filing of, and if requested by Mortgagee, Mortgagor shall execute and deliver to Mortgagee, all financing statements and such further assurances that may be reasonably required by Mortgagee to establish, create, perfect (to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Mortgagee's security interests, and Mortgagor shall bear all reasonable costs thereof, including all UCC searches. Except as otherwise provided in the Secured Debt Documents, if Mortgagee should dispose of any of the Mortgaged Property comprising the UCC Collateral pursuant to the UCC, ten (10) days' prior written notice by Mortgagee to Mortgagor shall be deemed to be reasonable notice; provided, however, that Mortgagee may dispose of such property in accordance with the foreclosure procedures of this Mortgage in lieu of proceeding under the UCC. Mortgagee may from time to time execute and deliver at Mortgagor's expense all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Mortgagor and Mortgagee. Except as otherwise provided in the Secured Debt Documents, but otherwise subject to the provisions thereof, if an Actionable Default shall occur and be continuing, (a) Mortgagee, in addition to any other rights and remedies with respect which it may have, may exercise immediately and without demand to the Chattels extent permitted by law, any and such other personal property as are all rights and remedies granted to a secured party under the applicable Uniform Commercial Code. Upon UCC, as in effect in any relevant jurisdiction, including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of such collateral and (b) upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense expense, assemble the Chattels and such other personal property UCC Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable attorneys’ fees, ' fees and disbursements incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property UCC Collateral and in enforcing its Mortgagee's rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee hereunder with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageUCC Collateral.

Appears in 2 contracts

Samples: Statement and Security Agreement (Midwest Generation LLC), Midwest Generation LLC

Security Agreement. This With respect to the items of personal property and fixtures referred to and described in the Granting Clause of this Mortgage constitutes and included as part of the Collateral, this Mortgage is hereby made and declared to be a security agreement under encumbering each and every item of personal property and fixtures now or hereafter owned by Mortgagor and included herein as a part of the applicable Collateral, in compliance with the provisions of the Uniform Commercial Code with respect as enacted in the State. In this respect, Mortgagor, as "Debtor", expressly grants to the Chattels Mortgagee, as "Secured Party", a security interest in and such other to all of the Mortgaged Property property now or hereafter owned by Mortgagor which is constitutes the personal propertyproperty and fixtures hereinabove referred to and described in this Mortgage, including all extensions, accessions, additions, improvements, betterments, renewals, replacements and substitutions thereof or thereto, and all proceeds from the sale or other disposition thereof. Mortgagor agrees that it will not terminate Mortgagee may file this Mortgage, or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya reproduction thereof, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition real estate records or other intended action by Mortgagee with respect to the Chattels appropriate index, as, and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as deemed to be, a financing statement filed as a fixture filing in accordance with respect to all fixtures included within the Mortgaged Property and is to be filed for record Uniform Commercial Code as enacted in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situatedState. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other Any reproduction of this Mortgage or of any other security agreement or financing statement relating to this Mortgage shall be sufficient as a financing statement for statement. In addition, Mortgagor agrees to execute and deliver to Mortgagee, upon Mortgagee's request, any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time other security agreement and from time to time to file any initial financing statements, as well as extensions, renewals, and amendments thereto thereof, and continuation reproductions of this Mortgage, in such form as Mortgagee may require to perfect a security interest with respect to said items. Mortgagor shall pay all costs of filing such financing statements as authorized by applicable lawand any extensions, required renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Mortgagee may reasonably require. Without the prior written consent of Mortgagee, Mortgagor shall not create or suffer to establish be created pursuant to the Uniform Commercial Code any other security interest in the above-described personal property and fixtures, including any replacements and additions thereto. Upon the occurrence of an Event of Default under this Mortgage, or maintain any other violation of the validitycovenants, perfection terms and priority conditions of the security interests granted agreement contained herein, the Mortgagee shall have and shall be entitled to exercise any and all of the rights and remedies (i) as prescribed in this Mortgage, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory provisions now or hereafter enacted and specified in said Uniform Commercial Code, all at Mortgagee's sole election. Mortgagor and Mortgagee agree that the filing of any financing statements in the records normally having to do with personal property shall not in any way affect the agreement of Mortgagor and Mortgagee that everything located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of, the Collateral, which is described or reflected as a fixture in this Mortgage, is, and at all times and for all purposes and in all proceedings, both legal and equitable, shall be, regarded as part of the Real Estate conveyed hereby. Mortgagor warrants that Mortgagor's name, identity and address are as set forth herein. The mailing address of the Mortgagee from which information may be obtained concerning the security interest created herein is also set forth herein. This information hereof is provided in order that this Mortgage shall comply with the requirements of the Uniform Commercial Code as enacted in the State for instruments to be filed as financing statements. In accordance with the Uniform Commercial Code as enacted in the State, this Mortgage shall remain effective as a fixture filing until this Mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the Collateral.

Appears in 2 contracts

Samples: Leiner Health Products Inc, Leiner Health Products Inc

Security Agreement. This Mortgage Security Deed constitutes both a deed to secure debt and a "security agreement under the applicable Uniform Commercial Code agreement" between Borrower and Lender with respect to the Chattels and such Collateral in which Lender is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Borrower hereby irrevocably authorizes Mortgagee Lender at any time and from time to time to prepare, file of record in any initial Uniform Commercial Code jurisdiction or otherwise effectuate new financing statements or financing statement amendments which (a) indicate the Collateral (i) as all assets of Borrower or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of any applicable Uniform Commercial Code, or (ii) by any other description which reasonably approximates the description contained in this Security Deed, and (b) provide any other information required by part 5 of Article 9 of any applicable Uniform Commercial Code, for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether Borrower is an organization, the type of organization and any organizational identification number issued to Borrower and, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Borrower agrees to furnish any such information to Lender promptly upon the Lender's request. Borrower specifically agrees that Lender may cause such financing statements and financing statement amendments to be filed without any signature of a representative of the Borrower appearing thereon, where such filings are permitted by applicable law. Borrower hereby further agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Lender the attorney-in-fact of Borrower to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Borrower also ratifies its authorization for Lender to have filed in any Uniform Commercial Code jurisdiction any like initial financing statements or amendments thereto if filed prior to the date hereof. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Lender's reasonable attorneys' fees and continuation statements as authorized legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by applicable Lender until actually paid by Borrower, shall be paid by Borrower on demand and shall be secured by this Security Deed and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Notes. If notice is required by law, required to establish or maintain the validity, perfection and priority Lender shall give Borrower at least ten (10) days' prior written notice of the security interests granted time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such notice is sent to Borrower, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall be and is reasonable notice to Borrower. No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Mortgage.Section 1.22 shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Lender pursuant to any applicable Uniform Commercial Code:

Appears in 2 contracts

Samples: Debt and Security Agreement (Sun Communities Inc), Secure Debt and Security Agreement (Sun Communities Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with With respect to the Chattels and such other Personal Property or any portion of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate constitutes fixtures or amend any financing statements filed in connection with other property governed by the Loan without Mortgagee’s prior consent. In addition to UCC, this Mortgage shall constitute a security agreement between Debtor as the rights debtor and remedies granted Mortgagee as the secured party, and Debtor hereby grants to Mortgagee by a security interest in such portion of the Mortgaged Property. Cumulative of all other applicable law or herebyrights of Mortgagee hereunder, Mortgagee shall have all of the rights conferred upon secured parties by the UCC. Debtor will execute and deliver to Mortgagee all financing statements that may from time to time be required by Mortgagee to establish and maintain the validity and priority of the security interest of Mortgagee, or any modification thereof, and all costs and expenses of any searches required by Mortgagee. Mortgagee may exercise any or all of the remedies of a secured party available to it under the UCC with respect to such property, and it is expressly agreed that if upon an Event of Default Mortgagee should proceed to dispose of such property in accordance with the provisions of the UCC, 10 days' notice by Mortgagee to Debtor shall be deemed to be reasonable notice under any provision of the UCC requiring such notice; provided, however, that Mortgagee may at its option dispose of such property in accordance with Mortgagee's rights and remedies with respect to the Chattels and such other personal real property as are granted pursuant to a secured party the provisions of this Mortgage, in lieu of proceeding under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s request, Mortgagor Debtor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available give advance notice in writing to Mortgagee at a convenient place acceptable of any proposed change in Debtor's name, identity, or business form or structure and will execute and deliver to Mortgagee. Mortgagor shall pay , prior to or concurrently with the occurrence of any such change, all additional financing statements that Mortgagee on demand, with may require to establish and maintain the validity and priority of Mortgagee's security interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 described or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageherein.

Appears in 2 contracts

Samples: Family Steak Houses of Florida Inc, Family Steak Houses of Florida Inc

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Except with respect to Rents and Profits to the extent specifically provided herein to the contrary, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Colateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. Mortgagee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Real Estate, a place which is hereby deemed to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest and Mortgagor. Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of sale, disposition the time and place of any public sale of such property or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for th rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 2 contracts

Samples: Mortgage and Security Agreement (Merry Land Properties Inc), Mortgage and Security Agreement (Merry Land Properties Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with respect to the Chattels and such other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s 's prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s 's request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate LoansRate, any and all expenses, including reasonable attorneys' fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Hines Global REIT, Inc.

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Mortgaged Property, and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's reasonable attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Mortgagee shall have the right to enter upon the Premises and the Improvements or any real property where any of the Collateral is located to take possession of, assemble and collect the Chattels and same or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Mortgagee to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of salethe time and place of any public sale of such property, disposition or adjournments thereof, or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of 35 37 notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (First Union Real Estate Equity & Mortgage Investments)

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this section the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Xxxxxxxxx's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Mortgagor shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding affects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Sectionconjunction therewith. Mortgagor hereby irrevocably authorizes shall fully cooperate with Mortgagee at any time and from time in the event Mortgagee is a party to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish such action or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 1 contract

Samples: First Potomac Realty Trust

Security Agreement. This Mortgage constitutes shall be self-operative and shall constitute a security agreement under Security Agreement pursuant to the applicable Uniform Commercial provisions of the Code with respect to those items comprising Property that may be subject to a security interest under the Chattels Code. Xxxxxxxxx, as debtor, hereby grants Mortgagee, as secured party, a security interest in those items and in all related additions, replacements, substitutions and proceeds, for the purpose of securing the Indebtedness. Xxxxxxxxx hereby agrees to execute and deliver on demand, and irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Xxxxxxxxx, to execute, deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements or other instruments as Mortgagee may require in order to create, perfect, or continue this security interest. Mortgagor shall pay all related filing fees and costs, all reasonable costs and expenses of any record searches (or their continuations), as Mortgagee may reasonably require. Without the prior written consent of Mortgagee, Xxxxxxxxx shall not create or suffer the creation of any other lien on or security interest in any of the Mortgaged Property which is personal propertysubject to the security interest. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to Upon Default, Mortgagee shall have the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial CodeCode as well as all other rights and remedies available at law or in equity, and, at Mortgagee's option, Mortgagee may also invoke the remedied provided elsewhere in this Mortgage as to such property. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble Mortgagee agree that the Chattels and such other personal property and make the same available rights granted to Mortgagee at as secured party under this Section 22 are in addition to rather than a convenient place acceptable to limitation on any of Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such 's other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee under this Mortgage with respect to the Chattels and such other personal property sent Personal Property. No failure to Mortgagor mention any item in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as shall limit the scope of Xxxxxxxxx's assignment of any Property, impair the priority of Mortgagee's lien on any Personal Property, or alter Mortgagee's rights to Insurance Proceeds and Condemnation Proceeds, except to the extent that a fixture filing with respect to all fixtures included within court holds that mention of the Mortgaged Property and is to be filed for record item in the real estate Code records was required in order for Mortgagee's interest to enjoy priority over the interests of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgagethird parties.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Corporate Office Properties Trust)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby authorizes and irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Except with respect to Rents and Profits to the extent specifically provided herein to the contrary, from and after the occurrence of an Event of Default Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon an Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee’s election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. Mortgagee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Real Estate, a place which is hereby deemed to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneysleast ten (10) daysfees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any prior written notice of sale, disposition the time and place of any public sale of such property or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Leasehold Mortgage, Security Agreement (Taubman Centers Inc)

Security Agreement. This Mortgage constitutes is both a real property mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. As such, this Mortgage covers all items of the Collateral that are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including attorneys’ fees' fees and disbursements, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its sole discretion shall deem appropriateproper. This Mortgage In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall be effective notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as a financing statement filed as a fixture filing with respect are necessary to all fixtures included within maintain the Mortgaged Property priority of Mortgagee's lien upon and is to be filed for record security interest in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage Collateral, and shall also be effective as a financing statement pay all expenses and fees in connection with respect to any other Mortgaged 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 recording thereof. If Mortgagee shall require the filing or recording office. The respective mailing addresses of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee are set forth on shall deem necessary, and shall pay all expenses and fees in connection with the first page of this Mortgage. A carbonfiling and recording thereof, photographic or other reproduction of it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage or any and the other financing statement relating to this Mortgage shall be sufficient as a financing statement for any of the purposes referred to in this SectionLoan Documents. Mortgagor hereby irrevocably authorizes appoints Mortgagee at any time and from time to time as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any initial financing statementsor other statements signed only by Mortgagee, amendments thereto and continuation statements as authorized secured party, in connection with the Collateral covered by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Security Agreement (Ridgewood Properties Inc)

Security Agreement. This Mortgage constitutes a mortgage and a "security agreement under the applicable Uniform Commercial Code agreement" between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the tinder any applicable Uniform Commercial Code. Upon Mortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee’s request's reasonable attorneys' fees and legal expenses), Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, together with interest thereon at the Default Interest Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, from the date incurred by Mortgagee in protecting its interest in until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the Chattels and such other personal property and in enforcing its rights with respect theretoLoan Documents securing all or any part of the indebtedness evidenced by the Note. Any If notice of saleis required by law, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to shall give Mortgagor in accordance with the provisions hereof at least five ten (510) days prior written notice of the time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such action notice is sent to Mortgagor, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section 1.22 shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) property hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (Acadia Realty Trust)

Security Agreement. 2.13.1 This Mortgage constitutes shall also be a security agreement under between Mortgagor and Mortgagee covering the applicable Uniform Commercial Code Mortgaged Property constituting personal property or fixtures (hereinafter collectively called “UCC Collateral”) governed by the UCC as such UCC Collateral may be more specifically set forth in any financing statement delivered in connection with respect this Mortgage, and, as further security for the payment and performance of the Guaranteed Obligations, Mortgagor hereby grants to the Chattels and Mortgagee a security interest in such other portion of the Mortgaged Property which is personal property. Mortgagor agrees to the full extent that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consentMortgaged Property may be subject to the UCC. In addition to the Mortgagee’s other rights and remedies granted to Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all rights of a secured party under the UCC, as is in effect in the relevant jurisdiction, or other applicable laws or in equity. Mortgagor hereby authorizes the filing of, and if requested by Mortgagee, Mortgagor shall execute and deliver to Mortgagee, all financing statements and such further assurances that may be reasonably required by Mortgagee to establish, create, perfect (to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Mortgagee’s security interests, and Mortgagor shall bear all reasonable costs thereof, including all UCC searches. Except as otherwise provided in the Guarantee and Collateral Agreement, if Mortgagee should dispose of any of the Mortgaged Property comprising the UCC Collateral pursuant to the UCC, ten (10) days’ prior written notice by Mortgagee to Mortgagor shall be deemed to be reasonable notice; provided, however, that Mortgagee may dispose of such property in accordance with the foreclosure procedures of this Mortgage in lieu of proceeding under the UCC. Mortgagee may from time to time execute and deliver at Mortgagor’s expense all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Mortgagor and Mortgagee. Except as otherwise provided in the Guarantee and Collateral Agreement, but otherwise subject to the provisions thereof, if an Event of Default shall occur and be continuing, (a) Mortgagee, in addition to any other rights and remedies with respect which it may have, may exercise immediately and without demand to the Chattels extent permitted by law, any and such other personal property as are all rights and remedies granted to a secured party under the applicable Uniform Commercial Code. Upon UCC, as in effect in any relevant jurisdiction, including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of such collateral and (b) upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense expense, assemble the Chattels and such other personal property UCC Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable attorneys’ fees, fees and disbursements incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property UCC Collateral and in enforcing its Mortgagee’s rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee hereunder with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageUCC Collateral.

Appears in 1 contract

Samples: Collateral Agreement (Enexus Energy CORP)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, from and after an Event of Default and subject to the Cash Management Agreement (as hereinafter defined) Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Mortgaged Property, and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's reasonable attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Upon the occurrence of an Event of Default, Mortgagee shall have the right to enter upon the Premises and the Improvements or any real property where any of the Collateral is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Mortgagee to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of salethe time and place of any public sale of such property, disposition or adjournments thereof, or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (Glimcher Realty Trust)

Security Agreement. This Mortgage constitutes both a real property mortgage and a "security agreement under agreement" within the applicable meaning of the Uniform Commercial Code with respect of the State of New Jersey and the Mortgaged Property includes both real and personal property and all other rights and interest, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor, by executing and delivering this Mortgage, has granted to Mortgagee, as security for the Chattels and Debt, a security interest in such other of the Mortgaged Property which as is personal propertygoverned by the Uniform Commercial Code. Mortgagor agrees that it will not terminate or amend any financing statements filed Upon the occurrence and continuation of an Event of Default hereunder, Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial CodeCode including, without limiting the generality of the foregoing, the right to take possession of such of the Mortgaged Property as is governed by the Uniform Commercial Code personally, through an agent or by means of a court-appointed receiver, and to take such other measures as Mortgage may deem necessary for the care, protection and preservation of such part of the Mortgaged Property. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble such of the Chattels and such other personal property Mortgaged Property as is governed by the Uniform Commercial Code and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable legal expense and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Mortgaged Property herein granted and in enforcing its rights hereunder with respect theretoto such part of the Mortgaged Property. Any notice of sale, disposition or other intended action by Mortgagee with respect to such part of the Chattels and such other personal property Mortgaged Property sent to Mortgagor in accordance with the provisions hereof of this Mortgage at least five (5) days prior to the date of any such action sale, disposition or other action, shall constitute reasonable notice to Mortgagor. The proceeds , and the method of any such sale or disposition, disposition or any part thereof, may other intended action set forth or specified in such notice shall conclusively be applied by Mortgagee deemed to be commercially reasonable within the payment meaning of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Uniform Commercial Code unless objected to in this Section. writing by Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized within three (3) days after receipt by applicable law, required to establish or maintain the validity, perfection and priority Mortgagor of the security interests granted in this Mortgagesuch notice.

Appears in 1 contract

Samples: And Security Agreement (NRG Generating U S Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property, and Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make deliver the same available to Mortgagee at a convenient place acceptable Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor shall pay agrees to furnish Mortgagee on demandin writing with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor ten (10) days prior to the effective date of any such change. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Interest Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, from the date incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of saleuntil actually paid by Mortgagor, disposition or other intended action shall be paid by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least within five (5) days of written demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Upon an Event of Default, Mortgagee shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the same or to render it unusable, or Mortgagor, upon written demand of Mortgagee, shall assemble such property and make it available to Mortgagee at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Mortgagee to be reasonably convenient to Mortgagee and Mortgagor. If notice is required by law, Mortgagee shall give Mortgagor at least ten (10) days’ prior written notice of the time and place of any public sale of such property, or adjournments thereof, or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such action notice is sent to Mortgagor, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as a financing statement filed as a fixture filing provided in Section 15.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 officerequired under said Section 15.1(e). The respective mailing addresses name and principal place of business of Mortgagor (as Debtor under any applicable Uniform Commercial Code) are: Deerfield Luxury Townhomes, LLC 00 Xxxxxxx Xxxxxxx Xxxxxxxx, Xxx Xxxxxx 00000 The name and principal place of business of Mortgagee are set forth on the first page of this Mortgage. A carbon(as Secured Party) are: Deutsche Banc Mortgage Capital, 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 Mortgagee at any time and from time to time to file any initial financing statementsL.L.C. 00 Xxxx Xxxxxx, amendments thereto and continuation statements as authorized by applicable law00xx Xxxxx Xxx Xxxx, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Xxx Xxxx 00000

Appears in 1 contract

Samples: Security Agreement and Fixture (Resource Real Estate Opportunity REIT, Inc.)

Security Agreement. This Mortgage also constitutes a security agreement under within the applicable Uniform meaning of the Louisiana Commercial Code with respect Laws as in effect from time to time in the state in which the Premises is located (the "UCC") and the Mortgagor grants to the Chattels and such Mortgagee a security interest in any Equipment or other personal property included within the definition of the Mortgaged Property which is personal propertyPremises, and all proceeds, products and supporting obligations of any of the foregoing (the "Collateral"). Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with Accordingly, the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted available to a secured party under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s requestthe occurrence of any default under this Mortgage, the Mortgagee shall have, in addition to the remedies provided by this Mortgage, the right to use any method of disposition of collateral authorized by the UCC with respect to any portion of the Premises subject to the UCC. The Mortgagee shall have the right to require the Mortgagor shall promptly and at its expense to assemble the Chattels and such other personal property Collateral and make the same it available to the Mortgagee at a place designated by the Mortgagee which is reasonably convenient place acceptable to Mortgageeboth parties, the right to take possession of the Collateral with or without demand and with or without process of law, and the right to sell and dispose of the Collateral and distribute the proceeds according to law. Should a default occur, the Mortgagor shall will pay to the Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, costs reasonably incurred by the Mortgagee in protecting its interest in for the Chattels and such other personal property and in purpose of enforcing its rights with respect theretohereunder, to the extent not prohibited by law, including, without limitation: costs of foreclosure; costs of obtaining money damages; and a reasonable fee for the services of internal and outside attorneys employed or engaged by the Mortgagee for any purpose related to this security agreement, including, without limitation, consultation, drafting documents, sending notices or instituting, prosecuting or defending litigation or any proceeding. Any notice The Mortgagor agrees that upon default the Mortgagee may dispose of any of the Collateral in its then present condition, that the Mortgagee has no duty to repair or clean the Collateral prior to sale, and that the disposal of the Collateral in its present condition or without repair or clean-up shall not affect the commercial reasonableness of such sale or disposition. The Mortgagee's compliance with any applicable state or federal law requirements in connection with the disposition of the Collateral will not adversely affect the commercial reasonableness of any sale of the Collateral. In connection with the right of the Mortgagee to take possession of the Collateral, the Mortgagee may, without liability on the part of the Mortgagee, take possession of any other items of property in or other intended action by on the Collateral at the time of taking possession and hold them for the Mortgagor. If there is any statutory requirement for notice, that requirement shall be met if the Mortgagee with respect sends notice to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five ten (510) days prior to the date of the sale, disposition, or other event giving rise to the required notice. Upon the request of the Mortgagee, the Mortgagor shall execute and file such financing statements and shall take any other action shall constitute reasonable notice requested by the Mortgagee to Mortgagorperfect and continue as perfected the Mortgagee's security interests in the Equipment and other personal property included in the definition of the Premises. The proceeds Mortgagor shall pay (and shall reimburse the Mortgagee for) all costs, including attorneys' fees and court costs, of the preparation and filing of any financing statements and the taking of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgageactions. A carbon, photographic or other reproduction of this Mortgage or is sufficient as, and can be filed as, a financing statement. The Mortgagee is irrevocably appointed the Mortgagor's attorney-in-fact to execute any other financing statement relating on the Mortgagor's behalf covering the Equipment and other personal property, tangible or intangible, that is included within the definition of Premises. Additionally, if permitted by applicable law, the Mortgagor authorizes the Mortgagee to file one or more financing statements related to the security interests created by this Mortgage shall be sufficient as a financing statement for any and further authorizes the Mortgagee, instead of the purposes referred Mortgagor, to in this Sectionsign such financing statements. The Mortgagor hereby irrevocably authorizes shall execute and deliver, or cause to be executed and delivered, such other documents as the Mortgagee at any time and may from time to time request to file any initial financing statements, amendments thereto perfect or to further evidence the security interest created in the Collateral by this Mortgage. The Mortgagor further represents and continuation statements warrants to the Mortgagee that (a) its principal residence or chief executive office is at the address shown above and (b) the Mortgagor's name as authorized by applicable law, required it appears in this Mortgage is identical to establish or maintain the validity, perfection and priority name of the security interests granted Mortgagor appearing in this Mortgagethe Mortgagor's organizational documents, as amended, including trust documents. The Mortgagor will not, without the Mortgagee's prior written consent, change (a) the Mortgagor's name, (b) the Mortgagor's business organization, (c) the jurisdiction under which the Mortgagor's business organization is formed or organized, or (d) the address of the Mortgagor's chief executive office or principal residence or of any additional places of the Mortgagor's business.

Appears in 1 contract

Samples: Blackwater Midstream Corp.

Security Agreement. 2.13.1 This Mortgage constitutes shall also be a security agreement under between Mortgagor and Mortgagee covering the applicable Mortgaged Property constituting personal property or fixtures (hereinafter collectively called “UCC Collateral”) governed by the Uniform Commercial Code (“UCC”) of the state in which the Real Property is located (the “State”) as such UCC Collateral may be more specifically set forth in any financing statement delivered in connection with respect this Mortgage, and, as further security for the payment and performance of the Secured Obligations, Mortgagor hereby grants to the Chattels and Mortgagee a continuing security interest in such other portion of the Mortgaged Property which is personal property. Mortgagor agrees to the full extent that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consentMortgaged Property may be subject to the UCC. In addition to the Mortgagee’s other rights and remedies granted to Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all rights of a secured party under the UCC, as is in effect in the relevant jurisdiction, or other applicable laws or in equity. Mortgagor hereby authorizes the filing of, and if requested by Mortgagee, Mortgagor shall execute and deliver to Mortgagee, all financing statements and such further assurances that may be reasonably required by Mortgagee to establish, create, perfect (to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Mortgagee’s security interests, and Mortgagor shall bear all reasonable costs thereof, including all UCC searches. If Mortgagee should dispose of any of the Mortgaged Property comprising the UCC Collateral pursuant to the UCC, ten (10) days’ prior written notice by Mortgagee to Mortgagor shall be deemed to be reasonable notice; provided, however, that Mortgagee may dispose of such property in accordance with the foreclosure procedures of this Mortgage in lieu of proceeding under the UCC. Mortgagee may from time to time execute and deliver at Mortgagor’s expense all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Mortgagor and Mortgagee. Except as otherwise provided in the Collateral Trust Agreement, but otherwise subject to the provisions thereof, if an Actionable Default shall occur and be continuing, (a) Mortgagee, in addition to any other rights and remedies with respect which it may have, may exercise immediately and without demand to the Chattels extent permitted by law, any and such other personal property as are all rights and remedies granted to a secured party under the applicable Uniform Commercial Code. Upon UCC, as in effect in any relevant jurisdiction, including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of such collateral and (b) upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense expense, assemble the Chattels and such other personal property UCC Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable attorneys’ fees, fees and disbursements incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property UCC Collateral and in enforcing its Mortgagee’s rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee hereunder with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageUCC Collateral.

Appears in 1 contract

Samples: And Security Agreement (Cheniere Energy Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Except with respect to Rents and Profits to the extent specifically provided herein to the contrary, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, corporate structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any default hereunder not cured within any applicable grace or cure period, Mortgagee shall have the rights and remedies as prescribed in the Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. Subject to the Ground Lease, Mortgagee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Real Estate, a place which is hereby deemed to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to shall give Mortgagor in accordance with the provisions hereof at least five ten (510) days prior written notice of the time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such action notice is sent to Mortgagor, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Promissory Note Clarification Agreement (Showboat Inc)

Security Agreement. This Mortgage constitutes is both a real property Mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this section the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof,it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Xxxxxxxxx's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing Mortgagor shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding affects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 1 contract

Samples: First Potomac Realty Trust

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this section the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur and be continuing, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon Mortgagee’s requestrequest or demand of Mortgagee after the occurrence of an Event of Default, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five ten (510) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of Mortgagor, Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf, but only after providing the Mortgagor notice and the opportunity to do so, any financing or other statements signed only by Mortgagee, as Mortgagor's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Mortgagor shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding affects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 1 contract

Samples: Kranzco Realty Trust

Security Agreement. This Mortgage constitutes shall constitute a security agreement under as defined in the applicable Uniform Commercial Code with respect ("Code"). Any systems or fixtures installed in or used in the Premises are to be used by the Chattels Mortgagor solely for Mortgagor's business purposes or as the systems and fixtures leased or furnished by the Mortgagor, as landlord, to tenants of the Premises and such other equipment or fixtures will be kept at the buildings on the Premises and will not be removed therefrom without the consent of the Mortgaged Property which is personal property. Mortgagor agrees that it Mortgagee and may be affixed to such buildings but will not terminate or amend be affixed to any financing statements filed in connection with the Loan without Mortgagee’s prior consentother real estate. In addition to the rights and The remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights Mortgagee hereunder are cumulative and separate, and the exercise of any one or more of the remedies with respect to the Chattels and such other personal property as are granted to a secured party provided for herein or under the applicable Uniform Commercial CodeCode shall not be construed as a waiver of any of the other rights of the Mortgagee including having any non-realty items of the Premises deemed part of the realty upon any foreclosure thereof. Upon Mortgagee’s requestIf notice to any party of the intended disposition of the Premises is required by law in a particular instance, Mortgagor such notice shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof be deemed commercially reasonable if given at least five ten (510) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, intended disposition and may be applied given by Mortgagee advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in foreclose the real estate records property or may be given by private notice if such parties are known to Mortgagee. Neither the grant of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by pursuant to this Mortgage nor 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 Mortgagee are set forth on pursuant to the first page of this Mortgage. A carbon, photographic or other reproduction Code shall ever impair the stated intention of this Mortgage that all Personal Property, Rents, Leases and Profits and Judgments and Awards comprising the Premises and at all times and for all purposes and in all proceedings both legal or equitable shall be regarded as part of the real property mortgaged hereunder irrespective of whether such item is physically attached to the real property or any other financing statement relating such item is referred to this Mortgage shall be sufficient as or reflected in a financing statement for any of the purposes referred to in this Sectionstatement. Mortgagor hereby irrevocably authorizes Mortgagee at any time and will on demand deliver all financing statements that may from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized be required by applicable law, required Mortgagee to establish or maintain and perfect the validity, perfection and priority of Mortgagee's security interest in the Premises and shall pay all expenses incurred by Mortgagee in connection with the renewal or extensions of any financing statements executed in connection with the Premises; and shall give advance written notice of any proposed change in Mortgagor's name, identity or structure and will execute and deliver to Mortgagee prior to or concurrently with such change all additional financing statements that Mortgagee may require to establish and perfect the priority of Mortgagee's security interests granted in this Mortgageinterest.

Appears in 1 contract

Samples: Mortgage and Security Agreement and Fixture Financing (Navarre Corp /Mn/)

Security Agreement. This Mortgage constitutes shall constitute a security ------------------ agreement under as defined in the applicable Uniform Commercial Code with respect as adopted by the Commonwealth of Kentucky ("Code") in the Collateral. Any Collateral installed in or used in the Mortgaged Property is to be used by the Chattels Mortgagor solely for Mortgagor's business purposes or as the equipment and such other fixtures leased or furnished by the Mortgagor, as landlord, to tenants of the Mortgaged Property, and such Collateral will be kept at the buildings on the Mortgaged Property which is personal property. Mortgagor agrees that it and will not terminate or amend any financing statements filed in connection with be removed therefrom without the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all consent of the rights Mortgagee and may be affixed to such buildings but will not be affixed to any other real estate. The remedies with respect to of the Chattels Mortgagee hereunder are cumulative and such other personal property as are granted to a secured party separate, and the exercise of any one or more of the remedies provided for herein or under the applicable Uniform Commercial CodeCode shall not be construed as a waiver of any of the other rights of the Mortgagee including having any Collateral deemed part of the realty upon any foreclosure thereof. Upon Mortgagee’s requestIf notice to any party of the intended disposition of the Collateral is required by law in a particular instance, Mortgagor such notice shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof be deemed commercially reasonable if given at least five ten (510) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, intended disposition and may be applied given by Mortgagee to the payment of the indebtedness secured hereby advertisement in such order and proportions a newspaper accepted for legal publications either separately or as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of a notice given to foreclose the Mortgaged Property (including lien granted by this Mortgage or may be given by private notice if such fixtures) is situatedparties are known to Mortgagee. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which Neither the grant of a security interest may be perfected by pursuant to this Mortgage nor 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 Mortgagee are set forth on pursuant to the first page of this Mortgage. A carbon, photographic or other reproduction Code shall ever impair the stated intention of this Mortgage that all Collateral comprising the Mortgaged Property and at all times and for all purposes and in all proceedings both legal or equitable shall be regarded as part of the Mortgaged Property irrespective of whether such item is physically attached to the real property or any other financing statement relating such item if referred to this Mortgage shall be sufficient as or reflected in a financing statement for any of the purposes referred to in this Sectionstatement. Mortgagor hereby irrevocably authorizes Mortgagee at any time and will on demand deliver all financing statements that may from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized be required by applicable law, required Mortgagee to establish or maintain and perfect the validity, perfection and priority of Mortgagee's security interest in the Mortgaged Property and shall pay all expenses incurred by Mortgagee in connection with the renewal or extensions of any financing statements executed in connection with the Mortgaged Property; and shall give advance written notice of any proposed change in Mortgagor's name, identity or structure and will execute and deliver to Mortgagee prior to or concurrently with such change all additional financing statements that Mortgagee may require to establish and perfect the priority of Mortgagee's security interests granted in this Mortgageinterest.

Appears in 1 contract

Samples: Subordination Agreement (Jameson Inns Inc)

Security Agreement. This Mortgage constitutes both a real property mortgage and a "security agreement under agreement" within the applicable meaning of the Uniform Commercial Code with respect of the State of New Jersey and the Mortgaged Property includes both real and personal property and all other rights and interest, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor, by executing and delivering this Mortgage, has granted to Mortgagee, as security for the Chattels and Debt, a security interest in such other of the Mortgaged Property which as is personal propertygoverned by the Uniform Commercial Code. Mortgagor agrees that it will not terminate or amend any financing statements filed Upon the occurrence and continuation of an Event of Default hereunder, Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial CodeCode including, without limiting the generality of the foregoing, the right to take possession of such of the Mortgaged Property as is governed by the Uniform Commercial Code personally, through an agent or by means of a court-appointed receiver, and to take such other measures as Mortgage may deem necessary for the care, protection and preservation of such part of the Mortgaged Property. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble such of the Chattels and such other personal property Mortgaged Property as is governed by the Uniform Commercial Code and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable legal expense and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Mortgaged Property herein granted and in enforcing its rights hereunder with respect theretoto such part of the Mortgaged Property. Any notice of sale, disposition or other intended action by Mortgagee with respect to such part of the Chattels and such other personal property Mortgaged Property sent to Mortgagor in accordance with the provisions hereof of this mortgage at least five (5) days prior to the date of any such action sale, disposition or other action, shall constitute reasonable notice to Mortgagor. The proceeds , and the method of any such sale or disposition, disposition or any part thereof, may other intended action set forth or specified in such notice shall conclusively be applied by Mortgagee deemed to be commercially reasonable within the payment meaning of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Uniform Commercial Code unless objected to in this Section. writing by Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized within three (3) days after receipt by applicable law, required to establish or maintain the validity, perfection and priority Mortgagor of the security interests granted in this Mortgagesuch notice.

Appears in 1 contract

Samples: And Security Agreement (NRG Generating U S Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may reasonably request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Except with respect to Rents and Profits to the extent specifically provided herein to the contrary, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly and at its expense assemble deliver the Chattels same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of, business or mailing address of Mortgagor within ten (10) days (or thirty (30) days, if the change is a change of principal place of business or mailing address and such place or address remains within the County of New York) of the effective date of any such change. Upon an Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's reasonable attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other personal Loan Documents securing all or any part of the indebtedness evidenced by the Note. Subject to the rights of tenants under the Leases, Mortgagee shall have the right to enter upon the Land and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such property and make the same it available to Mortgagee at the Land, a place which is hereby deemed to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of sale, disposition the time and place of any public sale of such property or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (Corporate Property Associates 16 Global Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with respect to the Chattels and such other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate LoansRate, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Note Modification Agreement (Acadia Realty Trust)

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this section the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Mortgagor's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Mortgagor shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding affects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 1 contract

Samples: Ramco Gershenson Properties Trust

Security Agreement. (a) This Mortgage constitutes a security agreement under the applicable New Jersey Uniform Commercial Code and creates a security interest in the personal property included in the Mortgaged Property and the proceeds thereof. Mortgagor represents and warrants that all such personal property (other than personal property of individual tenants) is owned by Mortgagor free and clear of all security interests, and all such personal property and replacements of, substitutions for and additions to such personal property shall be owned (and not leased) by Mortgagor free and clear of all security interests. Mortgagor shall execute, deliver, file and refile any financing statements or other security agreements Mortgagee may require from time to time to confirm the lien of this Mortgage with respect to such property. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney-in-fact for Mortgagor to execute, deliver and file such other instruments for and on behalf of Mortgagor. Mortgagee, pursuant to the appropriate provisions of the Code, shall have an option to proceed with respect to both the real property and personal property included in the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection accordance with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebyits rights, Mortgagee shall have all of the rights powers and remedies with respect to the Chattels and such other personal property as are granted real property, in which event the default provisions of the Code shall not apply. The parties agree that if Mortgagee shall elect to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee proceed with respect to the Chattels personal property separately from the real property, fifteen (15) days' notice of the sale of the personal property shall constitute reasonable notice. The expenses of retaking, holding, preparing the sale, selling and such the like incurred by Mortgagee shall include, but not be limited to, attorneys' fees and legal expenses incurred by Mortgagee. Mortgagor agrees that, without the prior written consent of Mortgagee, Mortgagor will not remove or permit to be removed from the Mortgaged Property any of the personal property, except that so long as no Event of Default has occurred hereunder, Mortgagor shall be permitted to sell or otherwise dispose of the personal property when obsolete, worn out, inadequate, unserviceable or unnecessary for use in the operation of the Mortgaged Property, but only upon replacing the same or substituting for the same other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee equal in value and utility to the payment initial value and utility of the indebtedness secured hereby that disposed of and in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage a manner that such replacement or substituted personal property shall be effective as a financing statement filed as a fixture filing with respect subject to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may created hereby and that the security interest of Mortgagee shall be perfected by and first in priority, it being expressly understood and agreed that all replacements, substitutions and additions to the filing of a financing statement per sonax xxxperty shall be and may be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on become immediately subject to the first page of this Mortgage. A carbon, photographic or other reproduction security interest 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgagecovered hereby.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Brandywine Realty Trust)

Security Agreement. This With respect to the items of personal ------------------ property and fixtures referred to and described in the Granting Clause of this Mortgage constitutes and included as part of the Collateral, this Mortgage is hereby made and declared to be a security agreement under encumbering each and every item of personal property and fixtures now or hereafter owned by Mortgagor and included herein as a part of the applicable Collateral, in compliance with the provisions of the Uniform Commercial Code with respect as enacted in the State. In this respect, Mortgagor, as "Debtor", expressly grants to the Chattels Mortgagee, as "Secured Party", a security interest in and such other to all of the Mortgaged Property property now or hereafter owned by Mortgagor which is constitutes the personal propertyproperty and fixtures hereinabove referred to and described in this Mortgage, including all extensions, accessions, additions, improvements, betterments, renewals, replacements and substitutions thereof or thereto, and all proceeds from the sale or other disposition thereof. Mortgagor agrees that it will not terminate Mortgagee may file this Mortgage, or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya reproduction thereof, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition real estate records or other intended action by Mortgagee with respect to the Chattels appropriate index, as, and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as deemed to be, a financing statement filed as a fixture filing in accordance with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated_____________. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other Any reproduction of this Mortgage or of any other security agreement or financing statement relating to this Mortgage shall be sufficient as a financing statement for statement. In addition, Mortgagor agrees to execute and deliver to Mortgagee, upon Mortgagee's request, any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time other security agreement and from time to time to file any initial financing statements, as well as extensions, renewals, and amendments thereto thereof, and continuation reproductions of this Mortgage, in such form as Mortgagee may require to perfect a security interest with respect to said items. Mortgagor shall pay all costs of filing such financing statements as authorized by applicable lawand any extensions, required renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Mortgagee may reasonably require. Without the prior written consent of Mortgagee, Mortgagor shall not create or suffer to establish be created pursuant to the Uniform Commercial Code any other security interest in the above-described personal property and fixtures, including any replacements and additions thereto. Upon the occurrence of an Event of Default under this Mortgage, or maintain any other violation of the validitycovenants, perfection terms and priority conditions of the security interests granted agreement contained herein, the Mortgagee shall have and shall be entitled to exercise any and all of the rights and remedies (i) as prescribed in this Mortgage, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory provisions now or hereafter enacted and specified in said Uniform Commercial Code, all at Mortgagee's sole election. Mortgagor and Mortgagee agree that the filing of any financing statements in the records normally having to do with personal property shall not in any way affect the agreement of Mortgagor and Mortgagee that everything located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of, the Collateral, which is described or reflected as a fixture in this Mortgage, is, and at all times and for all purposes and in all proceedings, both legal and equitable, shall be, regarded as part of the Real Estate conveyed hereby. Mortgagor warrants that Mortgagor's name, identity and address are as set forth herein. The mailing address of the Mortgagee from which information may be obtained concerning the security interest created herein is also set forth herein. This information hereof is provided in order that this Mortgage shall comply with the requirements of the Uniform Commercial Code as enacted in ____________ for instruments to be filed as financing statements. In accordance with ______________, this Mortgage shall remain effective as a fixture filing until this Mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the Collateral.

Appears in 1 contract

Samples: Jorgensen Earle M Co /De/

Security Agreement. This Mortgage constitutes is both a real property mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under the applicable Uniform Commercial Code with respect to the Chattels and such other of interest in the Mortgaged Property which is personal propertyto the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code. Mortgagor agrees that it will not terminate or amend any financing statements filed If an Event of Default shall occur, Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon the request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and reasonable attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five ten (510) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situatedproper. This Mortgage shall also be effective constitute as a financing statement with respect to any other "fixture filing" for the purposes of the Uniform Commercial Code against all of the Mortgaged Property as which is or is to which a become fixtures. Information concerning the security interest herein granted may be perfected by obtained at the filing address of a financing statement Debtor (Mortgagor) and may be filed Secured Party (Mortgagee) as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on in the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Trademark Security Agreement (Aqua Care Systems Inc /De/)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office, such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. To the extent specifically provided herein, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Mortgaged Property, and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any Event of Default, Mortgagee shall have the rights and remedies as prescribed in this Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's reasonable attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the Debt. Mortgagee shall have the right to enter upon the Premises and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Premises, or at a place which is mutually agreed upon or, if no such place is agreed upon, at a place reasonably designated by Mortgagee to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of salethe time and place of any public sale of such property, disposition or adjournments thereof, or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (One Price Clothing Stores Inc)

Security Agreement. This Mortgage creates a security interest in the Fixtures, and, to the extent the Fixtures are not real property, this Mortgage constitutes a security agreement from Mortgagor to Mortgagee under the applicable Uniform Commercial Code with respect to the Chattels and such other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consentState. In addition to the all of its other rights under this Mortgage and remedies granted to Mortgagee by other applicable law or herebyotherwise, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s requestCode of the State, Mortgagor shall promptly and at its expense assemble as in effect from time to time, or under the Chattels and such Uniform Commercial Code in force from time to time in any other personal property and make state to the extent the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriateis applicable Law. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on in the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable lawLaw, reasonably required by Mortgagee to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.. The foregoing authorization includes Xxxxxxxxx’s irrevocable authorization for Mortgagee at any time and from time to time to file any initial financing statements and amendments thereto that indicate the Fixtures (a) as “all assets” of Mortgagor or words of similar effect, regardless of whether any particular asset comprised in the Fixtures 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 (b) as being of an equal or lesser scope or with greater detail. Debtor: Hardeeville Public Facilities Corporation 000 Xxxx Xxxx Xxxxxx Hardeeville, South Carolina 29927 Attn: Chairman Secured Party: Xxxxxxx Bank, National Association 000 Xxxxxxxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, XX 00000 Attention: Public Sector Finance

Appears in 1 contract

Samples: hardeevillesc.gov

Security Agreement. This Mortgage constitutes is and shall be deemed to be a security agreement under the applicable New York State Uniform Commercial Code with respect to the Chattels Mortgaged Property, and such other the Mortgagee shall have all the rights of a secured party thereunder with respect to that part of the Mortgaged Property which is that constitutes personal propertyproperty subject thereto (sometimes referred to herein as the “Secured Property”). Mortgagor agrees Upon request by the Mortgagee, the Debtor shall execute and deliver to the Mortgagee any security agreement, financing or continuation statement or other document the Mortgagee reasonably deems necessary to protect or perfect its lien on the Mortgaged Property. If the Debtor shall default under this Mortgage, the Mortgagee, in addition to any other rights and remedies that it will not terminate or amend may have, shall have and may exercise immediately and without demand any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the and all rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable New York State Uniform Commercial Code, including the right to take possession of the Secured Property or any part thereof or indicia thereof, and to take such other measures as the Mortgagee may deem necessary for the care, protection and preservation of the Secured Property. Upon request or demand of the Mortgagee’s request, Mortgagor the Debtor shall promptly and at its expense assemble the Chattels and such other personal property Secured Property and make the same it available to the Mortgagee at a convenient place acceptable to the Mortgagee. Mortgagor The Debtor shall pay to the Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and demand all expenses, including reasonable legal expenses and attorneys’ feesfees and expenses, incurred or paid by the Mortgagee in protecting its interest in the Chattels and such other personal property Secured Property and in enforcing its rights hereunder with respect theretoto the Secured Property. Any notice of sale, disposition other disposition, or other intended action by the Mortgagee with respect to the Chattels and such other personal property Secured Property sent to Mortgagor the Debtor in accordance with the provisions hereof of this Mortgage at least seven (7) days prior to the date of any such sale, other disposition, or other intended action set forth or specified in the notice shall conclusively be deemed to be commercially reasonable within the meaning of the New York State Uniform Commercial Code unless objected to in writing by the Debtor within five (5) days prior to such action shall constitute reasonable notice to Mortgagorafter receipt by the Debtor of the notice. The proceeds of any such sale or dispositionother disposition of the Secured Property, or any part thereof, may shall be applied by Mortgagee to the payment of the indebtedness secured hereby Obligations as provided in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageSection 6.17.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Acadia Realty Trust)

Security Agreement. This Mortgage constitutes shall also be a security agreement under between Mortgagor and Mortgagee covering the applicable Mortgaged Property constituting personal property or fixtures (hereinafter collectively called "UCC Collateral") governed by the Uniform Commercial Code ("UCC") of the State of Illinois (the "State") as such UCC Collateral may be more specifically set forth in any financing statement delivered in connection with respect this Mortgage, and, as further security for the payment and performance of the Secured Obligations, Mortgagor hereby grants to the Chattels and Mortgagee a security interest in such other portion of the Mortgaged Property which is personal property. Mortgagor agrees to the full extent that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consentMortgaged Property may be subject to the UCC. In addition to the Mortgagee's other rights and remedies granted to Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all rights of a secured party under the UCC, as is in effect in the relevant jurisdiction, or other applicable laws or in equity. Mortgagor hereby authorizes the filing of, and if requested by Mortgagee, Mortgagor shall execute and deliver to Mortgagee, all financing statements and such further assurances that may be reasonably required by Mortgagee to establish, create, perfect (to the extent the same can be achieved by the filing of a financing statement) and maintain the validity and priority of Mortgagee's security interests, and Borrower shall bear all reasonable costs thereof, including all UCC searches. Except as otherwise provided in the Secured Debt Documents, if Mortgagee should dispose of any of the Mortgaged Property comprising the UCC Collateral pursuant to the UCC, ten (10) days' prior written notice by Mortgagee to Mortgagor shall be deemed to be reasonable notice; provided, however, that Mortgagee may dispose of such property in accordance with the foreclosure procedures of this Mortgage in lieu of proceeding under the UCC. Mortgagee may from time to time execute and deliver at Borrower's expense all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Mortgagor and Mortgagee. Except as otherwise provided in the Secured Debt Documents, but otherwise subject to the provisions thereof, if an Actionable Default shall occur and be continuing, (a) Mortgagee, in addition to any other rights and remedies with respect which it may have, may exercise immediately and without demand to the Chattels extent permitted by law, any and such other personal property as are all rights and remedies granted to a secured party under the applicable Uniform Commercial Code. Upon UCC, as in effect in any relevant jurisdiction, including, without limiting the generality of the foregoing, the right to take possession of the UCC Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of such collateral and (b) upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense Borrower's expense, assemble the Chattels and such other personal property UCC Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor Borrower shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable attorneys’ fees, ' fees and disbursements incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property UCC Collateral and in enforcing its Mortgagee's rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee hereunder with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageUCC Collateral.

Appears in 1 contract

Samples: Statement and Security Agreement (Midwest Generation LLC)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code as adopted in the State and creates a security interest in the Mortgaged Property including, without limitation, all present and future furniture, fixtures, equipment and personal property installed in, or to be placed upon, or used in connection with, or necessary for, the operation of the Mortgaged Property, except such personal property owned by tenants in the Mortgaged Property and such personal property owned by the contractor or subcontractors performing work on the Mortgaged Property, whether stored on the Mortgaged Property or elsewhere and used or to be used in connection with the Mortgaged Property. Mortgagor shall execute, deliver, file and re-file any financing statements or other security agreements Mortgagee may require from time to time to confirm the lien of this Mortgage and the security interest hereby created with respect to such property, and Mortgagor shall pay any costs or fees incurred in connection therewith. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney-in-faxx xxx Xxrtgagor to execute, deliver and file such other instruments for and on behalf of Mortgagor. Notwithstanding any release of any or all of the property included in the Mortgaged Property which is personal deemed "real property. Mortgagor agrees that it will not terminate ", any proceedings to foreclose this Mortgage or amend any financing statements filed in connection with its satisfaction of record, the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee terms hereof shall have all of the rights and remedies survive as a security agreement with respect to the Chattels security created hereby and such other personal property referred to herein until the repayment or satisfaction in full of the obligations of Mortgagor as are granted now or hereafter evidenced by the Note and the other Loan Documents. As to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice those items of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property that are, or are to become, fixtures (together with all products and proceeds thereof), it is to be filed for record intended that THIS MORTGAGE SHALL BE EFFECTIVE AS A FINANCING STATEMENT FILED AS A FIXTURE FILING from the date of its filing in the real estate records of each county the County where any part of the Mortgaged Property (including such fixtures) is situatedlocated. This Mortgage shall also be effective as a financing statement with respect to any other The name of the record owner of said Mortgaged 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 is Mortgagor and Mortgagee are set forth on the first page one of this Mortgage. A carbonInformation xxxxxxxxxg the security interest created by this Mortgage may be obtained from Mortgagee, photographic as secured party, at its address as set forth on page one of this Mortgage. The address of Mortgagor, as debtor, is as set forth on page one of this Mortgage. This Mortgage covers goods which are or other reproduction are to become fixtures. Mortgagor agrees that if default shall be made in any of the cxxxxxxxx or conditions herein contained, or contained in any mortgage constituting a lien upon the mortgaged premises prior and superior to the lien hereof, or should any action be commenced to foreclose any such prior mortgage, the Mortgagee shall have the right forthwith, after any such default, to (i) declare all amounts due on the Note and Mortgage immediately due and payable; (ii) foreclose this Mortgage; (iii) enter upon and take possession of the said mortgaged premises, and to let the said premises, and receive the rents, issues and profits thereof, and to apply the same, after payment of all necessary charges and expenses, on account of the amount hereby secured, and said rents and profits are, in the event of any such default, hereby assigned to the Mortgagee; and (iv) the Mortgagee shall also be at liberty immediately after any such default, upon proceedings being commenced for the foreclosure of this Mortgage, to apply for the appointment of a receiver of the rents and profits of the said premises, and be entitled to the appointment of such receiver as a matter of right, as security for the amounts due the Mortgagee without consideration of the value of the mortgaged premises or solvency of any person or persons liable for the payment of such amounts. Acceptance by the Mortgagee of any payments hereunder, after default, or the failure of the Mortgagee, in any one or more instances, to insist upon strict performance by the Mortgagor of any terms and covenants of this Mortgage or to exercise any other financing statement relating option or election herein conferred, shall not be deemed to this Mortgage shall be sufficient as a financing statement waiver or relinquishment for the future of any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statementssuch terms, amendments thereto and continuation statements as authorized by applicable lawcovenants, required to establish elections or maintain the validity, perfection and priority of the security interests granted in this Mortgageoptions.

Appears in 1 contract

Samples: Mortgage and Security Agreement and Fixture Filing (Igi Inc)

Security Agreement. This Mortgage constitutes both a real property mortgage and a “security agreement under the applicable Uniform Commercial Code agreement” between Borrower and Lender with respect to the Chattels and such Collateral in which Lender is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Borrower hereby irrevocably authorizes Mortgagee Lender at any time and from time to time to prepare, file of record in any initial Uniform Commercial Code jurisdiction or otherwise effectuate new financing statements or financing statement amendments which provide any information required by part 5 of Article 9 of any applicable Uniform Commercial Code, for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether Borrower is an organization, the type of organization and any organizational identification number issued to Borrower and, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Borrower agrees to furnish any such information to Lender promptly upon the Lender’s request. Borrower specifically agrees that Lender may cause such financing statements and financing statement amendments to be filed without any signature of a representative of the Borrower appearing thereon, where such filings are permitted by applicable law. Borrower hereby further agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Lender the attorney-in-fact of Borrower to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Borrower also ratifies its authorization for Lender to have filed in any Uniform Commercial Code jurisdiction any like initial financing statements or amendments thereto if filed prior to the date hereof. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Lender’s reasonable attorneys’ fees and continuation statements as authorized legal expenses), together with interest thereon at the default rate of interest under the Note from the date incurred by applicable Lender until actually paid by Borrower, shall be paid by Borrower on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. If notice is required by law, required to establish or maintain the validity, perfection and priority Lender shall give Borrower at least ten (10) days’ prior written notice of the security interests granted time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such notice is sent to Borrower, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall be and is reasonable notice to Borrower. No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Mortgage.Section 1.22 shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Lender pursuant to any applicable Uniform Commercial Code:

Appears in 1 contract

Samples: Craftmade International Inc

Security Agreement. This Mortgage also constitutes a security agreement under within the applicable meaning of the Uniform Commercial Code with respect as in effect from time to time in the state in which the Premises is located (the “UCC”) and the Mortgagor grants to the Chattels and such Mortgagee a security interest in any Equipment or other personal property included within the definition of the Mortgaged Property which is personal propertyPremises, and all proceeds, products and supporting obligations of any of the foregoing (the “Collateral”). Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with Accordingly, the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted available to a secured party under the applicable Uniform Commercial CodeUCC. Upon the occurrence of any default under this Mortgage, the Mortgagee shall have, in addition to the remedies provided by this Mortgage, the right to use any method of disposition of collateral authorized by the UCC with respect to any portion of the Premises subject to the UCC. The Mortgagee shall have the right to require the Mortgagor to assemble the Collateral and make it available to the Mortgagee at a place designated by the Mortgagee which is reasonably convenient to both parties, the right to take possession of the Collateral with or without demand and with or without process of law, and the right to sell and dispose of the Collateral and distribute the proceeds according to law. Should a default occur, the Mortgagor will pay to the Mortgagee all costs reasonably incurred by the Mortgagee for the purpose of enforcing its rights hereunder, to the extent not prohibited by law, including, without limitation: costs of foreclosure; costs of obtaining money damages; and a reasonable fee for the services of internal and outside attorneys employed or engaged by the Mortgagee for any purpose related to this security agreement, including, without limitation, consultation, drafting documents, sending notices or instituting, prosecuting or defending litigation or any proceeding. The Mortgagor agrees that upon default the Mortgagee may dispose of any of the Collateral in its then present condition, that the Mortgagee has no duty to repair or clean the Collateral prior to sale, and that the disposal of the Collateral in its present condition or without repair or clean-up shall not affect the commercial reasonableness of such sale or disposition. The Mortgagee’s requestcompliance with any applicable state or federal law requirements in connection with the disposition of the Collateral will not adversely affect the commercial reasonableness of any sale of the Collateral. In connection with the right of the Mortgagee to take possession of the Collateral, the Mortgagee may, without liability on the part of the Mortgagee, take possession of any other items of property in or on the Collateral at the time of taking possession and hold them for the Mortgagor. If there is any statutory requirement for notice, that requirement shall be met if the Mortgagee sends notice to the Mortgagor at least ten (10) days prior to the date of the sale, disposition, or other event giving rise to the required notice. Upon the request of the Mortgagee, the Mortgagor shall promptly execute and at its expense assemble file such financing statements and shall take any other action requested by the Chattels Mortgagee to perfect and such continue as perfected the Mortgagee’s security interests in the Equipment and other personal property and make included in the same available to Mortgagee at a convenient place acceptable to Mortgageedefinition of the Premises. The Mortgagor shall pay to (and shall reimburse the Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and for) all expensescosts, including attorneys’ feesfees and court costs, incurred by Mortgagee in protecting its interest in of the Chattels preparation and such other personal property filing of any financing statements and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds taking of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgageactions. A carbon, photographic or other reproduction of this Mortgage or is sufficient as, and can be filed as, a financing statement. The Mortgagee is irrevocably appointed the Mortgagor’s attorney-in-fact to execute any other financing statement relating on the Mortgagor’s behalf covering the Equipment and other personal property, tangible or intangible, that is included within the definition of Premises. Additionally, if permitted by applicable law, the Mortgagor authorizes the Mortgagee to file one or more financing statements related to the security interests created by this Mortgage shall be sufficient as a financing statement for any and further authorizes the Mortgagee, instead of the purposes referred Mortgagor, to in this Sectionsign such financing statements. The Mortgagor hereby irrevocably authorizes shall execute and deliver, or cause to be executed and delivered, such other documents as the Mortgagee at any time and may from time to time request to file any initial financing statements, amendments thereto perfect or to further evidence the security interest created in the Collateral by this Mortgage. The Mortgagor further represents and continuation statements warrants to the Mortgagee that (a) its principal residence or chief executive office is at the address shown above and (b) the Mortgagor’s name as authorized by applicable law, required it appears in this Mortgage is identical to establish or maintain the validity, perfection and priority name of the security interests granted Mortgagor appearing in this Mortgage.the Mortgagor’s organizational documents, as amended, including trust

Appears in 1 contract

Samples: Xeta Technologies Inc

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code and shall be deemed to constitute a fixture financing statement. Mortgagor hereby grants to Mortgagee, pursuant to the terms of the Loan Documents, a security interest in the personal and other property owned by Mortgagor and included in the Mortgaged Premises, in all replacements, substitutions and future additions thereto and in all rents, income, profits, revenues, accounts, contract rights and intangibles as more fully described in Section 2 hereof. Mortgagor shall at Mortgagor's own expense, execute and file such financing statements, continuation statements or other security agreements as Mortgagee shall require from time to time to perfect the lien of this Mortgage with respect to the Chattels and such other of the Mortgaged Property which is personal property. Without limiting the foregoing, Mortgagor agrees that it will not terminate or amend any hereby authorizes Mortgagee to file such financing statements filed without the signature of Mortgagor. Mortgagor shall not change its principal place of business without giving Mortgagee at least thirty (30) days prior written notice, which notice shall be accompanied by new financing statements executed by Mortgagor in connection with the Loan without Mortgagee’s prior consentsame form as the financing statements delivered to Mortgagee on the date hereof except for the change of address. In Upon any Event of Default (as herein set forth), Mortgagee shall have, in addition to the any other rights and remedies granted to Mortgagee by other applicable law hereunder or herebyunder the Loan Documents, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble Notwithstanding any release of any of the Chattels and such other personal real property and make included in the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate LoansMortgaged Premises, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect proceedings to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other reproduction of foreclose this Mortgage or any other financing statement relating to its satisfaction of record, the terms of this Mortgage Section 7 shall be sufficient survive as a financing statement for any security agreement until the satisfaction in full of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageLiabilities.

Appears in 1 contract

Samples: First Mortgage and Security Agreement (Ace Gaming LLC)

Security Agreement. This Mortgage constitutes is both a real property mortgage and a “security agreement” within the meaning of the Kansas Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Indebtedness, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this Section the “Collateral”). Mortgagor agrees If an Event of Default occurs, Mortgagee, in addition to any other rights and remedies that it may have, will not terminate or amend have and may exercise immediately and without demand, any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the and all rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection, and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall will pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its interest in the Chattels and such other personal property Collateral and in enforcing its rights hereunder with respect theretoto the Collateral to the full extent allowed by law. Any notice of sale, disposition disposition, or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) ten days prior to such action shall action, will constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Indebtedness in such order priority and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 officedeems proper. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page provided in Section 8.13 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Mortgage and Security Agreement

AutoNDA by SimpleDocs

Security Agreement. (a) This Mortgage constitutes a security agreement under the applicable New Jersey Uniform Commercial Code and creates a security interest in the personal property included in the Mortgaged Property and the proceeds thereof. Mortgagor represents and warrants that all such personal property (other than personal property of individual tenants) is owned by Mortgagor free and clear of all security interests, and all such personal property and replacements of, substitutions for and additions to such personal property shall be owned (and not leased) by Mortgagor free and clear of all security interests. Mortgagor shall execute, deliver, file and refile any financing statements or other security agreements Mortgagee may require from time to time to confirm the lien of this Mortgage with respect to such property. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney-in-fact for Mortgagor to execute, deliver and file such other instruments for and on behalf of Mortgagor. Mortgagee, pursuant to the appropriate provisions of the Code, shall have an option to proceed with respect to both the real property and personal property included in the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection accordance with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebyits rights, Mortgagee shall have all of the rights powers and remedies with respect to the Chattels and such other personal property as are granted real property, in which event the default provisions of the Code shall not apply. The parties agree that if Mortgagee shall elect to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee proceed with respect to the Chattels personal property separately from the real property, fifteen (15) days' notice of the sale of the personal property shall constitute reasonable notice. The expenses of retaking, holding, preparing the sale, selling and such the like incurred by Mortgagee shall include, but not be limited to, attorneys' fees and legal expenses incurred by Mortgagee. Mortgagor agrees that, without the prior written consent of Mortgagee, Mortgagor will not remove or permit to be removed from the Mortgaged Property any of the personal property, except that so long as no Event of Default has occurred hereunder, Mortgagor shall be permitted to sell or otherwise dispose of the personal property when obsolete, worn out, inadequate, unserviceable or unnecessary for use in the operation of the Mortgaged Property, but only upon replacing the same or substituting for the same other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee equal in value and utility to the payment initial value and utility of the indebtedness secured hereby that disposed of and in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including manner that such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 replacement or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.substituted personal property

Appears in 1 contract

Samples: Mortgage and Security Agreement (Brandywine Realty Trust)

Security Agreement. This Mortgage constitutes shall constitute a security agreement under as defined in Title 57A of the applicable Uniform Commercial Code with respect of South Dakota (“Code”) in the Mortgaged Estate. The remedies of the Mortgagee hereunder are cumulative and separate, and the exercise of any one or more of the remedies provided for herein or under the Code shall not be construed as a waiver of any of the other rights of the Mortgagee including having any Mortgaged Estate deemed part of the realty upon any foreclosure thereof. If notice to any party of the Chattels and such other intended disposition of the Mortgaged Property which Estate is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed required by law in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya particular instance, Mortgagee such notice shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof be deemed commercially reasonable if given at least five ten (510) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, intended disposition and may be applied given by Mortgagee advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to foreclose the Premises or may be given by private notice if such parties are known to the payment Mortgagee. Neither the grant of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by pursuant to this Mortgage nor 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 Mortgagee are set forth on pursuant to the first page of this Mortgage. A carbon, photographic or other reproduction Code shall ever impair the stated intention of this Mortgage that all Leasehold Improvements and Fixtures comprising the Mortgaged Estate at all times and for all purposes and in all proceedings both legal or equitable shall be regarded as part of the Premises mortgaged hereunder irrespective of whether such item is physically attached to the Premises or any other financing statement relating such item is referred to this Mortgage shall be sufficient as or reflected in a financing statement for any of the purposes referred to in this Sectionstatement. The Mortgagor hereby irrevocably authorizes Mortgagee at any time and will on demand deliver all financing statements that may from time to time be required by the Mortgagee to file establish, perfect and continue the priority of the Mortgagee’s security interest in the Mortgaged Estate and shall pay all expenses incurred by the Mortgagee in connection with the renewal or extensions of any initial financing statements, amendments thereto executed in connection with the Mortgaged Estate; and continuation shall give advance written notice of any proposed change in the Mortgagor’s name, identity or structure and will execute and deliver to the Mortgagee prior to or concurrently with such change all additional financing statements as authorized by applicable law, required that the Mortgagee may require to establish or maintain and perfect the validity, perfection and priority of the Mortgagee’s security interests granted in this Mortgageinterest.

Appears in 1 contract

Samples: Leasehold 180 Day Redemption Mortgage and Security Agreement (Granite City Food & Brewery LTD)

Security Agreement. This Mortgage constitutes is both a real property mortgage and a "security agreement under agreement" within the applicable meaning of the Unifoim Commercial Code. The Mortgaged Property includes both real and personal property and all other assets, rights and interests, whether tangible or intangible in nature, including all proceeds and products thereof, and all supporting obligations ancillary to or arising in any way in connection therewith, of Mortgagor in the Mortgaged Property. It is the intent of Mortgagor and Mortgagee that the lien and security interest granted in this Mortgage encumber all Leases and that all items contained in the definition of "Leases" which are included within the Unifolin Commercial Code be covered by the security interest granted in this Paragraph 27; and all items contained in the definition of "Leases" which are excluded from the Uniform Commercial Code with respect be covered by the grant of a mortgage lien against the Mortgaged Property contained in this Mortgage. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security interest in the Mortgaged Property to the Chattels and such other full extent that the Mortgaged Property may be subject to the Uniform Commercial Code (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the "Collateral"). Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as constitutes a financing statement filed and recorded as a fixture filing in the Official Records of Winnebago County, Wisconsin with respect to any and all fixtures included within the Mortgaged Property Willi "Premises" or "Collateral" as used herein and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any goods and other Mortgaged Property as to which a security interest personal property that may now be perfected by the filing of a financing statement and may be filed as such in any appropriate filing or recording officehereafter become fixtures. The respective names and mailing addresses of Mortgagor the debtor (Mortgagor) and Mortgagee are set forth on the first page secured party Xxxxxxx Xxxxx Commercial Mortgage Capital Mortgage, Assignment of this Mortgage. A carbonRents, 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 Mortgagee at any time Security Agreement and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Fixture Filing- 68 - Neenah Aurora Healthcare Clinic

Appears in 1 contract

Samples: Security Agreement and Fixture (American Realty Capital Healthcare Trust Inc)

Security Agreement. This Mortgage constitutes is both a real property mortgage and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to of the Chattels and such other state or states where the Mortgaged Property is situated (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the "Collateral"). Mortgagor agrees that it will not terminate or amend any financing statements filed If an Event of Default shall occur, Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its interest in the Chattels and such other personal property Collateral and in enforcing its rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproper.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Quantum Corp /De/)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code ------------------ between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Except with respect to Rents and Profits to the extent specifically provided herein to the contrary, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, corporate structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon the occurrence of any default hereunder not cured within any applicable grace or cure period, Mortgagee shall have the rights and remedies as prescribed in the Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's attorneys' fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Loan Agreement. Mortgagee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgagee, shall assemble such other personal property and make the same it available to Mortgagee at the Real Estate, a place which is hereby deemed to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of sale, disposition the time and place of any public sale of such property or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (Cardiac Control Systems Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code and creates a security interest in all that property (and the proceeds thereof) of Mortgagor included in the Mortgaged Property which might otherwise be deemed “personal property.” Mortgagor shall execute, deliver, file and refile any financing statements, continuation statements or other security agreements Mortgagee may require from time to time to confirm the lien of this Mortgage with respect to such property. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney-in-fact for Mortgagor to execute, deliver and file such other instruments for and on behalf of Mortgagor. All costs of such filing and refiling shall be paid by Mortgagor. Notwithstanding any release of any or all of that property included in the Mortgaged Property which is personal deemed “real property. Mortgagor agrees that it will not terminate ,” any proceedings to foreclose this Mortgage or amend any financing statements filed in connection with its satisfaction of record, the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee terms hereof shall have all of the rights and remedies survive as a security agreement with respect to the Chattels security interest created hereby and such other personal property referred to above until the repayment or satisfaction in full of the obligations of Mortgagor as are granted to a secured party under now or hereafter evidenced by the applicable Uniform Commercial CodeNote. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by Notwithstanding the filing of a financing statement covering any of the Mortgaged Property in the records normally pertaining to personal property, all of the Mortgaged Property, for all purposes and may in all proceedings, legal or equitable, shall be regarded, at Mortgagee’s option (to the extent permitted by law), as part of the Real Property whether or not any such item is physically attached to the Real Property or Improvements or serial numbers are used for the Exhibit 10.1 CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO RULE 24b-2 Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The omitted materials have been filed separately with the Securities and Exchange Commission. better identification of certain items. The mention in any such financing statement of any of the Mortgaged Property shall never be construed as in any way altering any of the rights of Mortgagee or adversely affecting the priority of the lien granted hereby or by any other Loan Document, but such mention in the financing statement is hereby declared to be for the protection of Mortgagee in the event any court shall at any time hold that notice of Mortgagee’s priority of interest, to be effective against any third party, including the federal government and any authority or agency thereof, must be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page of this MortgageUniform Commercial Code records. A carbon, photographic or other reproduction of this Mortgage or of any other financing statement relating to this Mortgage signed by Mortgagor in connection herewith shall be sufficient as a financing statement for any of the purposes referred and may be filed to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of perfect the security interests granted in interest created hereby. The Mortgaged Property includes goods which are or are to become fixtures and this MortgageMortgage is intended to serve as a fixture filing under the Pennsylvania Uniform Commercial Code.

Appears in 1 contract

Samples: Acknowledgement and Agreement (Unilife Corp)

Security Agreement. This Mortgage constitutes is a "security agreement" within the meaning of the Uniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Property. By executing and delivering this Mortgage, Mortgagor has granted and thereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Property to the full extent that the Property may be subject to the Uniform Commercial Code with respect (such portion of the Property so subject to the Chattels Uniform Commercial Code being called in this Section the "COLLATERAL"). Mortgagor hereby agrees with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements and such other further assurances as Mortgagee may from time to time reasonably consider necessary to create, perfect or preserve Mortgagee's security interest therein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Mortgaged Uniform Commercial Code. All or part of the Property which is personal propertyare or are to become fixtures. Mortgagor agrees that it will not terminate or amend any financing statements filed If an Event of Default shall occur, Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial CodeCode including, without limitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, following the occurrence and continuation beyond any applicable cure period of an Event of Default, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including Mortgagee's attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five ten (510) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This Mortgage In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall be effective notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as a financing statement filed as a fixture filing with respect are necessary to all fixtures included within maintain the Mortgaged Property priority of Mortgagee's lien upon and is to be filed for record security interest in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage Collateral, and shall also be effective as a financing statement pay all expenses and fees in connection with respect to any other Mortgaged 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 recording thereof. If Mortgagee shall require the filing or recording office. The respective mailing addresses of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee are set forth on shall deem necessary, and shall pay all expenses and fees in connection with the first page of filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage. A carbon, photographic or the Assignment, the Environmental Agreement, the Guaranty Agreement and the 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 SectionLoan Documents. Mortgagor hereby irrevocably authorizes appoints Mortgagee at any time and from time to time as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any initial financing statementsor other statements signed only by Mortgagee, amendments thereto and continuation statements as authorized secured party, in connection with the Collateral covered by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Essex Hospitality Associates Iv Lp

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code in effect in the state where the Real Estate is situated and Mortgagor hereby grants to Mortgagee a security interest in all that property (and the proceeds thereof) included in the Mortgaged Property which might be deemed "personal property". Mortgagor shall deliver or file and refile any financing statements, continuation statements, or other security agreements Mortgagee may request from time to time to confirm the lien of this Mortgage with respect to such property. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney in fact for Mortgagor to deliver and file such other instruments for and on behalf of Mortgagor. Mortgagor shall not change its principal place of business or state of organization without giving Mortgagee at least thirty (30) days prior written notice thereof, which notice shall be accompanied by new financing statements in the same form as the financing statements delivered to Mortgagee on the date hereof except for the change of address. Mortgagor covenants to retain all of the Mortgaged Property within the county in which the Real Estate is personal propertylocated, other than equipment which may be removed in the ordinary course of business. Mortgagor agrees that it will not terminate or amend Upon any financing statements filed Event of Default under this Mortgage, Mortgagee shall have, in connection with the Loan without Mortgagee’s prior consent. In addition to the any other rights and remedies granted to Mortgagee by other applicable law or herebyunder the Loan Documents, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial CodeCode with respect to all personal property. Mortgagor agrees that the personal property is not and will not be used or acquired for personal, family or household purposes. Upon Mortgagee’s requestan Event of Default under this Mortgage, (i) Mortgagee may require Mortgagor shall promptly and at its expense to assemble the Chattels and such other personal property and make the same available to Mortgagee or any portion thereof, at a place designated by Mortgagee and reasonably convenient place acceptable to both parties, and promptly to deliver such personal property to Mortgagee. Mortgagor , or an agent or representative designated by it, (ii) Mortgagee, and its agents and representatives shall pay have the right to enter upon the Mortgaged Property to exercise Mortgagee's rights hereunder, and (iii) Mortgagee on demandmay sell, lease or otherwise dispose of the personal property at public sale, with interest or without having the personal property at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice place of sale, disposition and upon such terms and in such manner as Mortgagee may determine. Mortgagee may be a purchaser at any such sale. Unless the personal property is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market, Mortgagee shall give Mortgagor ten (10) days' prior written notice of the time and place of any public sale of the personal property or other intended action disposition thereof, and Mortgagor agrees that such notice is reasonable. To the extent permitted by law, Mortgagor and Mortgagee agree that the items set forth on the financing statements shall be treated as part of the Real Estate and Improvements regardless of the fact that such items are set forth in the financing statement. Such items are contained in the financing statements to create a security interest in favor of Mortgagee in the event such items are determined to be personal property under the law. Notwithstanding any release of any or all of that property included in the Mortgaged Property which is deemed "real property", any proceedings to foreclose this Mortgage or its satisfaction of record, the terms hereof shall survive as a security agreement with respect to the Chattels security interest created hereby and such other personal property sent referred to Mortgagor above until the repayment or satisfaction in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment full of the indebtedness secured hereby in such order and proportions obligations of Mortgagor as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected are now or hereafter evidenced 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageNotes.

Appears in 1 contract

Samples: Mortgage, Security Agreement and Fixture (Blonder Tongue Laboratories Inc)

Security Agreement. This With respect to the items of personal property and fixtures referred to and described in the Granting Clause of this Mortgage constitutes and included as part of the Collateral, this Mortgage is hereby made and declared to be a security agreement under encumbering each and every item of personal property and fixtures now or hereafter owned by Mortgagor and included herein as a part of the applicable Collateral, in compliance with the provisions of the Uniform Commercial Code with respect as enacted in the State. In this respect, Mortgagor, as "Debtor", expressly grants to the Chattels Mortgagee, as "Secured Party", a security interest in and such other to all of the Mortgaged Property property now or hereafter owned by Mortgagor which is constitutes the personal propertyproperty and fixtures hereinabove referred to and described in this Mortgage, including all extensions, accessions, additions, improvements, betterments, renewals, replacements and substitutions thereof or thereto, and all proceeds from the sale or other disposition thereof. Mortgagor agrees that it will not terminate Mortgagee may file this Mortgage, or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya reproduction thereof, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition real estate records or other intended action by Mortgagee with respect to the Chattels appropriate index, as, and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as deemed to be, a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situatedfiling. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other Any reproduction of this Mortgage or of any other security agreement or financing statement relating to this Mortgage shall be sufficient as a financing statement for statement. In addition, Mortgagor agrees to execute and deliver to Mortgagee, upon Mortgagee's request, any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time other security agreement and from time to time to file any initial financing statements, as well as extensions, renewals, and amendments thereto thereof, and continuation reproductions of this Mortgage, in such form as Mortgagee may require to perfect a security interest with respect to said items. Mortgagor shall pay all costs of filing such financing statements as authorized by applicable lawand any extensions, required renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Mortgagee may reasonably require. Without the prior written consent of Mortgagee, Mortgagor shall not create or suffer to establish be created pursuant to the Uniform Commercial Code any other security interest in the above-described personal property and fixtures, including any replacements and additions thereto. Upon the occurrence of an Event of Default under this Mortgage, or maintain any other violation of the validitycovenants, perfection terms and priority conditions of the security interests granted agreement contained herein, the Mortgagee shall have and shall be entitled to exercise any and all of the rights and remedies (i) as prescribed in this Mortgage, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory provisions now or hereafter enacted and specified in said Uniform Commercial Code, all at Mortgagee's sole election. Mortgagor and Mortgagee agree that the filing of any financing statements in the records normally having to do with personal property shall not in any way affect the agreement of Mortgagor and Mortgagee that everything located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of, the Collateral, which is described or reflected as a fixture in this Mortgage, is, and at all times and for all purposes and in all proceedings, both legal and equitable, shall be, regarded as part of the Real Estate conveyed hereby. Mortgagor warrants that Mortgagor's name, identity and address are as set forth herein. The mailing address of the Mortgagee from which information may be obtained concerning the security interest created herein is also set forth herein. This information hereof is provided in order that this Mortgage shall comply with the requirements of the Uniform Commercial Code as enacted in the State for instruments to be filed as financing statements. This Mortgage shall remain effective as a fixture filing until this Mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the Collateral.

Appears in 1 contract

Samples: Leiner Health Products Inc

Security Agreement. This With respect to the items of personal property and fixtures referred to and described in the Granting Clause of this Mortgage constitutes and included as part of the Collateral, this Mortgage is hereby made and declared to be a security agreement under encumbering each and every item of personal property and fixtures now or hereafter owned by Mortgagor and included herein as a part of the applicable Collateral, in compliance with the provisions of the Uniform Commercial Code with respect as enacted in the State. In this respect, Mortgagor, as “Debtor”, expressly grants to the Chattels Mortgagee, as “Secured Party”, a security interest in and such other to all of the Mortgaged Property property now or hereafter owned by Mortgagor which is constitutes the personal propertyproperty and fixtures hereinabove referred to and described in this Mortgage, including all extensions, accessions, additions, improvements, betterments, renewals, replacements and substitutions thereof or thereto, and all proceeds from the sale or other disposition thereof. Mortgagor agrees that it will not terminate Mortgagee may file this Mortgage, or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya reproduction thereof, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition real estate records or other intended action by Mortgagee with respect to the Chattels appropriate index, as, and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as deemed to be, a financing statement filed as a fixture filing in accordance with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part Section 554.9502 of the Mortgaged Property (including such fixtures) is situatedIowa Code. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other Any reproduction of this Mortgage or of any other security agreement or financing statement relating to this Mortgage shall be sufficient as a financing statement for statement. In addition, Mortgagor agrees to execute and deliver to Mortgagee, upon Mortgagee’s request, any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time other security agreement and from time to time to file any initial financing statements, as well as extensions, renewals, and amendments thereto thereof, and reproductions of this Mortgage, in such form as Mortgagee may require to perfect a security interest with respect to said items. Mortgagor shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Mortgagee may reasonably require. Except as permitted by the Credit Agreement, without the prior written consent of Mortgagee, Mortgagor shall not create or suffer to be created pursuant to the Uniform Commercial Code any other security interest in the above-described personal property and fixtures, including any replacements and additions thereto. Upon the occurrence and during the continuation statements as authorized by applicable lawof an Event of Default under this Mortgage, required the Mortgagee shall have and shall be entitled to establish or maintain the validity, perfection exercise any and priority all of the security interests granted rights and remedies (i) as prescribed in this Mortgage, or (ii) as prescribed by general law, or (iii) as prescribed by the specific statutory provisions now or hereafter enacted and specified in said Uniform Commercial Code, all at Mortgagee’s sole election. Mortgagor and Mortgagee agree that the filing of any financing statements in the records normally having to do with personal property shall not in any way affect the agreement of Mortgagor and Mortgagee that everything located in, on or about, or used or intended to be used with or in connection with the use, operation or enjoyment of, the Collateral, which is described or reflected as a fixture in this Mortgage, is, and at all times and for all purposes and in all proceedings, both legal and equitable, shall be, regarded as part of the Property conveyed hereby. Mortgagor warrants that Mortgagor’s name, identity and address are as set forth herein. The mailing address of the Mortgagee from which information may be obtained concerning the security interest created herein is also set forth herein. This information hereof is provided in order that this Mortgage shall comply with the requirements of the Uniform Commercial Code as enacted in the State for instruments to be filed as financing statements. In accordance with Section 554.9515 of the Iowa Code, this Mortgage shall remain effective as a fixture filing until this Mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the Collateral.

Appears in 1 contract

Samples: Credit Agreement (Sabre Industries, Inc.)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with With respect to the Chattels and such other Personal Property or any portion of the Mortgaged Property which is personal propertyconstitutes fixtures or other property governed by the UCC, this Mortgage shall constitute a security agreement between Borrower, as the debtor, and Lender, as the secured party, and Borrower hereby grants to Lender a security interest in such portion of the Mortgaged Property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the Cumulative of all other rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights conferred upon secured parties by the UCC. Borrower authorizes Lender to file financing statements with respect to the security interest of Lender, continuation statements with respect thereto, and any amendments to such financing statements which may be necessitated by reason of any of the changes described in Section 6.C of the Loan Agreement. Furthermore, at any time, and from time to time, Borrower will execute and deliver to Lender all financing statements that may from time to time be required by Lender to establish and maintain the validity and priority of the security interest of Lender, or any modification thereof. Lender may exercise any or all of the remedies of a secured party available to it under the UCC with respect to such property. If, upon the occurrence and during the continuance of an Event of Default, Lender proceeds to dispose of such property in accordance with the provisions of the UCC, 10 days' notice by Lender to Borrower shall be deemed to be reasonable notice under any provision of the UCC requiring such notice; provided, however, that Lender may at its option dispose of such property in accordance with Lender's rights and remedies with respect to the Chattels and such other personal real property as are granted pursuant to a secured party the provisions of this Mortgage, in lieu of proceeding under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s request, Mortgagor shall promptly Borrower represents that its exact legal name and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest state of formation or organization are as set forth in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page paragraph of this Mortgage. A carbonBorrower agrees that, photographic or other reproduction notwithstanding any provision in the UCC to the contrary, Borrower shall not file a termination statement of any financing statement filed by Lender in connection with any security interest granted under this Mortgage or any other financing statement relating if Lender reasonably objects to this Mortgage shall be sufficient as a financing statement for any the filing of the purposes referred to in this Sectionsuch termination statement. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.13

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (Family Steak Houses of Florida Inc)

Security Agreement. This Mortgage With respect to the Personal Property or any portion of the Trust Estate which constitutes fixtures or other property governed by the UCC, this Deed of Trust shall constitute a security agreement under between Borrower, as the applicable Uniform Commercial Code with respect debtor, and Lender, as the secured party, and Borrower hereby grants to the Chattels and Lender a security interest in such other portion of the Mortgaged Property which is personal propertyTrust Estate. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the Cumulative of all other rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights conferred upon secured parties by the UCC. Borrower authorizes Lender to file financing statements with respect to the security interest of Lender, continuation statements with respect thereto, and any amendments to such financing statements which may be necessitated by reason of any of the changes described in Section 4.C of the Loan Agreement. Furthermore, at any time, and from time to time, Borrower will execute and deliver to Lender all financing statements that may from time to time be required by Lender to establish and maintain the validity and priority of the security interest of Lender, or any modification thereof. Lender may exercise any or all of the remedies of a secured party available to it under the UCC with respect to such property. If, upon the occurrence and during the continuance of an Event of Default, Lender proceeds to dispose of such property in accordance with the provisions of the UCC, 10 days’ notice by Lender to Borrower shall be deemed to be reasonable notice under any provision of the UCC requiring such notice; provided, however, that Lender may at its option dispose of such property in accordance with Lender’s rights and remedies with respect to the Chattels and such other personal real property as are granted pursuant to a secured party the provisions of this Deed of Trust, in lieu of proceeding under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s request, Mortgagor shall promptly Borrower represents that its exact legal name and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest state of formation or organization are as set forth in the Chattels and such other personal property and first paragraph of this Deed of Trust. Borrower agrees that, notwithstanding any provision in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect the UCC to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action contrary, Borrower shall constitute reasonable notice to Mortgagor. The proceeds not file a termination statement of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing by Lender in connection with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by granted under this Deed of Trust if Lender reasonably objects to 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgagetermination statement.

Appears in 1 contract

Samples: Environmental Indemnity Agreement (Jameson Inns Inc)

Security Agreement. This Mortgage constitutes both a real property mortgage and a “security agreement under agreement,” within the applicable meaning of the Uniform Commercial Code with respect to the Chattels Code, and such other of the Mortgaged Property which is includes both real and personal propertyproperty and all other rights and interest, whether tangible or intangible in nature, of the Mortgagor in the Mortgaged Property. The Mortgagor agrees that it will not terminate by executing and delivering this Mortgage has granted to the Mortgagee, as security for the indebtedness evidenced by the Note and the Other Obligations, a security interest in the Mortgaged Property. If the Mortgagor shall default under the Note or amend any financing statements filed this Mortgage, the Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly including, without limiting the generality of the foregoing, the right to take possession of the Fixtures or any part thereof, and at its expense assemble the Chattels and to take such other personal property measures as the Mortgagee may deem necessary for the care, protection and make preservation of the same available to Mortgagee at a convenient place acceptable to MortgageeFixtures. The Mortgagor shall pay to the Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by the Mortgagee in protecting its interest in the Chattels and such other personal property Fixtures and in enforcing its rights hereunder with respect theretoto the Fixtures. Any notice of sale, disposition or other intended action by the Mortgagee with respect to the Chattels and such other personal property Fixtures sent to the Mortgagor in accordance with the provisions hereof of this Mortgage at least seven (7) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to the Mortgagor, and the method of sale or disposition or other intended action set forth or specified in such notice shall conclusively be deemed to be commercially reasonable within the meaning of the Uniform Commercial Code unless objected to in writing by the Mortgagor within five (5) days prior to after receipt by the Mortgagor of such action shall constitute reasonable notice to Mortgagornotice. The proceeds of any such sale or dispositiondisposition of the Fixtures, or any part thereof, may be applied by the Mortgagee to the payment of the indebtedness secured hereby evidenced by the Note and the Other Obligations, in such order order, priority and proportions as the Mortgagee in its discretion shall deem appropriateproper to the extent permitted by law. This Mortgage If any change shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within occur in the Mortgaged Property and is Mortgagor’s name, the Mortgagor shall promptly cause to be filed for record at its own expense, new financing statements as required under the Uniform Commercial Code to replace those on file in the real estate records of each county where any part favor of the Mortgaged Property (including such fixtures) is situatedMortgagee. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. MORTGAGOR HEREBY DECLARES AND ACKNOWLEDGES THAT IT HAS RECEIVED, WITHOUT CHARGE, 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageTRUE COPY OF THIS MORTGAGE AND SECURITY AGREEMENT.

Appears in 1 contract

Samples: Mortgage and Security Agreement (NeoStem, Inc.)

Security Agreement. This With respect to the items of personal property and fixtures referred to and described in the Granting Clause of this Mortgage constitutes and included as part of the Collateral, this Mortgage is hereby made and declared to be a security agreement under encumbering each and every item of personal property and fixtures now or hereafter owned by Mortgagor and included herein as a part of the applicable Collateral, in compliance with the provisions of the Uniform Commercial Code with respect as enacted in the State. In this respect, Mortgagor, as "Debtor", expressly grants to the Chattels Mortgagee, as "Secured Party", a security interest in and such other to all of the Mortgaged Property property now or hereafter owned by Mortgagor which is constitutes the personal propertyproperty and fixtures hereinabove referred to and described in this Mortgage, including all extensions, accessions, additions, improvements, betterments, renewals, replacements and substitutions thereof or thereto, and all proceeds from the sale or other disposition thereof. Mortgagor agrees that it will not terminate Mortgagee may file this Mortgage, or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebya reproduction thereof, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition real estate records or other intended action by Mortgagee with respect to the Chattels appropriate index, as, and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This this Mortgage shall be effective as deemed to be, a financing statement filed as a fixture filing in accordance with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part laws of the Mortgaged Property (including such fixtures) is situatedState. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbon, photographic or other Any reproduction of this Mortgage or of any other security agreement or financing statement relating to this Mortgage executed by Mortgagor shall be sufficient as a financing statement for statement. In addition, Mortgagor agrees to execute and deliver to Mortgagee, upon Mortgagee's request, any of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time other security agreement and from time to time to file any initial financing statements, as well as extensions, renewals, and amendments thereto thereof, and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority reproductions of the security interests granted in this Mortgage., in such form as Mortgagee may reasonably require to perfect a security interest with respect to said items. Mortgagor shall pay all costs of filing such financing statements and any extensions, renewals, amendments and releases thereof, and shall pay all reasonable costs and expenses of any record searches for financing statements Mortgagee may reasonably require. Except as is provided in

Appears in 1 contract

Samples: Sterling Chemical Inc

Security Agreement. This Mortgage constitutes is both a real property mortgage/deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Obligations, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code and is to be filed in connection with the Loan without office where a mortgage on the Mortgaged Property would be recorded. The respective addresses of the Mortgagor (debtor) and the Mortgagee (secured party) are set forth in the beginning of this Mortgage. All or part of the Mortgaged Property is or is to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in the first paragraph of this Mortgage. If an Event of Default shall occur which shall remain uncured, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, (including, without limitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral). Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand therefor any and all expensesexpenses (including, including without limitation, reasonable legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral). Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof of the Loan Agreement at least five ten (510) days Business Days prior to such action or such notice as is otherwise required by law or the Loan Agreement, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Obligations in such order priority and proportions as required by the Loan Agreement. In the event of any change in name, identity or structure of Mortgagor, Mortgagor shall notify Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective thereof and, promptly after requxxx, xxxxl execute, file and record such Uniform Commercial Code forms as a financing statement filed as a fixture filing with respect are necessary to all fixtures included within maintain the Mortgaged Property priority of Mortgagee's lien upon and is to be filed for record security interest in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage Collateral, and shall also be effective as a financing statement pay all expenses and fees in connection with respect to any other Mortgaged 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 recording thereof. If Mortgagee shall require the filing or recording office. The respective mailing addresses of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee are set forth on shall deem necessary, and shall pay all expenses and fees in connection with the first page of this Mortgage. A carbonfiling and recording thereof, photographic or other reproduction of it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under this Mortgage or any the other financing statement relating to this Mortgage shall be sufficient as a financing statement for any of the purposes referred to in this SectionLoan Documents. Mortgagor hereby irrevocably authorizes appoints Mortgagee at any time and from time to time as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any initial financing statementsfinancial or other statements signed only by Mortgagee, amendments thereto and continuation statements as authorized secured party, in connection with the Collateral covered by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Kranzco Realty Trust

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code between Mortgagor and Mortgagee with respect to the Chattels and such Collateral in which Mortgagee is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to of Mortgagee by other applicable law or herebyhereunder, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s requestMortgagor hereby agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Mortgagee the attorney-in-fact of Mortgagor to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Mortgagee may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Except with respect to Rents and Profits to the extent specifically provided herein to the contrary, Mortgagee shall have the right of possession of all cash, securities, instruments, negotiable instruments, documents, certificates and any other evidences of cash or other property or evidences of rights to cash rather than property, which are now or hereafter a part of the Property and Mortgagor shall promptly deliver the same to Mortgagee, endorsed to Mortgagee, without further notice from Mortgagee. Mortgagor agrees to furnish Mortgagee with notice of any change in the name, identity, organizational structure, residence, or principal place of business or mailing address of Mortgagor within ten (10) days of the effective date of any such change. Upon an Event of Default, Mortgagee shall have the rights and remedies as prescribed in the Mortgage, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at its expense Mortgagee's election. Any disposition of the Collateral may be conducted by an employee or agent of Mortgagee. Any person, including both Mortgagor and Mortgagee, shall be eligible to purchase any part or all of the Collateral at any such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Mortgagee's attorneys' fees and legal expenses) together with interest thereon at the Default Interest Rate from the date incurred by Mortgagee until actually paid by Mortgagor, shall be paid by Mortgagor on demand and shall be secured by this Mortgage and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Note. Mortgagee shall have the right to enter upon the Real Estate and the Improvements or any real property where any of the property which is the subject of the security interest granted herein is located to take possession of, assemble and collect the Chattels and same or to render it unusable, or Mortgagor, upon demand of Mortgages, shall assemble such other personal property and make the same it available to Mortgagee at the Real Estate, a place which is hereby deemed to be reasonably convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandand Mortgagor. If notice is required by law, with interest Mortgagee shall give Mortgagor at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any least ten (10) days' prior written notice of sale, disposition the time and place of any public sale of such property or of the time of or after which any private sale or any other intended action by Mortgagee with respect disposition thereof is to the Chattels be made, and if such other personal property notice is sent to Mortgagor in accordance with Mortgagor, as the provisions hereof at least five (5) days prior to same is provided for the mailing of notices herein, it is hereby deemed that such action notice shall constitute be and is reasonable notice to Mortgagor. The proceeds of No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale or disposition, or any part thereof, may be applied by Mortgagee made pursuant to the payment provisions of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage this Section shall be effective deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as a financing statement filed as a fixture filing provided in Section 3.1(e) hereof upon giving the same notice with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part sale of the Mortgaged Property (including such fixtures) hereunder as is situatedrequired under said Section 3.1(e). This Mortgage shall also be effective as a financing statement with respect Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Mortgagee pursuant to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.Uniform Commercial Code:

Appears in 1 contract

Samples: Mortgage and Security Agreement (Usa Detergents Inc)

Security Agreement. This Mortgage constitutes shall constitute a security agreement under as defined in the applicable Uniform Commercial Code with respect (“Code”). Any equipment or fixtures installed in or used in the Premises are to be used by the Chattels Mortgagor solely for Mortgagor’s business purposes or as the equipment and fixtures leased or furnished by the Mortgagor, as landlord, to tenants of the Premises and such other equipment or fixtures will be kept at the buildings on the Premises and will not be removed therefrom without the consent of the Mortgaged Property which is personal property. Mortgagor agrees that it Mortgagee and may be affixed to such buildings but will not terminate or amend be affixed to any financing statements filed in connection with the Loan without Mortgagee’s prior consentother real estate. In addition to the rights and The remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights Mortgagee hereunder are cumulative and separate, and the exercise of any one or more of the remedies with respect to the Chattels and such other personal property as are granted to a secured party provided for herein or under the applicable Uniform Commercial CodeCode shall not be construed as a waiver of any of the other rights of the Mortgagee including having any non-realty items of the Premises deemed part of the realty upon any foreclosure thereof. Upon Mortgagee’s requestIf notice to any party of the intended disposition of the Premises is required by law in a particular instance, Mortgagor such notice shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof be deemed commercially reasonable if given at least five ten (510) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, intended disposition and may be applied given by Mortgagee advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in foreclose the real estate records property or may be given by private notice if such parties are known to Mortgagee. Neither the grant of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by pursuant to this Mortgage nor 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 Mortgagee are set forth on pursuant to the first page of this Mortgage. A carbon, photographic or other reproduction Code shall ever impair the stated intention of this Mortgage that all Personal Property, Rents, Leases and Profits and Judgments and Awards comprising the Premises and at all times and for all purposes and in all proceedings both legal or equitable shall be regarded as part of the real property mortgaged hereunder irrespective of whether such item is physically attached to the real property or any other financing statement relating such item is referred to this Mortgage shall be sufficient as or reflected in a financing statement for any of the purposes referred to in this Sectionstatement. Mortgagor hereby irrevocably authorizes Mortgagee at any time and will on demand deliver all financing statements that may from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized be required by applicable law, required Mortgagee to establish or maintain and perfect the validity, perfection and priority of Mortgagee’s security interest in the Premises and shall pay all expenses incurred by Mortgagee in connection with the renewal or extensions of any financing statements executed in connection with the Premises; and shall give advance written notice of any proposed change in Mortgagor’s name, identity or structure and will execute and deliver to Mortgagee prior to or concurrently with such change all additional financing statements that Mortgagee may require to establish and perfect the priority of Mortgagee’s security interests granted in this Mortgageinterest.

Appears in 1 contract

Samples: Security Agreement (Talon Real Estate Holding Corp.)

Security Agreement. This Mortgage constitutes both a real property mortgage and a "security agreement under agreement" and a "fixture filing," within the applicable meaning of the Uniform Commercial Code with respect to the Chattels Code, and such other of the Mortgaged Property which includes both real and personal property and all other rights and interest, whether tangible or intangible in nature, of the Mortgagor in the Mortgaged Property. The Mortgagor by executing and delivering this Mortgage has granted to the Mortgagee, as security for the Debt, a security interest in the Equipment. The Mortgagor hereby authorizes the Mortgagee or its agents or assigns, to execute and file, without the signature of the Mortgagor, one or more UCC-1 Financing Statements for the purpose of perfecting such security interest, if permitted under the laws of the state wherein the Mortgaged Property is personal propertylocated. If the Mortgagor agrees that it will not terminate shall default under the Note or amend any financing statements filed this Mortgage, the Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Equipment or any part thereof, and to take such other measures as the Mortgagee may deem necessary for the care, protection and preservation of the Equipment. Upon request or demand of the Mortgagee’s request, the Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Equipment and make the same it available to the Mortgagee at a convenient place acceptable to the Mortgagee. The Mortgagor shall pay to the Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by the Mortgagee in protecting its interest in the Chattels and such other personal property Equipment and in enforcing its rights hereunder with respect theretoto the Equipment. Any notice of sale, disposition or other intended action by the Mortgagee with respect to the Chattels and such other personal property Equipment sent to the Mortgagor in accordance with the provisions hereof of this Mortgage at least seven (7) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to the Mortgagor, and the method of sale or disposition or other intended action set forth or specified in such notice shall conclusively be deemed to be commercially reasonable within the meaning of the Uniform Commercial Code unless objected to in writing by the Mortgagor within five (5) days prior to after receipt by the Mortgagor of such action shall constitute reasonable notice to Mortgagornotice. The proceeds of any such sale or dispositiondisposition of the Equipment, or any part thereof, may be applied by the Mortgagee to the payment of the indebtedness secured hereby Debt in such order order, priority and proportions as the Mortgagee in its discretion shall deem appropriateproper. This Mortgage If any change shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within occur in the Mortgaged Property and is Mortgagor's name, the Mortgagor shall promptly cause to be filed for record at its own expense, new financing statements as required under the Uniform Commercial Code to replace those on file in the real estate records of each county where any part favor of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this MortgageMortgagee.

Appears in 1 contract

Samples: Agreement and Fixture Filing (Boreal Water Collection Inc.)

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this section the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures on the Premises. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, including, without limitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five ten (510) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This Xxxxxxxxx's principal place of business shall at all times that the Debt is outstanding be as set forth in the first paragraph of this Mortgage. In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Xxxxxxxxx's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Xxxxxxxxx shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding affects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 1 contract

Samples: Mortgage and Security Agreement (Emeritus Corp\wa\)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with With respect to the Chattels and such other any portion of the Mortgaged Property which is constitutes personal property. , fixtures or other property governed by the Uniform Commercial Code as adopted in the State of Florida ("UCC"), this Mortgage shall constitute a security agreement between Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with as the Loan without Mortgagee’s prior consent. In addition to Debtor and Mortgagee as the rights Secured Party, and remedies granted Mortgagor hereby grants to Mortgagee by a security interest in such portion of the Mortgaged Property and all cash or non-cash proceeds thereof (including insurance proceeds). Cumulative of all other applicable law or herebyrights of Mortgagee hereunder, Mortgagee shall have all of the rights and remedies with respect to conferred upon secured parties by the Chattels and such other personal property as are granted to a secured party under the applicable Uniform Commercial CodeUCC. Upon request of Mortgagee’s request, Mortgagor shall promptly and shall, at its expense expense, assemble the Chattels and such other personal property and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay Mxxxxxxxx will execute and deliver to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred financing statements that may from time to time be required by Mortgagee in protecting its to establish and maintain the validity and priority of the security interest in of Mortgagee, or any modification thereof, and pay all costs and expenses of any searches reasonably required by Mortgagee. Mortgagee may exercise any or all of the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice remedies of sale, disposition or other intended action by Mortgagee a secured party available to it under the UCC with respect to the Chattels such property, and it is expressly agreed that if upon an Event of Default Mortgagee should proceed to seize, take possession of and dispose of such other personal property sent to Mortgagor in accordance with the provisions hereof at least five of the UCC or other applicable law, ten (510) days prior to such action shall constitute reasonable days' notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment Mortgagor shall be deemed to be reasonable notice under any provision of the indebtedness secured hereby UCC or other applicable law requiring such notice; provided, however, that Mortgagee may at its option dispose of such property in such order accordance with Mortgagee's rights and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing remedies with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of property pursuant to the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page provisions of this Mortgage. A carbon, photographic in lieu of proceeding under the UCC 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Mortgage and Security Agreement (Elxsi Corp /De//)

Security Agreement. This Mortgage constitutes shall constitute a security agreement under Security Agreement and a "fixture filing" within the applicable meaning of the Uniform Commercial Code - Secured Transactions of the State of Texas, i.e., Chapter 9 of the Texas Business & Commerce Code (the "TXUCC") with respect to the Chattels portion of Mortgaged Property which constitutes personal property (the "Personal Property"), as the same may be in effect from time to time. The secured party is Mortgagee and such other the mailing address of the secured party is set forth above in this Mortgage. The debtor is Mortgagor and the mailing address of the debtor is set forth above in this Mortgage. This Mortgage indicates whether Mortgagor is an individual or an organization and if Mortgagor is an organization, its type of organization, jurisdiction of organization and organizational identification number, if any. Mortgagor is the record owner of the real property which comprises a portion of the Mortgaged Property which is personal and the improvements on such real property. Mortgagor agrees certifies that it will not terminate or amend any financing statements filed is organized under the laws of the State of Texas. Mortgagor hereby grants to Mortgagee a security interest in connection with the Loan without Mortgagee’s prior consent. In addition and to the rights Personal Property for the benefit of Mortgagee to secure the Obligations. Mortgagor irrevocably authorizes Mortgagee to file financing and remedies granted to Mortgagee by continuation statements and other applicable law or hereby, Mortgagee shall have all of the rights and remedies instruments with respect to the Chattels and such other personal property as are granted to a secured party under Personal Property without the applicable Uniform Commercial Code. Upon Mortgagee’s signatures of Mortgagor whenever lawful and, upon request, Mortgagor shall also promptly execute financing and at its expense assemble the Chattels continuation statements and such other personal property and make the same available instruments in form satisfactory to Mortgagee at a convenient place acceptable to further evidence, perfect and secure Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its 's security interest in the Chattels Personal Property, and shall pay, or at Mortgagee's election shall reimburse Mortgagee for, all filing fees in connection therewith, and any such other payments by Mortgagee shall be secured by the lien of this Mortgage. Upon the occurrence of an Event of Default, Mortgagee will have all rights and remedies of a secured party after default under the TXUCC, and Mortgagee, pursuant to the TXUCC, as said TXUCC is currently constituted or may be hereafter amended, shall have the option of proceeding as to both real and personal property and in enforcing accordance with its rights and remedies in respect of the real property, in which event the default provisions of the TXUCC shall not apply. To the extent permitted under the TXUCC, Mortgagor waives all rights of redemption and all other rights and remedies of a debtor thereunder and all formalities prescribed by law relative to the sale or disposition of the Personal Property after the occurrence of an Event of Default and to all other rights and remedies of Mortgagor with respect thereto. Any To the extent permitted by law, in exercising its right to take possession of the Personal Property upon the occurrence of an Event of Default, Mortgagee may enter upon the Mortgaged Property without being guilty of trespass or any other wrong-doing, and without liability for damages thereby occasioned. To the extent any notice of sale, disposition sale or other intended action by disposition of the Personal Property is required and cannot be waived, in the event Mortgagee elects to proceed with respect to the Chattels and such other personal property sent to Mortgagor in accordance with Personal Property separately from the provisions hereof at least five real property, Mortgagee need give no more than ten (510) days prior to such action shall constitute reasonable days' notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within sale of the Mortgaged Property and is Personal Property, which Mortgagor agrees to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgagecommercially reasonable.

Appears in 1 contract

Samples: Trust and Security Agreement (Entergy Gulf States Louisiana, LLC)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code and creates a security interest in all that property (and the proceeds thereof) of Mortgagor included in the Mortgaged Property which might otherwise be deemed “personal property.” Mortgagor shall execute, deliver, file and refile any financing statements, continuation statements or other security agreements Mortgagee may require from time to time to confirm the lien of this Mortgage with respect to such property. Without limiting the Chattels foregoing, Mortgagor hereby irrevocably appoints Mortgagee attorney-in-fact for Mortgagor to execute, deliver and file such other instruments for and on behalf of Mortgagor. All costs of such CONFIDENTIAL TREATMENT REQUESTED PURSUANT TO RULE 24b-2 Certain portions of this exhibit have been omitted pursuant to a request for confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934, as amended. The omitted materials have been filed separately with the Securities and Exchange Commission. filing and refiling shall be paid by Mortgagor. Notwithstanding any release of any or all of that property included in the Mortgaged Property which is personal deemed “real property. Mortgagor agrees that it will not terminate ,” any proceedings to foreclose this Mortgage or amend any financing statements filed in connection with its satisfaction of record, the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee terms hereof shall have all of the rights and remedies survive as a security agreement with respect to the Chattels security interest created hereby and such other personal property referred to above until the repayment or satisfaction in full of the obligations of Mortgagor as are granted to a secured party under now or hereafter evidenced by the applicable Uniform Commercial CodeNote. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by Notwithstanding the filing of a financing statement covering any of the Mortgaged Property in the records normally pertaining to personal property, all of the Mortgaged Property, for all purposes and may in all proceedings, legal or equitable, shall be regarded, at Mortgagee’s option (to the extent permitted by law), as part of the Real Property whether or not any such item is physically attached to the Real Property or Improvements or serial numbers are used for the better identification of certain items. The mention in any such financing statement of any of the Mortgaged Property shall never be construed as in any way altering any of the rights of Mortgagee or adversely affecting the priority of the lien granted hereby or by any other Loan Document, but such mention in the financing statement is hereby declared to be for the protection of Mortgagee in the event any court shall at any time hold that notice of Mortgagee’s priority of interest, to be effective against any third party, including the federal government and any authority or agency thereof, must be filed as such in any appropriate filing or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page of this MortgageUniform Commercial Code records. A carbon, photographic or other reproduction of this Mortgage or of any other financing statement relating to this Mortgage signed by Mortgagor in connection herewith shall be sufficient as a financing statement for any of the purposes referred and may be filed to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of perfect the security interests granted in interest created hereby. The Mortgaged Property includes goods which are or are to become fixtures and this MortgageMortgage is intended to serve as a fixture filing under the Pennsylvania Uniform Commercial Code.

Appears in 1 contract

Samples: Acknowledgement and Agreement (Unilife Corp)

Security Agreement. This Mortgage Deed of Trust constitutes both a real property deed of trust and a "security agreement under the applicable Uniform Commercial Code agreement" between Borrower and Lender with respect to the Chattels and such Collateral in which Lender is granted a security interest hereunder, and, cumulative of all other of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the any applicable Uniform Commercial Code. Upon Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Borrower hereby irrevocably authorizes Mortgagee Lender at any time and from time to time to prepare, file of record in any initial Uniform Commercial Code jurisdiction or otherwise effectuate new financing statements or financing statement amendments which (a) indicate the Collateral (i) as all assets of Borrower or words of similar effect, regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of any applicable Uniform Commercial Code, or (ii) by any other description which reasonably approximates the description contained in this Deed of Trust, and (b) provide any other information required by part 5 of Article 9 of any applicable Uniform Commercial Code, for the sufficiency or filing office acceptance of any financing statement or amendment, including (i) whether Borrower is an organization, the type of organization and any organizational identification number issued to Borrower and, (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Borrower agrees to furnish any such information to Lender promptly upon the Lender's request. Borrower specifically agrees that Lender may cause such financing statements and financing statement amendments to be filed without any signature of a representative of the Borrower appearing thereon, where such filings are permitted by applicable law. Borrower hereby further agrees to execute and deliver on demand and hereby irrevocably constitutes and appoints Lender the attorney-in-fact of Borrower to execute and deliver and, if appropriate, to file with the appropriate filing officer or office such security agreements, financing statements, continuation statements or other instruments as Lender may request or require in order to impose, perfect or continue the perfection of the lien or security interest created hereby. Borrower also ratifies its authorization for Lender to have filed in any Uniform Commercial Code jurisdiction any like initial financing statements or amendments thereto if filed prior to the date hereof. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Lender's reasonable attorneys' fees and continuation statements as authorized legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by applicable Lender until actually paid by Borrower, shall be paid by Borrower on demand and shall be secured by this Deed of Trust and by all of the other Loan Documents securing all or any part of the indebtedness evidenced by the Notes. If notice is required by law, required to establish or maintain the validity, perfection and priority Lender shall give Borrower at least ten (10) days' prior written notice of the security interests granted time and place of any public sale of such property or of the time of or after which any private sale or any other intended disposition thereof is to be made, and if such notice is sent to Borrower, as the same is provided for the mailing of notices herein, it is hereby deemed that such notice shall be and is reasonable notice to Borrower. No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Mortgage.Section 1.22 shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with the foreclosure sale as provided in Section 3.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 3.1(e). Furthermore, to the extent permitted by law, in conjunction with, in addition to or in substitution for the rights and remedies available to Lender pursuant to any applicable Uniform Commercial Code:

Appears in 1 contract

Samples: Sun Communities Inc

Security Agreement. This Mortgage constitutes is among other things intended to be a security agreement under the applicable Uniform Commercial Code and financing statement with respect to the Chattels personal property and such other fixtures described and included in the Mortgage, and all additions, accessions, substitutions and replacements thereto and therefor, together with the proceeds thereof, and all of which are hereinafter referred to as the collateral or as the Mortgaged Property and the Mortgagor hereby grants and conveys to Mortgagee, its successors and assigns, a security interest therein. That upon default of any material term, condition or covenant of the Mortgage and acceleration of any indebtedness hereby secured, the Mortgagee may, at its discretion, require the Mortgagor to assemble the collateral and make it available to the Mortgagee at a place reasonably convenient to both parties to be designated by the Mortgagee. That the Mortgagee shall give the Mortgagor notice, by registered mail, postage prepaid, of the time and place of any public sale of any of the collateral or of the time any private sale or other intended disposition thereof is to be made by sending notice to the Mortgagor at least ten (10) days before the time of the sale or other disposition, which is provisions for notice the Mortgagor and the Mortgagee agree are reasonable; provided, however, that nothing herein shall preclude the Mortgagee from proceeding as to both real and personal property. Mortgagor agrees that it will not terminate or amend any financing statements filed property in connection accordance with the Loan without Mortgagee’s prior consent. In addition to the 's rights and remedies granted to Mortgagee by other applicable law or hereby, in respect of the real property. The Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to of a secured party under the applicable Uniform Commercial Code. Upon Mortgagee’s requestCode as now in effect in the State of New Hampshire, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property further remedies as may from time to time hereafter be provided in New Hampshire for a secured party. The Mortgagor agrees that all rights of the Mortgagee as to said collateral and make as to said real estate, and rights and interest appurtenant thereto, may have exercised together or separately and further agrees that in exercising its power of sale as to said collateral and as to said real estate, and rights and interest appurtenant thereto, the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demandmay sell the collateral or any part thereof, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition either separately from or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance together with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or dispositionsaid real estate, rights and interests appurtenant thereto, or any part thereof, all as the Mortgagee may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriateelect. This For the purpose of this Mortgage shall be effective as constituting a financing statement filed as a fixture filing with respect to all fixtures included within under the Mortgaged Property and is to be filed for record in Uniform Commercial Code the real estate records of each county where any part addresses of the Mortgaged Property parties are: The Mortgagor (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page of this Mortgage. A carbonDebtor): Presstek, 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 Mortgagee at any time and from time to time to file any initial financing statementsInc. 10 Glenville Street Xxxxxxxxx, amendments thereto and continuation statements as authorized by applicable lawXxxxxxxxxxx 00000 Xxxxxxxxx: Xxxxx X. Van Horn Txx Xxxxxxxxx (Xxxured Party): PNC BANK, required to establish or maintain the validityNational Association 340 Madison Avenue Xxx Xxxx, perfection and priority of the security interests granted in this Mortgage.Xxx Xxxx 00000 Xxxxxxxxx: Xxxxx Xauch

Appears in 1 contract

Samples: Security Agreement and Fixture Filing (Presstek Inc /De/)

Security Agreement. This Mortgage constitutes both a real property ------------------ mortgage and a security agreement under agreement, within the applicable meaning of the Uniform Commercial Code with respect to the Chattels Code, and such other of the Mortgaged Property which is includes both real and personal propertyproperty and all other rights and interest, whether tangible or intangible in nature, of the Mortgagor in the Mortgaged Property. Mortgagor agrees that it will not terminate If an Event of Default shall occur under the Note or amend any financing statements filed this Mortgage, the Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Mortgaged Property or any part thereof, and to take such other measures as the Mortgagee may deem necessary for the care, protection and preservation of the Mortgaged Property. Upon request or demand of the Mortgagee’s request, the Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Mortgaged Property and make the same it available to the Mortgagee at a convenient place acceptable to the Mortgagee. The Mortgagor shall pay to the Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by the Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing or exercising its rights hereunder with respect theretoto the Mortgaged Property. Any notice of sale, disposition or other intended action by the Mortgagee with respect to the Chattels and such other personal property Mortgaged Property sent to the Mortgagor in accordance with the provisions hereof of this Mortgage at least seven (7) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to the Mortgagor, and the method of sale or disposition or other intended action set forth or specified in such notice shall conclusively be deemed to be commercially reasonable within the meaning of the Uniform Commercial Code unless objected to in writing by the Mortgagor within five (5) days prior to after receipt by the Mortgagor of such action shall constitute reasonable notice to Mortgagornotice. The proceeds of any such sale or dispositiondisposition of the Mortgaged Property, or any part thereof, may be applied by the Mortgagee to the payment of the indebtedness secured hereby Debt in such order order, priority and proportions as the Mortgagee in its discretion shall deem appropriateproper. This Mortgage If any change shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within occur in the Mortgaged Property and is Mortgagor's name, the Mortgagor shall promptly cause to be filed for record at its own expense, new financing statements as required under the Uniform Commercial Code to replace those on file in the real estate records of each county where any part favor of the Mortgaged Property (including such fixtures) is situatedMortgagee. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by To 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 Mortgagee are set forth on extent the first page provisions 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 Section 28 conflict with the terms of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statementsSecurity Agreement, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority terms of the security interests granted in this MortgageSecurity Agreement shall govern.

Appears in 1 contract

Samples: Settlement Agreement (Unigene Laboratories Inc)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with With respect to the Chattels and such other Personal Property or any portion of the Mortgaged Property which is personal property. Mortgagor agrees that it will not terminate constitutes fixtures or amend any financing statements filed in connection with other property governed by the Loan without Mortgagee’s prior consent. In addition to UCC, this Mortgage shall constitute a security agreement between Debtor as the rights debtor and remedies granted Mortgagee as the secured party, and Debtor hereby grants to Mortgagee by a security interest in such portion of the Mortgaged Property. Cumulative of all other applicable law or herebyrights of Mortgagee hereunder, Mortgagee shall have all of the rights conferred upon secured parties by the UCC. Debtor will execute and deliver to Mortgagee all financing statements that may from time to time be required by Mortgagee to establish and maintain the validity and priority of the security interest of Mortgagee, or any modification thereof, and all costs and expenses of any searches required by Mortgagee. Mortgagee may exercise any or all of the remedies of a secured party available to it under the UCC with respect to such property, and it is expressly agreed that if upon an Event of Default (after the expiration of any applicable grace and cure period) Mortgagee should proceed to dispose of such property in accordance with the provisions of the UCC, 10 days' notice by Mortgagee to Debtor shall be deemed to be reasonable notice under any provision of the UCC requiring such notice; provided, however, that Mortgagee may at its option dispose of such property in accordance with Mortgagee's rights and remedies with respect to the Chattels and such other personal real property as are granted pursuant to a secured party the provisions of this Mortgage, in lieu of proceeding under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s request, Mortgagor Debtor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available give advance notice in writing to Mortgagee at a convenient place acceptable of any proposed change in Debtor's name, identity, or business form or structure and will execute and deliver to Mortgagee. Mortgagor shall pay , prior to or concurrently with the occurrence of any such change, all additional financing statements that Mortgagee on demand, with may require to establish and maintain the validity and priority of Mortgagee's security interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 described or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageherein.

Appears in 1 contract

Samples: Ich Corp /De/

Security Agreement. (a) (i) This Mortgage constitutes is both a real property mortgage and a "security agreement" within the meaning of the UCC. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. This Mortgage is filed as a fixture filing and covers goods which are or are to become fixtures on the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Uniform Commercial Code with respect Mortgaged Property to the Chattels and such other full extent that the Mortgaged Property may be subject to the UCC of the State in which the Mortgaged Property is located (said portion of the Mortgaged Property which is personal propertyso subject to the UCC being called in this Section 18.14 the "Collateral"). Mortgagor agrees that it will not terminate or amend any financing statements filed If an Event of Default shall occur, Mortgagee, in connection with the Loan without Mortgagee’s prior consent. In addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable Uniform Commercial CodeUCC, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon Mortgagee’s requestrequest or demand of Mortgagee following an Event of Default, Mortgagor shall promptly and shall, at its expense expense, assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including reasonable legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its interest in the Chattels and such other personal property Collateral and in enforcing its rights hereunder with respect theretoto the Collateral. Any disposition pursuant to the UCC of so much of the Collateral as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice in a newspaper in which sheriff's sales are advertised in the county where the Premises is located. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent Collateral given to Mortgagor in accordance with the provisions hereof at least five ten (510) days prior to such action action, shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproper.

Appears in 1 contract

Samples: Motels of America Inc

Security Agreement. This Mortgage constitutes is both a real property mortgage or deed of trust and a "security agreement" within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor by executing and delivering this Mortgage has granted and hereby grants to Mortgagee, as security for the Debt, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and such other (said portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this paragraph the "Collateral"). Mortgagor hereby agrees that it will not terminate or amend any with Mortgagee to execute and deliver to Mortgagee, in form and substance satisfactory to Mortgagee, such financing statements filed and such further assurances as Mortgagee may from time to time, reasonably consider necessary to create, perfect, and preserve Mortgagee's security interest herein granted. This Mortgage shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Mortgaged Property are or are to become fixtures. Information concerning the security interest herein granted may be obtained from the parties at the addresses of the parties set forth in connection with the Loan without first paragraph of this Mortgage. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the any other rights and remedies which they may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys' fees, incurred or paid by Mortgagee in protecting its the interest in the Chattels and such other personal property Collateral and in enforcing its the rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action action, shall constitute commercially reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Debt in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This In the event of any change in name, identity or structure of any Mortgagor, such Mortgagor shall notify Mortgagee thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Mortgagee's lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. If Mortgagee shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Mortgagor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary, and shall pay all expenses and fees in connection with the filing and recording thereof, it being understood and agreed, however, that no such additional documents shall increase Mortgagor's obligations under the Note, this Mortgage and the other Loan Documents. Mortgagor hereby irrevocably appoints Mortgagee as its attorney-in-fact, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Mortgagee, as Xxxxxxxxx's attorney-in-fact, in connection with the Collateral covered by this Mortgage. Notwithstanding the foregoing, Xxxxxxxxx shall be effective as a financing statement filed as a fixture filing with respect appear and defend in any action or proceeding which affects or purports to all fixtures included within affect the Mortgaged Property and is to be filed for record any interest or right therein, whether such proceeding effects title or any other rights in the real estate records of each county where any part of the Mortgaged Property (including and in conjunction therewith, Mortgagor shall fully cooperate with Mortgagee in the event Mortgagee is a party to such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 action or recording office. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgageproceeding).

Appears in 1 contract

Samples: Concord Milestone Plus L P

Security Agreement. This Mortgage With respect to the Personal Property or any portion of the Trust Estate which constitutes fixtures or other property governed by the UCC, this Deed of Trust shall constitute a security agreement under between Borrower, as the applicable Uniform Commercial Code with respect debtor, and Lender, as the secured party, and Borrower hereby grants to the Chattels and Lender a security interest in such other portion of the Mortgaged Property which is personal propertyTrust Estate. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the Cumulative of all other rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights conferred upon secured parties by the UCC. Borrower authorizes Lender to file financing statements with respect to the security interest of Lender, continuation statements with respect thereto, and any amendments to such financing statements which may be necessitated by reason of any of the changes described in Section 4.C of the Loan Agreement. Furthermore, at any time, and from time to time, Borrower will execute and deliver to Lender all financing statements that may from time to time be required by Lender to establish and maintain the validity and priority of the security interest of Lender, or any modification thereof. Lender may exercise any or all of the remedies of a secured party available to it under the UCC with respect to such property. If, upon the occurrence and during the continuance of an Event of Default, Lender proceeds to dispose of such property in accordance with the provisions of the UCC, 10 days’ notice by Lender to Borrower shall be deemed to be reasonable notice under any provision of the UCC requiring such notice; provided, however, that Lender may at its option dispose of such property in accordance with Lender’s rights and remedies with respect to the Chattels and such other personal real property as are granted pursuant to a secured party the provisions of this Deed of Trust, in lieu of proceeding under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s request, Mortgagor shall promptly Borrower represents that its exact legal name and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest state of formation or organization are as set forth in the Chattels and such other personal property and first paragraph of this Deed of Trust. Borrower agrees that, notwithstanding any provision in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect the UCC to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action contrary, Borrower shall constitute reasonable notice to Mortgagor. The proceeds not file a termination statement of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing by Lender in connection with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged Property as to which a security interest may be perfected by granted under this Deed of Trust if Lender reasonably objects to the filing of a financing statement and may be filed as such in any appropriate filing or recording officetermination statement. The respective mailing addresses of Mortgagor and Mortgagee are set forth on the first page of this MortgageXxxxxxxx Xx. A carbon00000 GE No. 8004-2212 0000 Xxxxxx Xxxxx Wilmington, 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 Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.North Carolina

Appears in 1 contract

Samples: Loan Agreement (Jameson Inns Inc)

Security Agreement. (a) This Mortgage constitutes is both a real property Mortgage and a “security agreement” within the meaning of the Uniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Mortgagor in the Mortgaged Property. Mortgagor, by executing and delivering this Mortgage grants to Mortgagee, as security for the Indebtedness, a security agreement under interest in the applicable Mortgaged Property to the full extent that the Mortgaged Property may be subject to the Uniform Commercial Code with respect to the Chattels and (such other portion of the Mortgaged Property which is personal propertyso subject to the Uniform Commercial Code being called in this Paragraph 27 the “Collateral“). Mortgagor agrees that it will not terminate or amend any hereby authorizes Mortgagee to file financing statements filed in connection with order to create, perfect, preserve and continue the Loan without security interest(s) herein granted. This Mortgage shall also constitute a “fixture filing” for the purposes of the Uniform Commercial Code and shall cover all items of the Collateral that are or are to become fixtures. Information concerning the security interest(s) herein granted may be obtained from Mortgagee upon request. If an Event of Default shall occur, Mortgagee’s prior consent. In , in addition to the 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 Mortgagee by other applicable law or hereby, Mortgagee shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party upon default under the applicable 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 other measures as Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Mortgagee’s request, Mortgagor shall promptly and at its expense assemble the Chattels and such other personal property Collateral and make the same it available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, demand any and all expenses, including legal expenses and attorneys’ feesfees and disbursements, incurred or paid by Mortgagee in protecting its interest in the Chattels and such other personal property Collateral and in enforcing its rights hereunder with respect theretoto the Collateral. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property Collateral sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such sale, disposition or action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or dispositiondisposition of the Collateral, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby Indebtedness in such order priority and proportions as Mortgagee in its discretion shall deem appropriateproper. This Mortgage Mortgagor shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record notify Mortgagee of any change in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 name, identity or recording office. The respective mailing addresses structure of Mortgagor and shall promptly execute, file and record, at its sole cost and expense, such Uniform Commercial Code forms as are necessary to maintain the priority of the lien of Mortgagee are set forth on upon and security interest in the first page Collateral. In addition, Mortgagor shall promptly execute, file and record such additional Uniform Commercial Code forms or continuation statements as Mortgagee shall deem necessary and shall pay all expenses and fees in connection with the filing and recording thereof, provided that no such additional documents shall increase the obligations of this Mortgage. A carbonMortgagor under the Note, photographic or other reproduction of this Mortgage or any the other financing statement relating to this Mortgage shall be sufficient as a financing statement for any of the purposes referred to in this SectionLoan Documents. Mortgagor hereby irrevocably authorizes grants to Mortgagee at any time and from time to time an irrevocable power of attorney, coupled with an interest, to file with the appropriate public office on its behalf any initial financing statementsor other statements signed only by Mortgagee, amendments thereto and continuation statements as authorized secured party, in connection with the Collateral covered by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgage.

Appears in 1 contract

Samples: Leases and Rents and Security Agreement and Fixture Filing (Inland Diversified Real Estate Trust, Inc.)

Security Agreement. This Mortgage constitutes a security agreement under the applicable Uniform Commercial Code with With respect to the Chattels and such other Personal Property or any portion of the Mortgaged Property which is personal propertyconstitutes fixtures or other property governed by the UCC, this Mortgage shall constitute a security agreement between Borrower, as the debtor, and Lender, as the secured party, and Borrower hereby grants to Lender a security interest in such portion of the Mortgaged Property. Mortgagor agrees that it will not terminate or amend any financing statements filed in connection with the Loan without Mortgagee’s prior consent. In addition to the Cumulative of all other rights and remedies granted to Mortgagee by other applicable law or herebyof Lender hereunder, Mortgagee Lender shall have all of the rights conferred upon secured parties by the UCC. Borrower authorizes Lender to file financing statements with respect to the security interest of Lender, continuation statements with respect thereto, and any amendments to such financing statements which may be necessitated by reason of any of the changes described in Section 6.C of the Loan Agreement. Furthermore, at any time, and from time to time, Borrower will execute and deliver to Lender all financing statements that may from time to time be required by Lender to establish and maintain the validity and priority of the security interest of Lender, or any modification thereof. Lender may exercise any or all of the remedies of a secured party available to it under the UCC with respect to such property. If, upon the occurrence and during the continuance of an Event of Default, Lender proceeds to dispose of such property in accordance with the provisions of the UCC, 10 days' notice by Lender to Borrower shall be deemed to be reasonable notice under any provision of the UCC requiring such notice; provided, however, that Lender may at its option dispose of such property in accordance with Lender's rights and remedies with respect to the Chattels and such other personal real property as are granted pursuant to a secured party the provisions of this Mortgage, in lieu of proceeding under the applicable Uniform Commercial CodeUCC. Upon Mortgagee’s request, Mortgagor shall promptly Borrower represents that its exact legal name and at its expense assemble the Chattels and such other personal property and make the same available to Mortgagee at a convenient place acceptable to Mortgagee. Mortgagor shall pay to Mortgagee on demand, with interest at the Default Rate for Base Rate Loans, any and all expenses, including attorneys’ fees, incurred by Mortgagee in protecting its interest state of formation or organization are as set forth in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Mortgagee with respect to the Chattels and such other personal property sent to Mortgagor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Mortgagor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Mortgagee to the payment of the indebtedness secured hereby in such order and proportions as Mortgagee in its discretion shall deem appropriate. This Mortgage shall be effective as a financing statement filed as a fixture filing with respect to all fixtures included within the Mortgaged Property and is to be filed for record in the real estate records of each county where any part of the Mortgaged Property (including such fixtures) is situated. This Mortgage shall also be effective as a financing statement with respect to any other Mortgaged 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 Mortgagee are set forth on the first page paragraph of this Mortgage. A carbonBorrower agrees that, photographic or other reproduction notwithstanding any provision in the UCC to the contrary, Borrower shall not file a termination statement of any financing statement filed by Lender in connection with any security interest granted under this Mortgage or any other financing statement relating if Lender reasonably objects to this Mortgage shall be sufficient as a financing statement for any the filing of the purposes referred to in this Section. Mortgagor hereby irrevocably authorizes Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements as authorized by applicable law, required to establish or maintain the validity, perfection and priority of the security interests granted in this Mortgagesuch termination statement.

Appears in 1 contract

Samples: Eaco Corp

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!