Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 11 contracts
Samples: Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Ashford Hospitality Trust Inc), Open End Mortgage, Security Agreement, Financing Statement and Assignment of Rents (Ashford Hospitality Prime, Inc.), Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Ashford Hospitality Trust Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”"COLLATERAL"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (Debtor's) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 11 contracts
Samples: Open End Mortgage and Security Agreement (Glimcher Realty Trust), Mortgage and Security Agreement (Glimcher Realty Trust), Fee and Leasehold Deed of Trust and Security Agreement (Glimcher Realty Trust)
Security Agreement. (a) (i) This Security Instrument Agreement is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, action shall constitute reasonable notice to Borrower.
(b) Borrower hereby irrevocably appoints Lender 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 Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement. Such financing statements may, at the option of Lender, describe the Collateral as “all assets” or “all personal property” of Borrower.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Lender may reasonably request, all in reasonable detail.
(d) The proceeds powers conferred on Lender hereunder are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender Collateral in its discretion shall deem proper. It is not necessary that possession and the Collateral be present at any disposition thereof. accounting for moneys actually received by it hereunder, Lender shall have no obligation duty (and neither Lender nor any of its partners, members, officers, directors, employees or agents shall be responsible to clean-up Borrower for any act or otherwise prepare failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. Lender shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral for dispositionin its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property.
Appears in 7 contracts
Samples: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Morgans Hotel Group Co.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at address of Lender (secured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any disposition thereof. commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall have no obligation from time to clean-up or otherwise prepare the Collateral for dispositiontime require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 6 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (TNP Strategic Retail Trust, Inc.), Deed of Trust (TNP Strategic Retail Trust, Inc.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (TNP Strategic Retail Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument Mortgage constitutes a security agreement between Borrower and Lender with respect to the Collateral in which Lender is both granted a real property mortgagesecurity interest hereunder, deed to secure debt or deed and, cumulative of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interestsremedies of Lender hereunder, whether tangible or intangible in nature, Lender shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. Borrower hereby 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. To the extent specifically provided herein, Lender 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. This Security Instrument is filed as a fixture filing , and covers goods which are or are to become fixtures on Borrower shall promptly deliver the Property. Borrower by executing and delivering this Security Instrument has granted same to Lender, as security for the Debtendorsed to Lender, a security interest without further notice from Lender. Borrower agrees to furnish Lender with notice of any change in the Property to the full extent that the Property may be subject to the UCC name, identity, organizational structure, residence, or principal place of business or mailing address of Borrower within ten (said portion 10) days of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event effective date of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateralchange. Upon request or demand the occurrence of Lender following an any Event of Default, Lender 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 Lender’s election. Any disposition of the Collateral may be conducted by an employee or agent of Lender. Any person, including both Borrower shalland Lender, shall be eligible to purchase any part or all of the Collateral at its expenseany such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Lender’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by 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 Debt. Lender 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 Collateral same or to render it unusable, or Borrower, upon demand of Lender, shall assemble such property and make it available to Lender 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 Lender to be reasonably convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesBorrower. If notice is required by law, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to give Borrower in accordance with the provisions hereof at least ten (10) days 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 actionnotice is sent to Borrower, 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 Borrower. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as provided in Section 5.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 5.1(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:
(a) In the event of a foreclosure sale, the Property may, at the option of Lender, be sold as a whole; and
(b) It shall not be necessary that Lender take possession of the aforementioned Collateral, or any part thereof, may be applied by Lender prior to the payment time that any sale pursuant to the provisions of the Debt in such priority this Section is conducted and proportions as Lender in its discretion it shall deem proper. It is not be necessary that the Collateral said Collateral, or any part thereof, be present at the location of such sale; and
(c) Lender may appoint or delegate any disposition thereofone or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender, including the sending of notices and the conduct of the sale, but in the name and on behalf of Lender. The name and address of Borrower (as Debtor under any applicable Uniform Commercial Code) are as set forth on the first page hereof. The name and address of Lender shall have no obligation to clean-up or otherwise prepare (as Secured Party under any applicable Uniform Commercial Code) are as set forth on the Collateral for dispositionfirst page hereof.
Appears in 5 contracts
Samples: Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp), Mortgage, Security Agreement and Fixture Filing (Mack Cali Realty Corp)
Security Agreement. (a) (i) This Security Instrument is both Deed constitutes a real property mortgage, deed security agreement under the applicable Uniform Commercial Code with respect to secure debt or deed of trust, as applicable, the Chattels and a “security agreement” within the meaning such other of the UCCMortgaged Property which is personal property. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property In addition to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary 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 UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateralapplicable Uniform Commercial Code. Upon Beneficiary's request or demand of Lender following after an Event of Default, Borrower shall, Grantor shall promptly and at its expense, expense assemble the Collateral Chattels and such other personal property and make it the same available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Grantor, after an Event of Default, shall pay to Lender Beneficiary on demand demand, with interest at the Default Rate, any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral Chattels and such other personal property and in enforcing its rights hereunder with respect to 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 locatedthereto. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral given Chattels and such other personal property sent to Borrower Grantor in accordance with the provisions hereof at least ten five (105) days prior to such action, action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateralsuch sale or disposition, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt indebtedness secured hereby in such priority order and proportions as Lender Beneficiary in its discretion shall deem properappropriate. It is not necessary To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels at the same time and place and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth in Article II, Section 2.01, or III of this Deed. In this connection, Grantor agrees that the Collateral sale may be present at conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the Chattels or any disposition part thereof. Lender shall have no obligation , may be sold separately or together; and that in the event the Premises and the Chattels or any part thereof are sold together, Beneficiary will not be obligated to clean-up or otherwise prepare allocate the Collateral for dispositionconsideration received as between the Premises and the Chattels.
Appears in 4 contracts
Samples: Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Purchase Money Deed of Trust (Apple Suites Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust constitutes a security agreement between Borrower and Lender with respect to the Collateral in which Lender is both granted a real property mortgagesecurity interest hereunder, deed to secure debt or deed and, cumulative of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interestsremedies of Lender hereunder, whether tangible or intangible in nature, Lender shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. Borrower hereby 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. To the extent specifically provided herein, Lender 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. This Security Instrument is filed as a fixture filing , and covers goods which are or are to become fixtures on Borrower shall promptly deliver the Property. Borrower by executing and delivering this Security Instrument has granted same to Lender, as security for the Debtendorsed to Lender, a security interest without further notice from Lender. Borrower agrees to furnish Lender with notice of any change in the Property to the full extent that the Property may be subject to the UCC name, identity, organizational structure, residence, or principal place of business or mailing address of Borrower within ten (said portion 10) days of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event effective date of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateralchange. Upon request or demand the occurrence of Lender following an any Event of Default, Lender shall have the rights and remedies as prescribed in this Deed of Trust, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at Lender’s election. Any disposition of the Collateral may be conducted by an employee or agent of Lender. Any person, including both Borrower shalland Lender, shall be eligible to purchase any part or all of the Collateral at its expenseany such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Lender’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by 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 Debt. Lender 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 Collateral same or to render it unusable, or Borrower, upon demand of Lender, shall assemble such property and make it available to Lender 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 Lender to be reasonably convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesBorrower. If notice is required by law, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to give Borrower in accordance with the provisions hereof at least ten (10) days 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 actionnotice is sent to Borrower, 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 Borrower. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as provided in Section 5.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 5.1(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:
(a) In the event of a foreclosure sale, the Property may, at the option of Lender, be sold as a whole; and
(b) It shall not be necessary that Lender take possession of the aforementioned Collateral, or any part thereof, may be applied by Lender prior to the payment time that any sale pursuant to the provisions of the Debt in such priority this Section is conducted and proportions as Lender in its discretion it shall deem proper. It is not be necessary that the Collateral said Collateral, or any part thereof, be present at the location of such sale; and
(c) Lender may appoint or delegate any disposition thereofone or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender, including the sending of notices and the conduct of the sale, but in the name and on behalf of Lender. The name and address of Borrower (as Debtor under any applicable Uniform Commercial Code) are as set forth on the first page hereof. The name and address of Lender shall have no obligation to clean-up or otherwise prepare (as Secured Party under any applicable Uniform Commercial Code) are as set forth on the Collateral for dispositionfirst page hereof.
Appears in 4 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed of Trust, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed of Trust (NNN Apartment REIT, Inc.)
Security Agreement. (a) (i) This Security Instrument Agreement is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “"security agreement” " within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees' fees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten shall be commercially reasonable.
(10b) days prior Borrower hereby irrevocably appoints Lender 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 Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such actionother reports in connection with the Collateral as Lender may reasonably request, all in reasonable detail.
(d) The powers conferred on Lender hereunder are solely to protect Lender's interest in the Collateral and shall constitute reasonable notice not impose any duty upon it to Borrowerexercise any such powers. The proceeds Except for the safe custody of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender Collateral in its discretion shall deem proper. It is not necessary that possession and the Collateral be present at any disposition thereof. accounting for moneys actually received by it hereunder, Lender shall have no obligation duty (and neither Lender nor any of its partners, members, officers, directors, employees or agents shall be responsible to clean-up Borrower for any act or otherwise prepare failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. Lender shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral for dispositionin its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property.
Appears in 3 contracts
Samples: Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Loan and Security Agreement (CNL Hotels & Resorts, Inc.), Loan and Security Agreement (CNL Hotels & Resorts, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It The principal place of business of Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Samples: Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Glimcher Realty Trust)
Security Agreement. (a) (i) This Security Instrument Agreement is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, action shall constitute reasonable notice to Borrower.
(b) Borrower hereby irrevocably appoints Lender 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 Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Lender may reasonably request, all in reasonable detail.
(d) The powers conferred on Lender hereunder are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon it to exercise any such powers. The proceeds Except for the safe custody of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender Collateral in its discretion shall deem proper. It is not necessary that possession and the Collateral be present at any disposition thereof. accounting for moneys actually received by it hereunder, Lender shall have no obligation duty (and neither Lender nor any of its officers, directors, employees or agents shall be responsible to clean-up Borrower for any act or otherwise prepare failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. Lender shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral for dispositionin its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property.
Appears in 3 contracts
Samples: Loan and Security Agreement (Morgans Hotel Group Co.), Loan and Security Agreement (Morgans Hotel Group Co.), Loan and Security Agreement (Morgans Hotel Group Co.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Mortgagor hereby grants to LenderMortgagee, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral given sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. It The principal place of business of Mortgagor (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Mortgagee (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Samples: Mortgage Agreement (KBS Real Estate Investment Trust, Inc.), Mortgage, Assignment of Leases and Rents and Security Agreement (KBS Real Estate Investment Trust, Inc.), Mortgage, Assignment of Leases and Rents and Security Agreement (KBS Real Estate Investment Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Mortgagor hereby grants to LenderMortgagee, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, or shall cause ESBC to, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral given sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. It The principal place of business of Mortgagor (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Mortgagee (Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Samples: Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Empire State Building Associates L.L.C.), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Empire State Realty Trust, Inc.), Fee and Leasehold Mortgage, Assignment of Leases and Rents and Security Agreement (Empire State Realty Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument Deed of Trust, Grantor has granted and thereby grants to LenderBeneficiary, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC Uniform Commercial Code (said such portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). Grantor hereby agrees with Beneficiary to execute and deliver to Beneficiary, in form and substance satisfactory to Beneficiary, such financing statements and such further assurances as Beneficiary may from time to time reasonably consider necessary to create, perfect or preserve Beneficiary’s security interest therein granted. This Deed of Trust shall also be effective as a financing statement covering any other property and may be filed in any other appropriate filing or recording office. This Deed of Trust shall also constitute a “fixture filing” for the purposes of the Uniform Commercial Code. All or part of the Property are or are to become fixtures. If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, Uniform Commercial Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Grantor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to Lenderthe Land. Borrower shall pay to Lender Beneficiary on demand any and all expenses, including Beneficiary’s reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Beneficiary with respect to the Collateral given sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerGrantor. The To the extent permitted by applicable law, the proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. It is not In the event of any change in name, identity or structure of any entity comprising Grantor, such Grantor shall notify Beneficiary thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary that to maintain the Collateral be present at any disposition thereof. Lender priority of Beneficiary’s lien upon and security interest in the Collateral, and shall have no obligation to clean-up or otherwise prepare pay all expenses and fees in connection with the Collateral for disposition.filing and recording
Appears in 3 contracts
Samples: Deed of Trust, Leasehold Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing (Innkeepers Usa Trust/Fl), Deed of Trust, Leasehold Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing (Innkeepers Usa Trust/Fl), Deed of Trust, Leasehold Deed of Trust, Assignment of Leases and Profits, Security Agreement and Fixture Filing (Innkeepers Usa Trust/Fl)
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Mortgage, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (Debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Inland Real Estate Income Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Deed of Trust, Borrower hereby grants to Lender, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses attorneys' fees and attorneys’ feescosts, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It The principal place of business of Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 3 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Lodging Fund REIT III, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Lodging Fund REIT III, Inc.), Guarantor Deed of Trust, Assignment of Leases and Rents, Security Agreement and Guaranty (Horizon Group Properties Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Deed of Trust, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”"COLLATERAL"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (debtor's) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereofaddress of Lender (secured party) is as set forth on page one hereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionBorrower's organizational ID no. is _________.
Appears in 3 contracts
Samples: Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc), Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Trust Property. Borrower by executing and delivering this Security Instrument Deed of Trust has granted and hereby grants to LenderLender and Trustee, as security for the Debt, a security interest in the Trust Property to the full extent that the Trust Property may be subject to the UCC Uniform Commercial Code (said portion of the Trust Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 paragraph the “Collateral”"COLLATERAL"). This Deed of Trust shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. As such, this Deed of Trust 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 the first paragraph of this Deed of Trust.
(b) If an Event of Default shall occur, LenderLender and Trustee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender or Trustee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Defaultor Trustee, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender and Trustee at a convenient place acceptable to Lender. Borrower shall pay to Lender and Trustee on demand any and all expenses, including reasonable legal expenses attorneys' fees and attorneys’ feesdisbursements, incurred or paid by Lender and Trustee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender and Trustee with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its sole discretion shall deem proper. It is not In the event of any change in name, identity or structure of Borrower, Borrower shall notify Lender and Trustee thereof and promptly after request shall execute (if necessary), file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Lender'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 Lender shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Borrower shall, promptly after request, execute (if necessary), file and record such Uniform Commercial Code forms or continuation statements as Lender 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 Borrower's obligations under the Note, this Deed of Trust and any of the other Loan Documents. Borrower hereby irrevocably appoints Lender 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 Lender, as secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Deed of Trust.
Appears in 3 contracts
Samples: Deed of Trust (Maguire Properties Inc), Deed of Trust (Maguire Properties Inc), Deed of Trust (Maguire Properties Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “"security agreement” " within the meaning of the UCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Trustor by executing and delivering this Security Instrument Deed of Trust has granted and hereby grants to LenderBeneficiary, as security for the Debt, a security interest in the Trust Property to the full extent that the Trust Property may be subject to the UCC (said such portion of the Trust Property so subject to the UCC being called in this Section 18.14 paragraph the "Collateral' ). The foregoing sentence is intended to grant in favor of Beneficiary a first priority continuing lien and security interest in all of Trustor's assets. Trustor authorizes Beneficiary and its counsel to file UCC financing statements in form and substance satisfactory to Beneficiary, describing the collateral as "all assets of Trustor, whether now owned or existing -or hereafter acquired or arising and wheresoever located, and all proceeds and products thereof, including, without limitation, all fixtures on the Premises" or words to that effect, and any limitations on such collateral description, notwithstanding that such collateral description may be broader in scope than the Collateral described in this Deed of Trust. This Deed of Trust shall also constitute a “Collateral”)fixture filing” for the purposes of the UCC. As such, this Deed of Trust 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 the first paragraph of this Deed of Trust. If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default defau1t under the UCC, 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses attorneys' fees and attorneys’ feesdisbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Beneficiary with respect to the Collateral given Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the CollateralCol1ateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. It is not In the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary that to maintain the Collateral be present at any disposition priority of Beneficiary' s lien upon and security interest in the Collateral, and shall pay all expenses and fees in connection with the filing and recording thereof. Lender If Beneficiary shall have require the filing or recording of additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as Beneficiary 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 obligation to clean-up or otherwise prepare such additional documents shall increase Trustor's obligations under the Collateral for dispositionLoan Documents.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Medalist Diversified REIT, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property, and Borrower hereby grants to Lender a security interest in all portions of the Property constituting personal property or fixtures under the UCC. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Lightstone Value Plus Real Estate Investment Trust, Inc.), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “"security agreement” " within the meaning of the UCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Trustor by executing and delivering this Security Instrument Deed of Trust has granted and hereby grants to LenderBeneficiary, as security for the Debt, a security interest in the Trust Property to the full extent that the Trust Property may be subject to the UCC (said such portion of the Trust Property so subject to the UCC being called in this Section 18.14 paragraph the “Collateral”). The foregoing sentence is intended to grant in favor of Beneficiary a first priority continuing lien and security interest in all of Trustor's assets. Trustor authorizes Beneficiary and its counsel to file UCC financing statements in form and substance satisfactory to Beneficiary, describing the collateral as "all assets of Trustor, whether now owned or existing or hereafter acquired or arising and wheresoever located, and all proceeds and products thereof, including, without limitation, all fixtures on the Premises" or words to that effect, and any limitations on such collateral description, notwithstanding that such collateral description may be broader in scope than the Collateral described in this Deed of Trust. This Deed of Trust shall also constitute a "fixture filing" for the purposes of the UCC. As such, this Deed of Trust 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 the first paragraph of this Deed of Trust If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and disbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Beneficiary with respect to the Collateral given Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. It is not In the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Beneficiary'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 Beneficiary shall require the filing or recording of additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as Beneficiary 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 Trustor's obligations under the Loan Documents. Trustor hereby irrevocably appoints Beneficiary 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 Beneficiary, as secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Deed of Trust.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (GK Investment Holdings, LLC), Deed of Trust, Assignment of Leases and Rents and Security Agreement (GK Investment Property Holdings II LLC)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Xxxxxx in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at address of Lender (secured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any disposition thereof. commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall have no obligation from time to clean-up or otherwise prepare the Collateral for dispositiontime require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 2 contracts
Samples: Deed of Trust (TNP Strategic Retail Trust, Inc.), Deed of Trust (TNP Strategic Retail Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within To the meaning extent of the UCC. The Collateral or to the extent that the Trust Property includes both real and items of personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering under Applicable Law, this Security Instrument has granted to Lender, Deed of Trust shall also be construed as security for the Debt, a security interest in agreement under the Property Uniform Commercial Code; and, if an Acceleration Event exists, the Beneficiary shall be entitled with respect to such Collateral and personal property to all remedies hereunder and under the full Security Agreement, all remedies available under the Uniform Commercial Code with respect to fixtures and all other remedies available under Applicable Law. To the extent that the Property may Collateral includes Equipment and other items of personal property which are not fixtures under Applicable Law, this Deed of Trust shall also be subject construed as a security agreement under the Uniform Commercial Code; and if an Acceleration Event exists, the Beneficiary shall be entitled with respect to such Collateral to all remedies hereunder and under the UCC Security Agreement, all remedies available under the Uniform Commercial Code and all other remedies available under Applicable Law. Without limiting the foregoing, any Collateral may, at the Beneficiary's option, during the continuance of an Acceleration Event (said portion i) be sold hereunder together with any sale of the Property so subject or otherwise, (ii) be sold pursuant to the UCC being called Uniform Commercial Code, or (iii) be dealt with by the Beneficiary in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it manner permitted under Applicable Law. The Beneficiary may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted require the Grantor to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable the Beneficiary as described in Section 10(b) of the Security Agreement. If an Acceleration Event exists, the Beneficiary shall be the attorney-in-fact of the Grantor with respect to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in matters pertaining to the Collateral with full power and in enforcing its rights hereunder authority to give instructions with respect to the Collateralcollection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Grantor and to execute on behalf of the Grantor and in the Grantor's name any instruction, agreement or other writing required therefor. Any The Beneficiary may, at its option, appoint any other Person as the agent of the Beneficiary for the purpose of 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 Lender with respect to the Collateral given to Borrower in accordance with the Uniform Commercial Code. Notwithstanding the foregoing, to the extent that the Trust Property includes personal property covered by the Security Agreement or any other Security Document, the provisions hereof at least ten (10) days prior of the Security Agreement or such other Security Document shall govern with respect to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionpersonal property.
Appears in 2 contracts
Samples: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Equistar Chemicals Lp)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “"security agreement” " within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Xxxxxx in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 's sales are advertised in the county where the Premises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Borrowing Agreement (U Haul International Inc), Loan Agreement (U Haul International Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted and hereby grants to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 paragraph 29 the “"Collateral”"). If an Event of Default shall occur, LenderLender and Trustee, in addition to any other rights and remedies which it they may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Defaultor Trustee, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender and Trustee at a convenient place acceptable to Lender. Borrower shall pay to Lender and Trustee on demand any and all reasonable expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Xxxxxx and Trustee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender or Trustee with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten five (105) days prior to such action, shall constitute commercially reasonable notice to BorrowerBorrower unless otherwise required by law. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P), Deed of Trust, Security Agreement, Fixture Filing and Assignment of Leases and Rents (Investors First Staged Equity L P)
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 Deed of Trust shall constitute a security agreement with respect to, and Grantor hereby grants to Beneficiary a security interest in, (a) (i) This Security Instrument is both any portion of the Personal Property Collateral which may not be deemed to form part of the Real Property or may not constitute a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” fixture within the meaning of the UCC. The Property includes both real Code, (b) all property described on any financing statement recorded or filed with respect to the security interest created hereunder, whether or not described herein, and personal (c) all replacements of, substitutions for and additions to such property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Propertyproceeds thereof. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in In addition to any other rights and remedies which it may haveavailable to Beneficiary hereunder, Beneficiary shall have and may exercise immediately and without demand, any and all the rights and remedies granted to of a secured party upon default under the UCCCode. To the extent permitted by law, Grantor hereby authorizes Beneficiary to sign and file financing statements at any time in respect of any of the 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 recording 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 limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in . This Deed of Trust constitutes a financing statement (fixture filing). Grantor is the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much record owner of the Collateral Property. Information concerning the security interest created by this Deed of Trust may be obtained from Beneficiary, as may constitute personal property shall be considered commercially reasonable if made pursuant to a public sale which is advertised secured party, at least twice in a newspaper in which sheriff’s sales are advertised in the county where the Premises is located. Any notice address set forth on page 1 of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrowerthis Deed of Trust. The proceeds address of any disposition Grantor, as debtor, is set forth on page 1 of the Collateral, or any part thereof, may be applied by Lender to the payment this Deed of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionTrust.
Appears in 2 contracts
Samples: Deed of Trust (FSP Galleria North Corp), Deed of Trust (FSP Phoenix Tower Corp)
Security Agreement. (a) (i) This Security Instrument is both Mortgage constitutes a real property mortgage, deed to secure debt or deed of trust, as applicablesecurity agreement under the UCC, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are Mortgagor hereby grants to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, Mortgagee a security interest in and lien on all of the Property to the full extent that the Property may be subject to Collateral under the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to and under any other rights applicable law. Mortgagor shall execute, deliver, file and remedies which it refile any financing statements, continuation statements, or other security agreements Mortgagee may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted require from time to a secured party upon default under time to confirm the UCC, including, without lien of this Mortgage with respect to such property. Without limiting the generality of the foregoing, Xxxxxxxxx hereby irrevocably appoints Mortgagee attorney-in-fact for Xxxxxxxxx to execute, deliver and file such financing statements, continuation statements and other documents necessary to carry out the provisions hereof, to carry out the purposes hereof or to confirm the priority of the lien created hereby, for and on behalf of Mortgagor, which appointment, being for security, is coupled with an interest and is irrevocable. The security agreement contained in this Mortgage shall survive any discharge of this Mortgage for so long as any Indebtedness remains unpaid under the Note or any other Loan Document.
(b) In addition to any other remedies granted in this Mortgage, Mortgagee may, upon the occurrence of an Event of Default, proceed under the UCC and any other applicable law as to all or any part of the Collateral and shall have and may exercise, with respect to the Collateral, all rights, remedies and powers of secured party under the UCC and any other applicable law, including, without limitation, the right and power to sell at public or private sale or sales, or otherwise dispose of, lease or utilize the Collateral or any parts thereof in any manner authorized or permitted under the UCC and any other applicable law after default by debtor, and to apply the proceeds thereof in payment of any costs and expenses and attorney's fees and legal expenses thereby incurred by the Mortgagee, and to the payment of indebtedness secured by this Mortgage in such order and manner as the Mortgagee may elect.
(c) Upon the occurrence of an Event of Default, Mortgagee may take possession of the Collateral and enter upon any premises where the same may be situated for such purpose without being guilty of trespassing and without liability for damages thereby, and take any action deemed necessary or appropriate or desirable by Mortgagee, at its option, to repair, refurbish or otherwise prepare the Collateral for sale, lease or other use or disposition as herein authorized.
(d) To the extent permitted by law, Xxxxxxxxx expressly waives any notice of sale or other disposition of the Collateral and any other rights or remedies of a debtor or formalities prescribed by law relative to a sale or disposition of the Collateral or exercise of any other right or remedy of Mortgagee existing after default of Mortgagor hereunder; and to the extent any such notice is required and cannot be waived, Mortgagor agrees that if such notice is mailed, postage prepaid, to Mortgagor at its address shown above, at least ten (10) days before the time of sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any statutory or other requirement for the giving of such notice. Upon the occurrence of an Event of Default, Mortgagee shall have the right, at its option, to transfer at any time to itself or its nominee, the Collateral or any part thereof, and to take such other measures receive the monies, income, proceeds or benefits attributable or accruing thereto and to hold the same as Lender may deem necessary security for the care, protection Indebtedness or to apply it to principal or interest and preservation other amounts owing on any of the Indebtedness in such order and manner as Mortgagee may elect. All rights to marshaling of assets of Xxxxxxxxx, including any such right with respect to the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, are hereby waived.
(e) Mortgagee may require Mortgagor to assemble the Collateral and make it available to Lender Mortgagee at a place to be designated by Mortgagee that is reasonably convenient place acceptable to Lenderboth parties. Borrower shall pay to Lender on demand any All expenses of retaking, holding, preparing for sale, lease or other use, and all expensesof disposition, including reasonable legal expenses selling, leasing or otherwise using or disposing of the Collateral and attorneys’ fees, the like which are incurred or paid by Lender in protecting its interest in the Collateral Mortgagee as authorized or permitted hereunder, including all attorneys' fees, legal expenses and in enforcing its rights hereunder with respect costs shall be added to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral as may constitute personal property indebtedness secured by this Mortgage and Mortgagor 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionliable therefor.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Eldertrust), Construction Loan Mortgage and Security Agreement (Eldertrust)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of the Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, the Borrower hereby grants to Lenderthe Administrative Agent, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lenderthe Administrative Agent, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender the Administrative Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following the Administrative Agent after the occurrence and during the continuance of an Event of Default, the Borrower shall, at its expense, assemble the Collateral and make it available to Lender the Administrative Agent at a convenient place (at the Land if tangible property) acceptable to Lenderthe Administrative Agent. The Borrower shall pay to Lender the Administrative Agent on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender the Administrative Agent in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender the Administrative Agent with respect to the Collateral given sent to the Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to the Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender the Administrative Agent to the payment of the Debt Obligations in such priority and proportions as Lender the Administrative Agent in its discretion shall deem proper. It The principal place of business of the Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare address of the Collateral for dispositionAdministrative Agent (Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Samples: Mortgage and Security Agreement, Mortgage and Security Agreement (Heartland Payment Systems Inc)
Security Agreement. (a) (i) This Security Instrument is both Mortgage shall constitute a real property mortgage, deed to secure debt or deed of trust, security agreement as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower defined in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest Uniform Commercial Code (“Code”) in the Property to items described in the full extent that the Property may be subject to the UCC Granting Clauses of this Mortgage (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event Any Collateral installed in or used in the Premises are to be used by the Borrower solely for Borrower’s business purposes or as the equipment and fixtures leased or furnished by the Borrower, as landlord, to tenants of Default shall occur, Lender, in addition the Premises and such Collateral will be kept at the buildings on the Premises and will not be removed therefrom without the consent of the Lender and may be affixed to such buildings but will not be affixed to any other rights real estate. The remedies of the Lender hereunder are cumulative and separate, and the exercise of any one or more of the remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default provided for herein or under the UCC, including, without limiting the generality Uniform Commercial Code shall not be construed as a waiver of any of the foregoing, other rights of the right Lender including having any Collateral deemed part of the realty upon any foreclosure thereof. If notice to take possession any party of the intended disposition of the Collateral or any part thereofis required by law in a particular instance, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral as may constitute personal property notice shall be considered deemed 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, intended disposition and may be given by advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to foreclose the real property or may be given by private notice if such parties are known to Lender. Neither the grant of a security interest pursuant to this Mortgage nor the filing of a financing statement pursuant to the Code shall constitute reasonable notice to Borrower. The proceeds ever impair the stated intention of any disposition this Mortgage that all Collateral 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 Collateral, real property conveyed and secured hereunder irrespective of whether such item is physically attached to the real property or any part thereof, such item is referred to or reflected in a financing statement. Borrower will on demand deliver all financing statements that may from time to time be applied required by Lender to establish, perfect and continue the payment priority of Lender’s security interest in the Debt in such priority Collateral and proportions as shall pay all expenses incurred by Lender in its discretion connection with the renewal or extensions of any financing statements executed in connection with the Premises; and shall deem proper. It is not necessary give advance written notice of any proposed change in Borrower’s name, identity or structure and will execute and deliver to Lender prior to or concurrently with such change all additional financing statements that Lender may require to establish and perfect the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionpriority of Lender’s security interest.
Appears in 2 contracts
Samples: Future Advance Mortgage and Security Agreement (Great Plains Ethanol LLC), Future Advance Mortgage and Security Agreement (Great Plains Ethanol LLC)
Security Agreement. (a) (i) This Security Instrument is both Lease constitutes a real property mortgage, deed security agreement pursuant to secure debt or deed of trustand in accordance with the UCC covering all Property Collateral and Accounts Collateral, as applicablewell as the Authorization Collateral and any other property in or against which Landlord is granted a security interest or lien by the terms of this Lease (collectively, the “Lease Collateral”), and a “such security agreement” within , and the meaning security interests and liens created in this Lease, shall survive the expiration or earlier termination of this Lease. Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to perfect or continue the perfection of Landlord’s security interests and liens in the Lease Collateral pursuant to the UCC. The Property includes both real In addition, if required by Landlord at any time during the Term, Tenant shall execute and personal property deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and all such other rights documents as Landlord may reasonably require to perfect or continue the perfection of Landlord’s security interests and interests, whether tangible or intangible in nature, of Borrower liens in the PropertyLease Collateral. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on Upon the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion occurrence of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default or in connection with an Operational Transfer, Landlord shall occur, Lender, in addition be entitled to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted available to a secured party upon default under the UCC, including, without limiting or available to a landlord under the generality laws of the foregoingState(s) where the applicable Leased Property(ies) is (are) located, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Lease Collateral. Any disposition pursuant , including the right to sell the UCC of so much of the Collateral as may constitute personal property shall be considered commercially reasonable if made pursuant to a same at 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 or private sale, disposition or other intended action by Lender and, in connection with respect to any such sale, Tenant agrees that the Collateral given to Borrower in accordance with the provisions hereof at least giving of ten (10) days prior to such actiondays’ notice by Landlord, shall constitute reasonable notice to Borrower. The proceeds designating the time and place of any disposition public sale of the any Lease Collateral, or the time after which any part private sale or other intended disposition of any Lease Collateral is to be made, shall be deemed to be reasonable notice thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at Tenant waives any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionother notice with respect thereto.
Appears in 2 contracts
Samples: Master Lease Agreement (Emeritus Corp\wa\), Master Lease Agreement (Emeritus Corp\wa\)
Security Agreement. (a) (i) This Security Instrument is both To the extent the Mortgaged Property consists of UCC Collateral or items of personal property which are Fixtures under applicable Laws, this Mortgage shall also be construed as a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of agreement under the UCC. The Property includes both real Mortgagor, in order to secure the due and personal property punctual payment and all other rights performance of the Obligations, hereby grants to Mortgagee for its benefit and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debtbenefit of the Secured Parties, a security interest in the Property and to the full extent that the Property may be subject to the such UCC Collateral and Fixtures (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”excluding therefrom Excluded Property). If an Event Upon and during the continuance of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shallthe Mortgagee shall be entitled with respect to the UCC Collateral and Fixtures, to exercise all remedies hereunder or any other Loan Document or available under the UCC with respect thereto and all other remedies available under applicable law. Without limiting the foregoing, the UCC Collateral and Fixtures, may, at its expensethe Mortgagee’s option, (i) be sold hereunder together with any sale of any portion of the Mortgaged Property or otherwise, (ii) be sold separately pursuant to the UCC, or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable Laws. The Mortgagee may require the Mortgagor to assemble the UCC Collateral and Fixtures, and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderbe designated by the Mortgagee. Borrower shall pay to Lender on demand any The Mortgagor acknowledges and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any agrees that a 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 Lender with respect to the Collateral given to Borrower such collateral in accordance with the provisions hereof at least Mortgagee’s rights and remedies in respect to the Mortgaged Property as heretofore provided is a commercially reasonable disposition thereof; provided, however, that the Mortgagee shall give the Mortgagor prior notice of the time and place of any intended disposition not less than the greater of (x) such notice as may be required by any other Loan Document, (y) applicable Laws or (z) ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositiondays.
Appears in 2 contracts
Samples: Credit Agreement (Valvoline Inc), Credit Agreement (Ashland Inc.)
Security Agreement. (a) (i) This Security Instrument is both Deed constitutes a real property mortgage, deed security ------------------ agreement under the applicable Uniform Commercial Code with respect to secure debt or deed of trust, as applicable, the Chattels and a “security agreement” within the meaning such other of the UCCMortgaged Property which is personal property. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property In addition to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary 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 UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateralapplicable Uniform Commercial Code. Upon Beneficiary's request or demand of Lender following after an Event of Default, Borrower shall, Grantor shall promptly and at its expense, expense assemble the Collateral Chattels and such other personal property and make it the same available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Grantor, after an Event of Default, shall pay to Lender Beneficiary on demand demand, with interest at the Default Rate, any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral Chattels and such other personal property and in enforcing its rights hereunder with respect to 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 locatedthereto. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral given Chattels and such other personal property sent to Borrower Grantor in accordance with the provisions hereof at least ten five (105) days prior to such action, action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateralsuch sale or disposition, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt indebtedness secured hereby in such priority order and proportions as Lender Beneficiary in its discretion shall deem properappropriate. It is not necessary To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels at the same time and place and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth in Article II, Section 2.01, III or IV, of this Deed. In this connection, Grantor agrees that the Collateral sale may be present at conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the Chattels or any disposition part thereof. Lender shall have no obligation , may be sold separately or together; and that in the event the Premises and the Chattels or any part thereof are sold together, Beneficiary will not be obligated to clean-up or otherwise prepare allocate the Collateral for dispositionconsideration received as between the Premises and the Chattels.
Appears in 2 contracts
Samples: Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc), Fee and Leasehold Deed of Trust, Assignment of Leases and Rents and Security Agreement (Apple Suites Inc)
Security Agreement. (a) (i) This Security Instrument is Mortgage constitutes both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement,” within the meaning of the UCC. The Uniform Commercial Code, and the Mortgaged Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower the Mortgagor in the Mortgaged Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower The Mortgagor by executing and delivering this Security Instrument Mortgage has granted to Lenderthe Mortgagee, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”)Equipment. If an Event of Default the Mortgagor shall occurdefault under the Note or this Mortgage, Lenderthe Mortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral Equipment or any part thereof, and to take such other measures as Lender the Mortgagee may deem necessary for the care, protection and preservation of the CollateralEquipment. Upon request or demand of Lender following an Event of Defaultthe Mortgagee, Borrower shall, the Mortgagor shall at its expense, expense assemble the Collateral Equipment and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderthe Mortgagee. Borrower The Mortgagor shall pay to Lender the Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender the Mortgagee in protecting its interest in the Collateral Equipment and in enforcing its rights hereunder with respect to 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 locatedEquipment. Any notice of sale, disposition or other intended action by Lender the Mortgagee with respect to the Collateral given Equipment sent to Borrower the Mortgagor in accordance with the provisions hereof of this Mortgage at least ten seven (107) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to Borrowerthe 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 after receipt by the Mortgagor of such notice. The proceeds of any sale or disposition of the CollateralEquipment, or any part thereof, may be applied by Lender the Mortgagee to the payment of the Debt in such order, priority and proportions as Lender the Mortgagee in its discretion shall deem proper. It is not necessary that If any change shall occur in the Collateral Mortgagor’s name, the Mortgagor shall promptly cause to be present filed at any disposition thereof. Lender shall have no obligation its own expense, new financing statements as required under the Uniform Commercial Code to clean-up or otherwise prepare replace those on file in favor of the Collateral for dispositionMortgagee.
Appears in 2 contracts
Samples: Mortgage, Security Agreement and Assignment of Leases and Rents, Mortgage, Security Agreement and Assignment of Leases and Rents
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(secured party) is as set forth on page one hereof.
Appears in 2 contracts
Samples: Deed of Trust and Security Agreement (Koger Equity Inc), Leasehold Mortgage, Security Agreement and Fixture Filing (FelCor Lodging Trust Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Deed of Trust, Trustor hereby grants to LenderBeneficiary, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Beneficiary after the occurrence and during the continuance of an Event of Default, Borrower Trustor shall, at its expense, assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and costs, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral given sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law or the Loan Agreement, constitute reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. It The principal place of business of Trustor (Debtor) is not as set forth on page one hereof and the address of Beneficiary (Secured Party) is as set forth on page one hereof. Trustor hereby authorizes Beneficiary to file or record any Uniform Commercial Code financing statements as Beneficiary deems to be reasonably necessary that to perfect its security interest in the Collateral be present at property described in this Section 1.03, and in the fixtures described in Section 1.04, without any disposition signature of Trustor, and to file any amendments, modifications, assignments and terminations thereof. Lender shall have no obligation to clean-up or otherwise prepare , all without the Collateral for dispositionsignature of Trustor.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Terra Tech Corp.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Terra Tech Corp.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted and hereby grants to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said such portion of the Property so subject to the UCC being called in this Section 18.14 paragraph the “Collateral”). This Security Instrument shall also constitute a “fixture filing” for the purposes of the UCC and is to be filed for record in the real estate records where any part of the Property (including said fixtures) is situated. As such, this Security Instrument 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 the first paragraph of this Security Instrument. If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultLender, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and disbursements, incurred or paid by Lender Xxxxxx in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender with respect to the Collateral given Collateral, sent to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its sole discretion shall deem proper. It is not In the event of any change in name, identity or structure of Xxxxxxxx, Borrower shall notify Lender thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Xxxxxx’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 Lender shall require the filing or recording of additional UCC forms or continuation statements, Borrower shall, promptly after request, execute, file and record such UCC forms or continuation statements as Lender 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 Borrower’s obligations under the Loan Documents. Borrower hereby irrevocably appoints Lender 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 Xxxxxx, as secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Security Instrument.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement (Behringer Harvard Opportunity REIT I, Inc.), Deed of Trust, Assignment of Leases and Rents, Security Agreement (Behringer Harvard Reit I Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at address of Lender (secured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any disposition thereof. commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall have no obligation from time to clean-up or otherwise prepare the Collateral for dispositiontime require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Moody National REIT II, Inc.), Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Moody National REIT II, Inc.)
Security Agreement. (aA) (i) This Security Instrument is both a real property mortgageWithout limiting any of the provisions of this Mortgage, deed to secure debt or deed of trustMortgagor, as applicabledebtor, and a “security agreement” within expressly grants to the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to LenderMortgagee, as security for the Debtsecured party, a security interest under the Massachusetts Uniform Commercial Code ("UCC") in all and singular the Property to the full extent that the Property may be subject to the UCC (said Personalty and in any portion of the balance of the Mortgaged Property so subject which does not constitute real estate (collectively, "Collateral").
(B) In addition to and cumulative of other remedies granted in the Loan Documents, Mortgagee may, upon the occurrence of any default by Mortgagor hereunder, proceed under the UCC being called in this Section 18.14 as to all or any part (as Mortgagee may elect) of the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately with respect to the Collateral all the rights, remedies and without demand, any and all rights and remedies granted to powers of a secured party upon default under the UCC, including, without limiting limitation, the generality right to sell at public or private sale or sales, or otherwise dispose of, lease or utilize the Collateral and any and all parts thereof in any manner permitted under the UCC after default by a debtor, and to apply the proceeds thereof toward payment of any costs and expenses thereby incurred by Mortgagee, and toward payment of the foregoingDebt, in such order and manner as Mortgagee may elect.
(C) Among the rights of Mortgagee following a default by Mortgagor hereunder, and without limitation thereto, Mortgagee shall have the right to take possession of the Collateral or and to enter upon any part thereofpremises where same may be situated for such purpose without being deemed guilty of trespass and without liability for damages thereby occasioned, and to take such any action deemed necessary, appropriate or desirable by Mortgagee, to repair, refurbish or otherwise prepare the Collateral for sale, lease or other measures use or disposition as Lender may deem necessary for herein authorized.
(D) To the careextent permitted by law, protection and preservation Mortgagor expressly waives any notice of sale or other disposition of the Collateral. Upon request , and all other rights and remedies of a debtor or demand procedures or formalities prescribed by law relative to the sale or disposition of Lender following an Event the Collateral or the exercise of Defaultany other right or remedy of Mortgagee existing after a default by Mortgagor hereunder.
(E) Mortgagee, Borrower shallupon a default by Mortgagor hereunder, is expressly granted the right, at its expenseoption, assemble the Collateral and make it available to Lender transfer at a convenient place acceptable any time to Lender. Borrower shall pay itself or to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of nominee the Collateral, or any part or parts thereof, as Mortgagee may be applied by Lender elect, and to receive the monies, income, proceeds and benefits attributable or accruing thereto, and to hold the same as security for the Debt or to apply it in payment of the Debt Debt, in such priority order or manner as Mortgagee may elect.
(F) Should Mortgagee elect to exercise its rights under the provisions of this Section as to part of the Collateral, such election shall not preclude Mortgagee from exercising the rights and proportions remedies granted by the other provisions of this Mortgage or by law as Lender to the remaining Collateral.
(G) Mortgagee may, at its election, at any time after delivery of this Mortgage, use and file executed counterparts hereof as financing statements under the UCC.
(H) So long as any of the Debt remains unpaid, Mortgagor shall not execute and there shall not be filed in its discretion shall deem proper. It is not necessary that any public office any financing statement or statements affecting the Collateral other than financing statements in favor of Mortgagee hereunder.
(I) Financing statements have been executed by the parties simultaneously with the execution and delivery hereof, and are intended to be present forthwith filed and recorded in all appropriate filing and recording offices. Mortgagee is authorized to file and record additional financing statements and continuations thereof in each jurisdiction where Mortgagee deems it necessary or desirable, and, at the request of Mortgagee, Mortgagor shall join Mortgagee in executing one or more additional financing statements in form satisfactory to Mortgagee, and will pay the cost of filing or recording such financing statements or executed counterparts of this Mortgage, as financing statements, in all public offices at any disposition thereoftime and from time to time whenever such filing or recording is deemed by Mortgagee to be necessary or desirable. Lender Mortgagor shall have no obligation also pay the cost of filing or recording all such continuation statements deemed by Mortgagee to clean-up be necessary or otherwise prepare the Collateral for dispositiondesirable.
Appears in 2 contracts
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, and shall be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Morgans Hotel Group Co.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property, and Mortgagor hereby grants to Lender a security interest in all portions of the Property constituting personal property or fixtures under the UCC. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Mortgagor by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, including, without limiting the generality of the foregoing, to the extent allowed by Legal Requirements. the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower Mortgagor shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Mortgage and Security Agreement (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage7.1 To further secure the Obligations, deed Grantor hereby grants to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the DebtBeneficiary, a security interest in the Property all of Grantor’s rights, titles and interests in and to the full extent that Mortgaged Property insofar as such Mortgaged Property consist of the Property may be goods, equipment, accounts, contract rights, general intangibles, insurance contracts, insurance proceeds, inventory, hydrocarbons, fixtures and any and all other personal property of any kind or character defined in and subject to the UCC (said portion provisions of the Property so subject to Colorado Uniform Commercial Code, including the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights proceeds and remedies which it may have, shall have and may exercise immediately and without demand, products from any and all of such personal property. Upon the occurrence of any Event of Default, Beneficiary is and shall be entitled to all of the rights, powers and remedies afforded a secured party by the Colorado Uniform Commercial Code with reference to the personal property and fixtures in which Beneficiary has been granted a security interest herein, Beneficiary may proceed as to both the real and personal property covered hereby in accordance with the rights and remedies granted to a secured party upon default under the UCC, including, without limiting the generality this Deed of Trust in respect of the foregoingreal property covered hereby. Such rights, powers and remedies shall be cumulative and in addition to those granted Beneficiary under any other provision of this Deed of Trust or under any other instrument executed in connection with or as security for the Obligations. Grantor covenants and agrees with Beneficiary that:
(a) To the extent permitted by law, Grantor expressly waives any notice of sale or other disposition of the personal property constituting a part of the Mortgaged Property and any other right or remedies of a Grantor or formalities prescribed by law relative to sale or disposition of the personal property constituting a part of the Mortgaged Property or exercise of any other right or remedy of Beneficiary existing after default hereunder; and to the extent any such notice is required and cannot be waived, Grantor agrees that if such notice is delivered to it at least ten (10) days before the time of the sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any requirement for giving of said notice.
(b) Following an Event of Default, Beneficiary is expressly granted the right at its option, to take possession transfer at any time to itself or to its nominee the personal property constituting a part of the Collateral Mortgaged Property, or any part thereof, and to take such other measures receive the monies, income, proceeds, or benefits attributable or accruing thereto and to hold the same as Lender may deem necessary security for the care, protection indebtedness or to apply it on the principal and preservation interest or other amounts owing on any of the CollateralObligations, whether or not then due, in such order or manner as Beneficiary may elect. Upon request or demand All rights to marshalling of Lender following an Event assets of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesGrantor, including any such right with respect to the personal property constituting a part of the Mortgaged Property, are hereby waived.
(c) All expenses of preparing for sale, or other use or disposition, selling or otherwise using or disposing of the Mortgaged Property and the like which are incurred or paid by Beneficiary as authorized or permitted hereunder, including also all reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in legal expenses and costs, shall be added to the Collateral Obligations and in enforcing the Grantor shall be liable therefor.
(d) If Beneficiary elects to exercise its rights hereunder with respect under the Colorado Uniform Commercial Code as to the Collateral. personal property constituting a part of the Mortgaged Property, this election shall not preclude Beneficiary or the Trustee from exercising any other rights and remedies granted by this instrument as to the remainder of the Mortgaged Property.
(e) Any disposition copy of this instrument may also serve as a financing statement and, when filed under the real estate records of Weld County, a fixture filing of some portions of the goods described herein, that are or are to become fixtures as part of the Mortgaged Property, under the Colorado Uniform Commercial Code between the Grantor, whose present address is listed on the first page of this Deed of Trust, and Beneficiary, whose present address is listed on the first page of this Deed of Trust.
(f) So long as any amount remains unpaid on any of the Obligations, Grantor will not execute and there will not be filed in any public office any financing statement or statements affecting the collateral other than financing statements in favor of Beneficiary hereunder, unless the prior written specific consent and approval of Beneficiary shall have first been obtained.
(g) Beneficiary is authorized to file, in any jurisdiction where Beneficiary deems it necessary, a financing statement or statements covering the Mortgaged Property, and at the reasonable request of Beneficiary, Grantor will join Beneficiary in executing one or more such financing statements pursuant to the UCC Colorado Uniform Commercial Code in form satisfactory to Beneficiary, and will pay the cost of so much filing or recording this Deed of Trust, as a financing statement, in all public offices at any time and from time to time whenever filing or recording of any financing statement or of this Deed of Trust is deemed by Beneficiary to be necessary or desirable.
7.2 Portions of the Collateral as may constitute personal property Mortgaged Property consist of (i) oil, gas and other minerals produced or to be produced from the lands described in the Leases and to the accounts resulting from the sale thereof at the wellhead, or (ii) goods which are or will become fixtures attached to the real estate constituting a portion of the Mortgaged Property, and Grantor hereby agrees that this instrument shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice filed in a newspaper the real property records and the Uniform Commercial Code records of the counties in which sheriff’s sales the Mortgaged Property are advertised located as a financing statement to perfect the security interest of Beneficiary in the county where the Premises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition said portions of the Collateral, Mortgaged Property. Nothing herein contained shall impair or any part thereof, may be applied by Lender to limit the payment effectiveness of the Debt in such priority and proportions this Deed of Trust as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up a security agreement or otherwise prepare the Collateral financing statement for dispositionother purposes.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Assignment of Production, Financing Statement and Fixture Filing (Pedevco Corp), Deed of Trust, Security Agreement, Assignment of Production, Financing Statement and Fixture Filing (Pedevco Corp)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Pebblebrook Hotel Trust), Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Pebblebrook Hotel Trust)
Security Agreement. (a) (i) This Security Instrument Deed constitutes a security agreement between Borrower and Lender with respect to the Collateral in which Lender is both granted a real property mortgagesecurity interest hereunder, deed to secure debt or deed and, cumulative of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interestsremedies of Lender hereunder, whether tangible or intangible in nature, Lender shall have all of the rights and remedies of a secured party under any applicable Uniform Commercial Code. Borrower hereby 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. To the extent specifically provided herein, Lender 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. This Security Instrument is filed as a fixture filing , and covers goods which are or are to become fixtures on Borrower shall promptly deliver the Property. Borrower by executing and delivering this Security Instrument has granted same to Lender, as security for the Debtendorsed to Lender, a security interest without further notice from Lender. Borrower agrees to furnish Lender with notice of any change in the Property to the full extent that the Property may be subject to the UCC name, identity, organizational structure, residence, or principal place of business or mailing address of Borrower within ten (said portion 10) days of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event effective date of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateralchange. Upon request or demand the occurrence of Lender following an any Event of Default, Lender shall have the rights and remedies as prescribed in this Security Deed, or as prescribed by general law, or as prescribed by any applicable Uniform Commercial Code, all at Lender’s election. Any disposition of the Collateral may be conducted by an employee or agent of Lender. Any person, including both Borrower shalland Lender, shall be eligible to purchase any part or all of the Collateral at its expenseany such disposition. Expenses of retaking, holding, preparing for sale, selling or the like (including, without limitation, Lender’s reasonable attorneys’ fees and legal expenses), together with interest thereon at the Default Interest Rate from the date incurred by 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 Debt. Lender 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 Collateral same or to render it unusable, or Borrower, upon demand of Lender, shall assemble such property and make it available to Lender 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 Lender to be reasonably convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesBorrower. If notice is required by law, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to give Borrower in accordance with the provisions hereof at least ten (10) days 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 actionnotice is sent to Borrower, 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 Borrower. The proceeds No such notice is necessary for any such property which is perishable, threatens to decline speedily in value or is of any disposition a type customarily sold on a recognized market. Any sale made pursuant to the provisions of this Section shall be deemed to have been a public sale conducted in a commercially reasonable manner if held contemporaneously with a foreclosure sale as provided in Section 5.1(e) hereof upon giving the same notice with respect to the sale of the Property hereunder as is required under said Section 5.1(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:
(a) In the event of a foreclosure sale, the Property may, at the option of Lender, be sold as a whole; and
(b) It shall not be necessary that Lender take possession of the aforementioned Collateral, or any part thereof, may be applied by Lender prior to the payment time that any sale pursuant to the provisions of the Debt in such priority this Section is conducted and proportions as Lender in its discretion it shall deem proper. It is not be necessary that the Collateral said Collateral, or any part thereof, be present at the location of such sale; and
(c) Lender may appoint or delegate any disposition thereofone or more persons as agent to perform any act or acts necessary or incident to any sale held by Lender, including the sending of notices and the conduct of the sale, but in the name and on behalf of Lender. The name and address of Borrower (as Debtor under any applicable Uniform Commercial Code) are as set forth on the first page hereof. The name and address of Lender shall have no obligation to clean-up or otherwise prepare (as Secured Party under any applicable Uniform Commercial Code) are as set forth on the Collateral for dispositionfirst page hereof.
Appears in 2 contracts
Samples: Deed to Secure Debt, Security Agreement and Fixture Filing (Campus Crest Communities, Inc.), Deed to Secure Debt, Security Agreement and Fixture Filing (NNN Healthcare/Office REIT, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Trustee, in trust for the benefit of Lender, as security for the DebtObligations (hereinafter defined), a security interest in all of Borrower’s estate, right, title and interest in and to the Fixtures, the Equipment and the Personal Property and other property constituting the Property (including, without limitation, the Leases), whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (all of Borrower’s estate, right, title and interest in and to said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (Debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents and Security Agreement (Inland Real Estate Income Trust, Inc.), Deed of Trust, Assignment of Leases and Rents and Security Agreement (Inland Real Estate Income Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, including the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at address of Lender (secured party) is as set forth on page one hereof. Borrower shall promptly notify Lender of the existence of any disposition thereof. commercial tort claim now or hereafter existing for the benefit of Borrower or the Property, and shall execute, acknowledge and deliver a security agreement or other documentation as Lender shall have no obligation from time to clean-up or otherwise prepare the Collateral for dispositiontime require to acquire and perfect a valid and binding security interest in such commercial tort claim.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing, Deed of Trust (TNP Strategic Retail Trust, Inc.)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed Deed of trust, as applicable, Trust and a “"security agreement” " within the meaning of the UCC. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Trust Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Trustor by executing and delivering this Security Instrument Deed of Trust has granted and hereby grants to LenderBeneficiary, as security for the Debt, a security interest in the Trust Property to the full extent that the Trust Property may be subject to the UCC (said such portion of the Trust Property so subject to the UCC being called in this Section 18.14 paragraph the “Collateral”"COLLATERAL"). This Deed of Trust shall also constitute a "fixture filing" for the purposes of the UCC. As such, this Deed of Trust 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 the first paragraph of this Deed of Trust. If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses attorneys' fees and attorneys’ feesdisbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Beneficiary with respect to the Collateral given Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. It is not In the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Beneficiary'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 Beneficiary shall require the filing or recording of additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as Beneficiary 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 Trustor's obligations under the Loan Documents. Trustor hereby irrevocably appoints Beneficiary 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 Beneficiary, as secured party, in connection with the Collateral be present at any disposition thereof. Lender covered by this Deed of Trust.
(b) Trustor hereby absolutely and unconditionally pledges and assigns to Beneficiary as additional security all of Trustor's right, title and interest in, to and under the: (i) Tenant in Common Agreement, and (ii) the Property and Asset Management Agreement ("MANAGEMENT AGREEMENT") among each entity constituting Trustor and Behringer Harvard TIC Management Services LP executed in connection with the Loan, (collectively, the "TENANCY IN COMMON AGREEMENTS"); provided that Beneficiary shall have no obligation to clean-up or otherwise prepare liability under any of the Collateral for dispositionTenancy In Common Agreements.
Appears in 2 contracts
Samples: Deed of Trust (Behringer Harvard Reit I Inc), Deed of Trust (Behringer Harvard Reit I Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt To the extent that the Mortgaged Property constitutes or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in naturepersonal property, including goods or items of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods personal property which are or are to become fixtures on under applicable law, the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, Mortgagor hereby grants a security interest in the Property to the full extent that the Property may therein and this Mortgage shall also be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights construed as a pledge and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the UCC; and, including, without limiting upon the generality occurrence and continuance of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shallthe Mortgagee shall be entitled to exercise with respect to such tangible or intangible personal property all remedies available under the UCC and all other remedies available under applicable law. Without limiting the foregoing, upon the occurrence and continuation of an Event of Default, any personal property may, at its expensethe Mortgagee's option and, assemble except as otherwise required by applicable law, without the Collateral giving of notice, (i) be sold hereunder, (ii) be sold pursuant to the UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. At any time and make it available from time to Lender at a convenient place acceptable time upon the occurrence and continuance of an Event of Default, the Mortgagee shall be the attorney-in-fact of the Mortgagor with respect to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses matters pertaining to the personal property with full power and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder authority to give instructions with respect to the Collateral. Any disposition pursuant collection and remittance of payments, to endorse checks, to enforce the UCC of so much rights and remedies of the Collateral as may constitute Mortgagor and to execute on behalf of the Mortgagor and in Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and agrees that a disposition of the 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Mortgagee's rights and remedies in respect to the payment of the Debt in such priority and proportions other Mortgaged Property as Lender in its discretion shall deem proper. It heretofore provided is not necessary that the Collateral be present at any a commercially reasonable disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 2 contracts
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Polaroid Corp), Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Polaroid Corp)
Security Agreement. (a) (i) This Security Instrument is Mortgage constitutes both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” ”, within the meaning of the UCC. The Uniform Commercial Code, and the Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower the Mortgagor in the Mortgaged Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument Mortgage, the Mortgagor has granted to Lender, the Lender as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”)Mortgaged Property. If an Event of Default shall occuroccurs, the Lender, in addition to any other rights and remedies which it they may havehave and subject to the rights and remedies of other lenders in connection with the Existing Mortgages, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral Equipment or any part thereof, and to take such other measures as the Lender may deem necessary for the care, protection and preservation of the CollateralEquipment. Upon request or demand of the Lender following an Event and subject to the rights and remedies of Defaultother lenders in connection with the Existing Mortgages, Borrower shall, the Mortgagor shall at its expense, expense assemble the Collateral Equipment and make it available to the Lender at a convenient place acceptable to the Lender. Borrower The Mortgagor shall pay to the Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees (including in-house counsel fees), incurred or paid by the Lender in protecting its their and other Secured Parties’ interest in the Collateral Mortgaged Property and in enforcing its and other Secured Parties’ rights hereunder under this Mortgage with respect to 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 locatedMortgaged Property. Any notice of sale, disposition or other intended action by the Lender with respect to the Collateral given personal property comprising the Mortgaged Property which is sent to Borrower the Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrowerthe Mortgagor. The proceeds of any disposition of the CollateralMortgaged Property, or any part thereof, may be applied by the Lender to the payment of the Debt as provided in the Purchase Agreement, subject to the rights and remedies of other lenders in connection with the Existing Mortgages. Without in any way limiting the generality of the immediately preceding paragraph or of the definition of Mortgaged Property, this Mortgage constitutes a fixture filing under Section 9-502 of the Uniform Commercial Code. For such priority purpose: (a) the “debtor” is Mortgagor and proportions as Lender its address is the address given for it in its discretion shall deem proper. It the initial paragraph of this Mortgage; (b) the “secured party” is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation Lender, and their address for the purpose of obtaining information is the address given for it in the initial paragraph of this Mortgage; (c) the real estate to clean-up which the Fixtures are or otherwise prepare are to become attached is the Collateral for dispositionMortgagor’s interest in the Premises described on SCHEDULE A hereto; and (d) the record owner of such real estate is the Mortgagor.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Avalon GloboCare Corp.), Mortgage and Security Agreement (Avalon GloboCare Corp.)
Security Agreement. 2.12.1 This Deed of Trust shall also be a security agreement between Trustor and Beneficiary covering that portion of the Mortgaged Property that constitutes personal property or fixtures (ahereinafter collectively called “UCC Collateral”) governed by the Nevada Uniform Commercial Code (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicablethe “UCC”), and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as further security for the Debtpayment and performance of the Secured Obligations, Trustor hereby grants to Beneficiary a security interest in such portion of the Mortgaged Property to the full extent that the Mortgaged Property may be subject to the UCC. In addition to Beneficiary’s other rights hereunder, Beneficiary shall have all rights of a secured party under the UCC. Trustor hereby authorizes the filing of all financing statements and such further assurances that may be reasonably required by Beneficiary 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 Beneficiary’s security interests, and Trustor shall bear all reasonable costs thereof, including all UCC (said portion searches. Except as otherwise provided in the Credit Documents, if Beneficiary should dispose of any of the Mortgaged Property so subject comprising the UCC Collateral pursuant to the UCC being called UCC, ten (10) Days’ prior written notice by Beneficiary to Trustor shall be deemed to be reasonable notice; provided, however, Beneficiary may dispose of such property in accordance with the foreclosure procedures of this Section 18.14 Deed of Trust in lieu of proceeding under the “Collateral”)UCC. If Beneficiary may from time to time execute, deliver and/or file at Trustor’s expense, all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Trustor and Beneficiary. Except as otherwise provided in the Credit Documents, if an Event of Default shall occuroccur and is continuing, Lender(a) Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demanddemand to the extent permitted by Governmental Rule, any and all rights and remedies granted to a secured party upon default under the UCC, UCC 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon such UCC Collateral and (b) upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the UCC Collateral and make it available to Lender Beneficiary at a convenient place reasonably acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, fees and disbursements incurred or paid by Lender Beneficiary in protecting its the interest in the UCC Collateral and in enforcing its the rights hereunder with respect to the such UCC Collateral. Any disposition .
2.12.2 This Deed of Trust shall constitute a fixture filing pursuant to NRS Section 104.9502, as amended and recodified from time to time. Some or all of the UCC of so much Collateral may be or become a fixture in which Beneficiary has a security interest under the security agreement set forth in Section 2.12.1 above (the “Security Agreement”). However, nothing herein shall, or shall be deemed to, create any lien or interest in favor of the Trustee in any UCC Collateral as may constitute personal property which is not a fixture. The rights, remedies and interests of Beneficiary under this Deed of Trust and the Security Agreement are independent and cumulative, and there shall be considered commercially reasonable if made pursuant no merger of any lien hereunder with any security interest created by the Security Agreement. Beneficiary may elect to a public sale which is advertised at least twice exercise or enforce any of its rights, remedies or interests under either or both this Deed of Trust or the Security Agreement as Beneficiary may from time to time deem appropriate.
2.12.3 Notwithstanding any other provision hereof, Beneficiary shall not be deemed to have accepted any property other than cash in a newspaper in which sheriff’s sales are advertised in the county where the Premises is located. Any notice satisfaction of saleany obligation of Trustor to Beneficiary unless Trustor shall make an express written election of said remedy under NRS Section 104.9620, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrowerapplicable law. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary Trustor agrees that the Collateral be present at any disposition thereof. Lender Beneficiary shall have no obligation to clean-up process or otherwise prepare the any UCC Collateral for sale or other disposition.
Appears in 2 contracts
Samples: Credit Agreement (Fulcrum Bioenergy Inc), Credit Agreement (Fulcrum Bioenergy Inc)
Security Agreement. (a) (i) This Security Instrument is both Deed of Trust shall constitute a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning agreement under Article 9 of the UCC. The Property includes both real UCC in each applicable jurisdiction with respect to the Personal Property, which shall be deemed to include any and all fixtures and personal property included in the description of the Personal Property, now owned or hereafter acquired by Grantor, which might otherwise be deemed “personal property” and all other rights accessions thereto and interests, whether tangible or intangible in nature, of Borrower in the Propertyproceeds thereof. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument Grantor has granted to Lender, as security for the Debt, and does hereby grant Beneficiary a security interest in the Personal Property and in all additions and accessions thereto, renewals and replacements thereof and all substitutions therefor and proceeds thereof for the purpose of securing all Obligations now or hereafter secured by this Deed of Trust. The following provisions relate to such security interest:
(a) The Personal Property includes all now existing or hereafter acquired or arising equipment, inventory, accounts, chattel paper, instruments, documents, deposit accounts, investment property, letter-of-credit rights, commercial tort claims, supporting obligations and general intangibles now or hereafter used or procured for use in the Collateral or otherwise relating to the full extent that the Property may be subject Collateral. If Grantor shall at any time acquire a commercial tort claim relating to the UCC (said portion Collateral, Grantor shall promptly notify Beneficiary in a writing signed by Grantor of the Property so subject brief details thereof and grant to Beneficiary a security interest therein and in the proceeds thereof.
(b) Grantor hereby irrevocably authorizes Beneficiary at any time and from time to time to file in any filing office in any UCC jurisdiction any initial financing statements and amendments thereto that (a) indicate the collateral as “all assets used or procured for use or otherwise relating to” the Collateral or words of similar effect, or as being of equal or lesser scope or in greater detail, and to indicate the Collateral as defined, or in a manner consistent with the term as defined, in this Deed of Trust and (b) contain any other information required by part 5 of Article 9 of the UCC of any such filing office for the sufficiency or filing office acceptance of any initial financing statement or amendment, including whether Grantor is an organization, the type of organization and any organizational identification number issued to Grantor. Grantor agrees to provide any such information to Beneficiary promptly upon request. Grantor also ratifies its authorization for Beneficiary to have filed in any filing office in any UCC jurisdiction any like initial financing statements or amendments thereto if filed prior to the UCC being called in this Section 18.14 date hereof. Grantor shall pay to Beneficiary, from time to time, within the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demandDemand Period, any and all rights costs and remedies granted to a secured party upon default under expenses incurred by Beneficiary in connection with the UCCfiling of any such initial financing statements and amendments, including, without limiting including attorneys’ fees and all disbursements. Such costs and expenses shall bear interest at the generality Default Rate from the expiration of the foregoingDemand Period until the date repaid by Grantor, and such costs and expenses, together with such interest, shall be part of the Obligations and shall be secured by this Deed of Trust.
(c) Grantor shall any time and from time to time take such steps as Beneficiary may reasonably request for Beneficiary to obtain “control” of any Personal Property for which control is a permitted or required method to perfect, or to insure priority of, the right to take possession security interest in such Personal Property granted herein.
(d) Upon the occurrence of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, Beneficiary shall have the rights and remedies of a secured party under the UCC as well as all other rights and remedies available at its expense, assemble law or in equity or under this Deed of Trust.
(e) It is intended by Grantor and Beneficiary that this Deed of Trust be effective as a financing statement filed with the Collateral and make it available to Lender at applicable real estate records as a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to fixture filing covering the Collateral. Any disposition pursuant A description of the Land which relates to the UCC of so much Personal Property is set forth in Exhibit A attached hereto. Grantor is the record owner of the Collateral as may constitute personal property shall be considered commercially reasonable if made pursuant to Land. Grantor is a public sale which is advertised at least twice in a newspaper in which sheriff’s sales are advertised Delaware limited partnership with an organizational identification number, issued by the Secretary of State of the State of Delaware, of 2500587.
(f) Terms defined in the county where UCC and not otherwise defined in this Deed of Trust shall have the Premises same meanings in this Article as are set forth in the UCC. In the event that a term is located. Any notice used in Article 9 of salethe UCC and also in another Article of the UCC, disposition or other intended action by Lender with respect to the Collateral given to Borrower term used in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrowerthis Article is that used in Article 9. The proceeds term “control,” as used in this Article, has the meaning given in Sections 9-104, 9-105, 9-106 or 9-107 of any disposition of the CollateralArticle 9, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionapplicable.
Appears in 2 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing (Mission West Properties Inc), Deed of Trust, Security Agreement and Fixture Filing (Mission West Properties Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(secured party) is as set forth on page one hereof.
Appears in 2 contracts
Samples: Deed of Trust, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Behringer Harvard Reit I Inc), Open End Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Behringer Harvard Reit I Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage7.1 To further secure the Obligations, deed Grantor hereby grants to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the DebtBeneficiary, a security interest in the Property all of Grantor’s rights, titles and interests in and to the full extent that Mortgaged Property insofar as such Mortgaged Property consist of the Property may be goods, equipment, accounts, contract rights, general intangibles, insurance contracts, insurance proceeds, inventory, hydrocarbons, fixtures and any and all other personal property of any kind or character defined in and subject to the UCC (said portion provisions of the Property so subject to Colorado Uniform Commercial Code, including the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights proceeds and remedies which it may have, shall have and may exercise immediately and without demand, products from any and all of such personal property. Upon the occurrence of any Event of Default, Beneficiary is and shall be entitled to all of the rights, powers and remedies afforded a secured party by the Colorado Uniform Commercial Code with reference to the personal property and fixtures in which Beneficiary has been granted a security interest herein, Beneficiary may proceed as to both the real and personal property covered hereby in accordance with the rights and remedies granted to a secured party upon default under the UCC, including, without limiting the generality this Deed of Trust in respect of the foregoingreal property covered hereby. Such rights, powers and remedies shall be cumulative and in addition to those granted Beneficiary under any other provision of this Deed of Trust or under any other instrument executed in connection with or as security for the Obligations. Grantor covenants and agrees with Beneficiary that:
(a) To the extent permitted by law, Grantor expressly waives any notice of sale or other disposition of the personal property constituting a part of the Mortgaged Property and any other right or remedies of a Grantor or formalities prescribed by law relative to sale or disposition of the personal property constituting a part of the Mortgaged Property or exercise of any other right or remedy of Beneficiary existing after default hereunder; and to the extent any such notice is required and cannot be waived, Grantor agrees that if such notice is delivered to it at least ten (10) days before the time of the sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any requirement for giving of said notice.
(b) Following an Event of Default, Beneficiary is expressly granted the right at its option, to take possession transfer at any time to itself or to its nominee the personal property constituting a part of the Collateral Mortgaged Property, or any part thereof, and to take such other measures receive the monies, income, proceeds, or benefits attributable or accruing thereto and to hold the same as Lender may deem necessary security for the care, protection indebtedness or to apply it on the principal and preservation interest or other amounts owing on any of the CollateralObligations, whether or not then due, in such order or manner as Beneficiary may elect. Upon request or demand All rights to marshalling of Lender following an Event assets of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expensesGrantor, including any such right with respect to the personal property constituting a part of the Mortgaged Property, are hereby waived.
(c) All expenses of preparing for sale, or other use or disposition, selling or otherwise using or disposing of the Mortgaged Property and the like which are incurred or paid by Beneficiary as authorized or permitted hereunder, including also all reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in legal expenses and costs, shall be added to the Collateral Obligations and in enforcing the Grantor shall be liable therefor.
(d) If Beneficiary elects to exercise its rights hereunder with respect under the Colorado Uniform Commercial Code as to the Collateral. personal property constituting a part of the Mortgaged Property, this election shall not preclude Beneficiary or the Trustee from exercising any other rights and remedies granted by this instrument as to the remainder of the Mortgaged Property.
(e) Any disposition copy of this instrument may also serve as a financing statement and, when filed under the real estate records of Xxxxxx County, a fixture filing of some portions of the goods described herein, that are or are to become fixtures as part of the Mortgaged Property, under the Colorado Uniform Commercial Code between the Grantor, whose present address is listed on the first page of this Deed of Trust, and Beneficiary, whose present address is listed on the first page of this Deed of Trust.
(f) So long as any amount remains unpaid on any of the Obligations, Grantor will not execute and there will not be filed in any public office any financing statement or statements affecting the collateral other than financing statements in favor of Beneficiary hereunder, unless the prior written specific consent and approval of Beneficiary shall have first been obtained.
(g) Beneficiary is authorized to file, in any jurisdiction where Beneficiary deems it necessary, a financing statement or statements covering the Mortgaged Property, and at the reasonable request of Beneficiary, Grantor will join Beneficiary in executing one or more such financing statements pursuant to the UCC Colorado Uniform Commercial Code in form satisfactory to Beneficiary, and will pay the cost of so much filing or recording this Deed of Trust, as a financing statement, in all public offices at any time and from time to time whenever filing or recording of any financing statement or of this Deed of Trust is deemed by Beneficiary to be necessary or desirable.
7.2 Portions of the Collateral as may constitute personal property Mortgaged Property consist of (i) oil, gas and other minerals produced or to be produced from the lands described in the Leases and to the accounts resulting from the sale thereof at the wellhead, or (ii) goods which are or will become fixtures attached to the real estate constituting a portion of the Mortgaged Property, and Grantor hereby agrees that this instrument shall be considered commercially reasonable if made pursuant to a public sale which is advertised at least twice filed in a newspaper the real property records and the Uniform Commercial Code records of the counties in which sheriff’s sales the Mortgaged Property are advertised located as a financing statement to perfect the security interest of Beneficiary in the county where the Premises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition said portions of the Collateral, Mortgaged Property. Nothing herein contained shall impair or any part thereof, may be applied by Lender to limit the payment effectiveness of the Debt in such priority and proportions this Deed of Trust as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up a security agreement or otherwise prepare the Collateral financing statement for dispositionother purposes.
Appears in 2 contracts
Samples: Deed of Trust (Pedevco Corp), Deed of Trust, Security Agreement, Assignment of Production, Financing Statement and Fixture Filing (Pedevco Corp)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgageAs security for the Loan, deed to secure debt or deed of trustthe Lessee, as applicabledebtor, and a “security agreement” within hereby grants to the meaning Lessor, as secured party, for the benefit of the UCC. The Property includes both real Secured Party, a security interest in all of the Lessee's right, title and interest in and to all personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in comprising the Property. This Security Instrument is filed as a fixture filing , whether now owned or hereafter acquired and covers goods which are or are to become fixtures on all cash and non-cash proceeds (including insurance proceeds) and products thereof (the Property. Borrower by executing and delivering this Security Instrument has granted to Lender"Collateral").
(b) If the Lessee shall default hereunder, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, LenderLessor, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code as in effect at such time in New York, 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 Lender the Lessor may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender sell, exchange, lease or otherwise realize on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to dispose of 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 Lender the Lessor with respect to the Collateral given sent to Borrower the Lessee in accordance with the provisions hereof at least ten (10) seven days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to Borrowerthe Lessee, 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 Lessee within five days after receipt by the Lessee of such notice. The proceeds of any sale or disposition of the Collateral, or any part thereof, may be applied by Lender the Lessor to the payment of the Debt Loan in such order, priority and proportions as Lender the Lessor in its discretion shall deem proper. It is not necessary that The Lessee shall remain liable for any deficiency between the proceeds of any sale or other disposition of the Collateral and all unpaid amounts owed pursuant to the Loan. The filing of a copy of this Lease (or a memorandum hereof) shall be present at any disposition thereof. Lender shall have no obligation deemed to clean-up or otherwise prepare constitute the Collateral for disposition.filing of a financing statement to perfect the security interest in
Appears in 2 contracts
Samples: Lease Agreement (Williams Communications Group Inc), Lease (Williams Communications Group Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (Debtor's) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 2 contracts
Samples: Open End Mortgage and Security Agreement (Glimcher Realty Trust), Open End Mortgage and Security Agreement (Glimcher Realty Trust)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (debtor's) principal place of business is not necessary that as set forth on page one (1) hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(secured party) is as set forth on page one (1) hereof.
Appears in 1 contract
Samples: Deed of Trust
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Individual Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Individual Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral or any part thereof, thereof and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Individual Borrower shall, at its expense, use commercially reasonable efforts to assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Individual Borrower shall pay to Lender on demand any and all reasonable out-of- pocket expenses, including reasonable legal expenses and attorneys’ fees, actually incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Individual Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Individual Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Individual Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(secured party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”"COLLATERAL"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It The principal place of business of Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Cedar Shopping Centers Inc)
Security Agreement. (a) (i) This Security Instrument Deed to Secure Debt is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Deed to LenderSecure Debt, Grantor hereby grants to Grantee, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderGrantee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Grantee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Grantee after the occurrence and during the continuance of an Event of Default, Borrower Grantor shall, at its expense, assemble the Collateral and make it available to Lender Grantee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderGrantee. Borrower Grantor shall pay to Lender Grantee on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and costs, incurred or paid by Lender Grantee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Grantee with respect to the Collateral given sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Grantee to the payment of the Debt in such priority and proportions as Lender Grantee in its discretion shall deem proper. It The principal place of business of Grantor (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Grantee (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is Mortgage constitutes both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” ”, within the meaning of the UCC. The Uniform Commercial Code, and the Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower the Mortgagor in the Mortgaged Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument Mortgage, the Mortgagor has granted to the Lender, for the benefit of the Secured Parties, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”)Mortgaged Property. If an Event of Default shall occuroccurs, the Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral Equipment or any part thereof, and to take such other measures as the Lender may deem necessary for the care, protection and preservation of the CollateralEquipment. Upon request or demand of Lender following an Event of Defaultthe Lender, Borrower shall, the Mortgagor shall at its expense, expense assemble the Collateral Equipment and make it available to the Lender at a convenient place acceptable to the Lender. Borrower The Mortgagor shall pay to the Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees (including in-house counsel fees), incurred or paid by the Lender in protecting its and other Secured Parties’ interest in the Collateral Mortgaged Property and in enforcing its and other Secured Parties’ rights hereunder under this Mortgage with respect to 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 locatedMortgaged Property. Any notice of sale, disposition or other intended action by the Lender with respect to the Collateral given personal property comprising the Mortgaged Property which is sent to Borrower the Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrowerthe Mortgagor. The proceeds of any disposition of the CollateralMortgaged Property, or any part thereof, may be applied by the Lender to the payment of the Debt as provided in the Purchase Agreement. Without in any way limiting the generality of the immediately preceding paragraph or of the definition of Mortgaged Property, this Mortgage constitutes a fixture filing under Section 9-502 of the Uniform Commercial Code. For such priority purpose: (a) the “debtor” is Mortgagor and proportions as Lender its address is the address given for it in the initial paragraph of this Mortgage; (b) the “secured party” is the Lender, and its discretion shall deem proper. It address for the purpose of obtaining information is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation address given for it in the initial paragraph of this Mortgage; (c) the real estate to clean-up which the Fixtures are or otherwise prepare are to become attached is the Collateral for dispositionMortgagor’s interest in the Premises described on SCHEDULE A hereto; and (d) the record owner of such real estate is the Mortgagor.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Avalon GloboCare Corp.)
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Mortgaged Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Mortgaged Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Mortgagor, by executing and delivering this Security Instrument Mortgage, has granted and hereby grants to LenderMortgagee, as security for the DebtIndebtedness, a security interest in the Mortgaged Property to the full extent that the Mortgaged Property may be subject to the UCC Uniform Commercial Code (said portion of the Mortgaged Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 paragraph the “"Collateral”"). 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 the first paragraph of this Mortgage.
(b) If an Event of Default shall occur, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultMortgagee, Borrower shall, BMC shall at its expense, expense assemble the Collateral and make it available to Lender Mortgagee at a convenient place acceptable to LenderMortgagee. Borrower BMC shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses attorneys' fees and attorneys’ feesdisbursements, incurred or paid by Lender Mortgagee in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Mortgagee with respect to the Collateral given sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerBMC. The proceeds of any disposition of the Collateral, or any part thereof, may shall be applied by Lender Mortgagee to the payment of the Debt Indebtedness in such manner as may be provided in the Credit Agreement. 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 proportions security interest in the Collateral, and BMC 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, at BMC's expense, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Lender in its discretion Mortgagee shall deem propernecessary, and BMC shall pay all expenses and fees in connection with the filing and recording thereof. It is not necessary that 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 secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Mortgage.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, and Security Agreement (BMC Industries Inc/Mn/)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Governmental Lender, as security for the DebtObligations (as hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccurs, Governmental Lender, in addition to any other rights and remedies which it may have, shall will have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Governmental Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Governmental Lender following after the occurrence of an Event of Default, Borrower shallwill, at its expense, assemble the Collateral and make it available to Governmental Lender at a convenient place (at the Land if tangible property) acceptable to Governmental Lender. Borrower shall will pay to Governmental Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Governmental Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Governmental Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days 10 Business Days prior to such action, shall will, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Governmental Lender to the payment of the Debt Obligations (as hereinafter defined) in such priority and proportions as Governmental Lender in its discretion shall deem deems proper. It The principal place of business of Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Governmental Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing
Security Agreement. With respect to all personal property (athe “Personal Property”) constituting part of the Mortgaged Property that is subject to Article 9 of the Uniform Commercial Code as enacted in the state where the Land is situated (i) This Security Instrument the “UCC”), this Mortgage is both hereby made and declared to be a real property mortgagesecurity agreement encumbering each and every item or type of Personal Property listed herein or included herein as a part of the Mortgaged Property, deed to secure debt or deed of trust, as applicable, and a “security agreement” within in compliance with the meaning provisions of the UCC. The Property includes both real , and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are hereby grants to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, Bank a security interest in the Property Borrower’s Interest in said items and personal property. Borrower hereby authorizes Bank to the full extent that the Property may file a financing statement or statements reciting this Mortgage to be subject to the UCC (said portion a security agreement affecting all of the Property so subject to Borrower’s Interest in said Personal Property. The remedies for any violation of the UCC being called covenants, terms and conditions of the security agreement contained in this Section 18.14 the “Collateral”). If Mortgage, or otherwise in respect of an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may havehereunder, shall have be (a) as prescribed herein, or (b) as prescribed by general Law, or (c) as prescribed by the specific statutory consequences now or hereafter enacted and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under specified in the UCC, includingall at Bank’s sole election. Borrower agrees that the filing of such financing statement(s) in the records normally having to do with personal property shall not in any way affect the agreement of Borrower and Bank that everything used in connection with the production of income from the Mortgaged Property or adapted for use therein or that is described or reflected in this Mortgage, without limiting the generality is, and at all times and for all purposes and in all proceedings both legal or equitable, shall be regarded as part of the foregoingreal estate conveyed hereby regardless of whether (i) any such item is physically attached to the Improvements, (ii) serial numbers are used for the better identification of certain items capable of being thus identified in an Exhibit to this Mortgage, or (iii) any such item is referred to or reflected in any such financing statement(s) so filed at any time. Similarly, the right to take possession mention in any such financing statement(s) of the Collateral or any part thereof, rights in and to take (A) the proceeds of any fire and/or hazard insurance policy, or (B) any award in eminent domain proceedings for taking or for loss of value, or (C) Borrower’s interest as lessor in any present or future lease or rights to income growing out of the use and/or occupancy of the Mortgaged Property, whether pursuant to lease or otherwise, shall not in any way alter any of the rights of Bank as determined by this instrument or affect the priority of Bank’s security interest granted hereby or by any other recorded document, it being understood and agreed that such other measures as Lender may deem necessary mention in such financing statement(s) is solely for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest Bank in the Collateral and in enforcing its rights hereunder event any court shall at any time hold, with respect to the Collateral. Any disposition pursuant foregoing items (A), (B), or (C), that notice of Bank’s priority of interest, to be effective against a particular class of persons, must be filed in 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 locatedrecords. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, This Mortgage may be applied by Lender to filed as a financing statement in any office where Bank deems such filing necessary or desirable and Borrower will promptly upon demand reimburse Bank for the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncosts therefor.
Appears in 1 contract
Samples: Leasehold Mortgage / Mortgage and Security Agreement (CNL Healthcare Properties II, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Grantor by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower Grantor shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower Grantor shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower Grantor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
Appears in 1 contract
Samples: Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (RLJ Lodging Trust)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt To the extent the Mortgaged Property consists of UCC Collateral or deed items of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on Fixtures [or as-extracted collateral or timber to be cut] under applicable law, this Mortgage shall also be construed as a security agreement under the PropertyUCC. Borrower by executing The Mortgagor, in order to secure the due and delivering this Security Instrument has granted punctual payment and performance of the Obligations, hereby grants to Lender, as security the Mortgagee for its benefit and for the Debtbenefit of the Secured Parties, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection UCC Collateral and preservation of the CollateralFixtures. Upon request or demand and during the continuance of Lender following an Event of Default, Borrower shallthe Mortgagee shall be entitled with respect to the UCC Collateral and Fixtures to exercise all remedies hereunder or any other Credit Document or available under the UCC with respect thereto and all other remedies available under applicable law. Without limiting the foregoing, the UCC Collateral and Fixtures, may, at its expensethe Mortgagee’s option, (i) be sold hereunder together with any sale of any portion of the Mortgaged Property or otherwise, (ii) be sold separately pursuant to the UCC, or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the UCC Collateral and Fixtures and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderbe designated by the Mortgagee. Borrower shall pay to Lender on demand any The Mortgagor acknowledges and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any agrees that a 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 Lender with respect to the Collateral given to Borrower such collateral in accordance with the provisions hereof at least Mortgagee’s rights and remedies in respect to the Mortgaged Property as heretofore provided is a commercially reasonable disposition thereof; provided, however, that the Mortgagee shall give the Mortgagor not less than ten (10) days days’ prior to such action, shall constitute reasonable notice to Borrower. The proceeds of the time and place of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for intended disposition.
Appears in 1 contract
Samples: Senior Secured Credit Agreement (Language Line Services Holdings, Inc.)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within To the meaning extent of the UCC. The Collateral or to the extent that the Mortgaged Property includes both real and items of personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering under Applicable Law, this Security Instrument has granted to Lender, Mortgage shall also be construed as security for the Debt, a security interest in agreement under the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If Uniform Commercial Code; and, if an Event of Default has occurred and is continuing, the Mortgagee shall occurbe entitled with respect to such Collateral and personal property to all remedies hereunder and under the Security Agreement, Lender, in addition all remedies available under the Uniform Commercial Code with respect to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any fixtures and all rights other remedies available under Applicable Law. To the extent that the Collateral includes Equipment and remedies granted to other items of personal property which are not fixtures under Applicable Law, this Mortgage shall also be construed as a secured party upon default security agreement under the UCCUniform Commercial Code; and if an Event of Default has occurred and is continuing, includingthe Mortgagee shall be entitled with respect to such Collateral to all remedies hereunder and under the Security Agreement, without all remedies available under the Uniform Commercial Code and all other remedies available under Applicable Law. Without limiting the generality of the foregoing, any Collateral may, at the right to take possession Mortgagee's option, during the continuance of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultDefault (i) be sold hereunder together with any sale of the Property or otherwise, Borrower shall(ii) be sold pursuant to the Uniform Commercial Code, at its expense, or (iii) be dealt with by the Mortgagee in any other manner permitted under Applicable Law. The Mortgagee may require the Mortgagor to assemble the Collateral and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderbe designated by the Mortgagee during the continuance of an Event of Default. Borrower If an Event of Default has occurred and is continuing, the Mortgagee shall pay be the attorney-in-fact of the Mortgagor with respect to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in matters pertaining to the Collateral with full power and in enforcing its rights hereunder authority to give instructions with respect to the Collateralcollection and remittance of payments, to endorse checks, to enforce the rights and remedies of the Mortgagor and to execute on behalf of the Mortgagor and in the Mortgagor's name any instruction, agreement or other writing required therefor. Any The Mortgagee may, at its option, appoint any other Person as the agent of the Mortgagee for the purpose of 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 Lender with respect to the Collateral given to Borrower in accordance with the Uniform Commercial Code. Notwithstanding the foregoing, to the extent that the Mortgaged Property includes personal property covered by the Security Agreement or any other Security Document, the provisions hereof at least ten (10) days prior of the Security Agreement or such other Security Document shall govern with respect to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionpersonal property.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt mortgage or deed of trust, as applicable, trust and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to LenderLender and Trustee, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderLender or Trustee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following or Trustee after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender or Trustee at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender or Trustee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(secured party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Agent (for the benefit of Lender), as security for the DebtObligations (as such term is hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderAgent, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Agent after the occurrence and during the continuance of an Event of Default, Borrower shall, at its sole cost and expense, assemble the Collateral and make it available to Lender Agent at a convenient place (at the Land if tangible property) reasonably acceptable to LenderAgent. Borrower shall pay to Lender Agent (for the benefit of Lender) on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and costs, incurred or paid by Agent or Lender in protecting its their interest in the Collateral and in enforcing its their rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to BorrowerDefault. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Agent to the payment of the Debt in such priority and proportions as Lender Agent in its discretion shall deem proper. It The principal place of business of Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Agent (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Mortgage, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”"COLLATERAL"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (Debtor's) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Open End Mortgage and Security Agreement (Inland Western Retail Real Estate Trust Inc)
Security Agreement. This Deed of Trust shall constitute a security agreement as defined in the Uniform Commercial Code of the State of Colorado (a"Code") in the items described in the Granting Clauses of this Deed of Trust (i) This Security Instrument is both a real property mortgage, deed "Collateral"). Any Collateral installed in or used in the Premises are to secure debt be used by the Grantor solely for Grantor's business purposes or deed of trustas the equipment and fixtures leased or furnished by the Grantor, as applicablelandlord, and a “security agreement” within the meaning to tenants of the UCC. The Property includes both real Premises and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in such Collateral will be kept at the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures buildings on the Property. Borrower by executing Premises and delivering this Security Instrument has granted to Lender, as security for will not be removed therefrom without the Debt, a security interest in consent of the Property to the full extent that the Property Beneficiary and may be subject affixed to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition such buildings but will not be affixed to any other rights real estate. The remedies of the Beneficiary hereunder are cumulative and separate, and the exercise of any one or more of the remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default provided for herein or under the UCC, including, without limiting the generality Uniform Commercial Code shall not be construed as a waiver of any of the foregoing, other rights of the right Beneficiary including having any Collateral deemed part of the realty upon any foreclosure thereof. If notice to take possession any party of the intended disposition of the Collateral or any part thereofis required by law in a particular instance, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to the UCC of so much of the Collateral as may constitute personal property notice shall be considered deemed 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such actionintended disposition and may be given by advertisement in a newspaper accepted for legal publications either separately or as part of a notice given to foreclose the real property or may be given by private notice if such parties are known to Beneficiary. Neither the grant of a security interest pursuant to this Deed of Trust nor the filing of a financing statement pursuant to the Code shall ever impair the stated intention of this Deed of Trust that all Collateral 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 conveyed hereunder irrespective of whether such item is physically attached to the real property or any such item is referred to or reflected in a financing statement. Grantor will on demand deliver all financing statements that may from time to time be required by Beneficiary to establish, perfect and continue the priority of Beneficiary's security interest in the Collateral and shall constitute reasonable notice to Borrower. The proceeds pay all expenses incurred by Beneficiary in connection with the renewal or extensions of any disposition financing statements executed in connection with the Premises; and shall give advance written notice of any proposed change in Grantor's name, identity or structure and will execute and deliver to Beneficiary prior to or concurrently with such change all additional financing statements that Beneficiary may require to establish and perfect the Collateral, or any part thereof, may be applied by Lender to the payment priority of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionBeneficiary's security interest.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is Deed of Trust constitutes both a real property mortgage, deed to secure debt mortgage or deed of trust, as applicable, trust and a “security agreement,” within the meaning of the Texas UCC. The , and the Trust Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower the Grantor in the Trust Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower The Grantor by executing and delivering this Security Instrument Deed of Trust has granted to Lenderthe Beneficiary, as security for the DebtObligations, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur hereunder, Lenderthe Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Uniform Commercial Code as in effect in the state of New York (the “UCC”), 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 Lender the Beneficiary may deem necessary for the care, protection and preservation of the UCC Collateral. Upon request or demand of Lender following an Event of Defaultthe Beneficiary, Borrower shall, the Grantor shall at its expense, expense assemble the UCC Collateral and make it available to Lender the Beneficiary at a convenient place acceptable to Lenderthe Beneficiary. Borrower The Grantor shall pay to Lender the Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender the Beneficiary in protecting its interest in the UCC Collateral and in enforcing its rights hereunder with respect to the UCC 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 Lender the Beneficiary with respect to the UCC Collateral given sent to Borrower the Grantor in accordance with the provisions hereof of this Deed of Trust at least ten (10) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to Borrowerthe Grantor, 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 UCC unless objected to in writing by the Grantor within five (5) days after receipt by the Grantor of such notice. The proceeds of any sale or disposition of the UCC Collateral, or any part thereof, may be applied by Lender the Beneficiary to the payment of the Debt Obligations in such order, priority and proportions as Lender the Beneficiary in its discretion shall deem proper. It If any change shall occur in the Grantor's name, the Grantor shall promptly cause to be filed at its own expense, new financing statements as required under the UCC to replace those on file in favor of the Beneficiary. Conflicts between this Paragraph 28 and any provision of the Security Agreement of even date herewith between the Grantor and the Beneficiary shall be resolved in favor of the Security Agreement.
(b) Certain of the UCC Collateral is not necessary or will become “fixtures” (as that term is defined in the Texas UCC), and when this Deed of Trust is filed for record in the real estate records of the county where such fixtures are situated, it shall also automatically operate as a financing statement upon such of the UCC Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up which is or otherwise prepare the Collateral for dispositionmay become fixtures.
Appears in 1 contract
Samples: Deed of Trust (Smith & Wollensky Restaurant Group Inc)
Security Agreement. Except with respect to payments of Subordinated Debt permitted by clause (ab) (i) This Security Instrument is both of Section 1.1 and the security, if any, received by a real property mortgageSubordinated Creditor with the prior written consent of the requisite Lenders pursuant to Section 1.2 hereof, deed to secure debt or deed of trust, as applicableeach Subordinated Creditor will hold in trust for, and a “security agreement” within will promptly pay over to the meaning Administrative Agent (for the pro rata benefit of the UCC. The Property includes both real Secured Parties), all amounts which such Subordinated Creditor receives on account of the Subordinated Debt and personal property will assign and all other rights deliver to the Administrative Agent any security which such Subordinated Creditor receives as collateral therefor and interestseach Subordinated Creditor hereby assigns and pledges to the Administrative Agent for its benefit and the ratable benefit of each of the Secured Parties, whether tangible or intangible in nature, and hereby grants to the Administrative Agent for its benefit and the ratable benefit of Borrower in each of the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the DebtSecured Parties, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights dividends, distributions and remedies granted to a secured party upon default other amounts and all other property (including any Capital Securities), whether now or hereafter existing or acquired by any Subordinated Creditor following the occurrence of any Default under the UCC, including, without limiting the generality Section 10.3 of the foregoingCredit Agreement unless otherwise permitted by the Credit Agreement. All amounts so paid and all realizations on account of security so assigned and delivered, the right to take possession and all payments and distributions on account of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for Subordinated Debt received by the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition Administrative Agent pursuant to the UCC of so much of the Collateral as may constitute personal property Section 1.4 hereof, 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Total Debt or, if in a form other than cash, shall be held by the Administrative Agent for the ratable benefit of the Secured Parties as security for the Total Debt and disposed of in any lawful manner as such security. Upon the occurrence of the Total Debt Termination Date, any balance of such amounts or any security remaining in the hands of the Administrative Agent shall be paid over to, reassigned and redelivered to the applicable Subordinated Creditor, at its cost and expense. Dissolution or Insolvency. Upon any payment or distribution of assets of any Subordinated Debtor of any kind or character, whether in cash, property or Capital Securities, to creditors upon any dissolution or winding up or total or partial liquidation or reorganization of any Subordinated Debtor, whether voluntary or involuntary or in bankruptcy, insolvency, receivership, arrangement or other proceedings, all outstanding amounts in respect of the Total Debt shall first be indefeasibly paid in full in cash before any payment is made on account of any component of the Subordinated Debt. Upon any such dissolution or winding up or liquidation or reorganization, any payment or distribution of assets of any Subordinated Debtor of any kind or character, whether in cash, property or Capital Securities, to which any Subordinated Creditor would be entitled except for the provisions hereof, shall be paid by such Subordinated Debtor or by any receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution on behalf of such Subordinated Debtor, or by any Subordinated Creditor (if received by a Subordinated Creditor), directly to the Administrative Agent (for the benefit of the Secured Parties) to the extent necessary to pay the Total Debt in cash in full, after giving effect to any concurrent payment or distribution made on account of the Total Debt, before any payment or distribution is made to any Subordinated Creditor on account of the Subordinated Debt. For such priority purpose, each Subordinated Creditor hereby assigns to the Administrative Agent (for the benefit of the Secured Parties) all right, title, claim and proportions interest in and to any and all such payments and distributions on account of the Subordinated Debt. In furtherance of the terms of this Subordination Agreement, each Subordinated Creditor hereby irrevocably appoints the Administrative Agent as Lender such Subordinated Creditor's attorney-in-fact, with full authority in the place and stead of such Subordinated Creditor and in the name of such Subordinated Creditor or otherwise, from time to time in the Administrative Agent's discretion, to take any action and to execute any instrument which the Administrative Agent may deem necessary or advisable to accomplish the purposes of this Subordination Agreement (including the filing of claims, proof of claim or other instrument of similar character by the Administrative Agent on behalf (and in the name) of a Subordinated Creditor. Each Subordinated Creditor hereby acknowledges, consents and agrees that the power of attorney granted pursuant to this Section is irrevocable and coupled with an interest. Each Subordinated Creditor shall execute and deliver to the Administrative Agent any instruments of assignment or further assurance of such right, claim, title or interest as the Administrative Agent may hereafter request. The Administrative Agent is hereby irrevocably authorized and empowered, at its election and in its discretion shall deem proper. It is not own name or in the name of each Subordinated Creditor, to execute and file any proof of claim or other document and to take any and all action with respect to the Subordinated Debt necessary that or appropriate to ensure payment to the Collateral Administrative Agent of all such payments and distributions made on account of the Subordinated Debt, and for such purpose each Subordinated Creditor will upon the request of the Administrative Agent assign or endorse and deliver to the Administrative Agent any instrument or instruments hereafter held by such Subordinated Creditor evidencing Subordinated Debt, and will execute and deliver or will cause to be present at executed and delivered any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare and all affidavits, powers of attorney and other instruments and documents as may be requested by the Collateral Administrative Agent for dispositionsuch purpose.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is Deed of Trust constitutes both a real property mortgage, deed to secure debt mortgage or deed of trust, as applicable, trust and a “security agreement,” within the meaning of the Texas UCC. The , and the Trust Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower the Grantor in the Trust Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower The Grantor by executing and delivering this Security Instrument Deed of Trust has granted to Lenderthe Beneficiary, as security for the DebtObligations, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur hereunder, Lenderthe Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the Texas UCC, 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 Lender the Beneficiary may deem necessary for the care, protection and preservation of the UCC Collateral. Upon request or demand of Lender following an Event of Defaultthe Beneficiary, Borrower shall, the Grantor shall at its expense, expense assemble the UCC Collateral and make it available to Lender the Beneficiary at a convenient place acceptable to Lenderthe Beneficiary. Borrower The Grantor shall pay to Lender the Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender the Beneficiary in protecting its interest in the UCC Collateral and in enforcing its rights hereunder with respect to the UCC 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 Lender the Beneficiary with respect to the UCC Collateral given sent to Borrower the Grantor in accordance with the provisions hereof of this Deed of Trust at least ten (10) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to Borrowerthe Grantor, 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 Texas UCC unless objected to in writing by the Grantor within five (5) days after receipt by the Grantor of such notice. The proceeds of any sale or disposition of the UCC Collateral, or any part thereof, may be applied by Lender the Beneficiary to the payment of the Debt Obligations in such order, priority and proportions as Lender the Beneficiary in its discretion shall deem proper. It If any change shall occur in the Grantor’s name, the Grantor shall promptly cause to be filed at its own expense, new financing statements as required under the Texas UCC to replace those on file in favor of the Beneficiary. Conflicts between this Paragraph 28 and any provision of the Security Agreement of even date herewith between the Grantor and the Beneficiary shall be resolved in favor of the Security Agreement.
(b) Certain of the UCC Collateral is not necessary or will become “fixtures” (as that term is defined in the UCC), and when this Deed of Trust is filed for record in the real estate records of the county where such fixtures are situated, it shall also automatically operate as a financing statement upon such of the UCC Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up which is or otherwise prepare the Collateral for dispositionmay become fixtures.
Appears in 1 contract
Samples: Deed of Trust (Smith & Wollensky Restaurant Group Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Grantor hereby grants to LenderAdministrative Agent, for the benefit of Administrative Agent and the Lenders, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccurs, LenderAdministrative Agent, in addition to any other rights and remedies which it may have, shall will have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Administrative Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Administrative Agent after the occurrence, and during the continuance, of an Event of Default, Borrower shallGrantor will, at its expense, assemble the Collateral and make it available to Lender Administrative Agent at a convenient place (at the Land if tangible property) acceptable to LenderAdministrative Agent. Borrower shall Grantor will pay to Lender Administrative Agent on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Administrative Agent in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence, and during the continuance, of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Administrative Agent with respect to the Collateral given sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) days 10 Business Days prior to such action, shall will, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Administrative Agent to the payment of the Debt Obligations in such priority and proportions as Lender Administrative Agent in its discretion shall deem deems proper. It The principal place of business of Grantor (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Administrative Agent (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.. 101
Appears in 1 contract
Samples: Deed of Trust, Security Agreement, Assignment of Rents and Fixture Filing (Pebblebrook Hotel Trust)
Security Agreement. (a) (i) This Security Instrument is Mortgage constitutes both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement,” within the meaning of the UCC. The Uniform Commercial Code, and the Mortgaged Property includes both real and personal property and all other rights and interestsinterest, whether tangible or intangible in nature, of Borrower the Mortgagor in the Mortgaged Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower The Mortgagor by executing and delivering this Security Instrument Mortgage has granted to Lenderthe Mortgagee, as security for the Debtindebtedness evidenced by the Note and the Other Obligations, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”)Mortgaged Property. If an Event of Default the Mortgagor shall occurdefault under the Note or this Mortgage, Lenderthe Mortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, the right to take possession of the Collateral Fixtures or any part thereof, and to take such other measures as Lender the Mortgagee may deem necessary for the care, protection and preservation of the CollateralFixtures. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower The Mortgagor shall pay to Lender the Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender the Mortgagee in protecting its interest in the Collateral Fixtures and in enforcing its rights hereunder with respect to 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 locatedFixtures. Any notice of sale, disposition or other intended action by Lender the Mortgagee with respect to the Collateral given Fixtures sent to Borrower the Mortgagor in accordance with the provisions hereof of this Mortgage at least ten seven (107) days prior to the date of any such sale, disposition or other action, shall constitute reasonable notice to Borrowerthe 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 after receipt by the Mortgagor of such notice. The proceeds of any sale or disposition of the CollateralFixtures, or any part thereof, may be applied by Lender the Mortgagee to the payment of the Debt indebtedness evidenced by the Note and the Other Obligations, in such order, priority and proportions as Lender the Mortgagee in its discretion shall deem properproper to the extent permitted by law. It is not necessary that If any change shall occur in the Collateral Mortgagor’s name, the Mortgagor shall promptly cause to be present filed at any disposition thereofits own expense, new financing statements as required under the Uniform Commercial Code to replace those on file in favor of the Mortgagee. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionMORTGAGOR HEREBY DECLARES AND ACKNOWLEDGES THAT IT HAS RECEIVED, WITHOUT CHARGE, A TRUE COPY OF THIS MORTGAGE AND SECURITY AGREEMENT.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt The Borrower or deed of trustthe applicable Owner's Association, as applicablethe case may be, shall have the right at their respective sole expense to contest the validity of any ad valorem tax assessment related to any property owned by the Borrower and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be not subject to the UCC (said portion timeshare regime established at each Resort, and in the case of each Owner's Association, to property covered by the applicable Declaration. In connection with any ad valorem tax challenge filed by either the Borrower or any Owner's Association, the Borrower or such Owner's Association, as the case may be, shall be required to deliver written notice of such intention to contest and shall make a "good faith deposit", which shall be in an amount determined in good faith either by the Borrower or such Owner's Association equal to the tax amount owed based upon the admitted fair market value by the party challenging such assessment. Such proceedings may continue if, and only so long as no final judicial determination in respect of any foreclosure or other enforcement proceedings in respect to such ad valorem taxes shall have been rendered, and no claim for liability of any kind shall have been asserted against the Lender in connection with such ad valorem taxes. In the event the amount of the Property so subject "good faith deposit" made by either the Borrower or any Owner's Association is less than the amount claimed by the Lender, the Tax Collector, the Borrower or any Owner's Association, as the case may be, Borrower or any Owner's Association shall establish an escrow arrangement reasonably satisfactory to Lender equal to the UCC being called in this Section 18.14 amount of any such deficiency, together with an additional amount sufficient to cover any interest which may accrue during the “Collateral”)pendency of such proceeding. If an Event Upon the termination of Default shall occurany such proceeding, Lenderwhether by final determination or otherwise, in addition to the Borrower or any other rights and remedies which it Owner's Association, as the case may havebe, shall have make full and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the final payment of the Debt in final amount of ad valorem taxes determined to be owed, together with any additional levies, charges, interest, cost or expenses which may be due. Promptly after such priority and proportions as payment has been made, Borrower or any Owner's Association shall deliver to Lender in its discretion shall deem proper. It is not necessary evidence reasonably satisfactory to Lender that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionsuch payment has been made.
Appears in 1 contract
Samples: Inventory Loan and Security Agreement (Silverleaf Resorts Inc)
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the PropertyProperty including all accounts established by Agent pursuant to the Credit Agreement, the Security Agreement and any other Credit Document. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Mortgage, Mortgagor hereby grants to LenderAgent, for the benefit of the Secured Parties, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderAgent, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Agent may deem necessary for the care, protection and preservation of the Collateral. Upon written request or demand of Lender following Agent after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Agent at a convenient place (at the Land if tangible property) reasonably acceptable to LenderAgent. Borrower Mortgagor shall pay to Lender on Agent within five (5) Business Days following written demand any and all reasonable, actual, fees and out-of-pocket expenses, including reasonable legal expenses and attorneys’ feesfees and costs, incurred or paid by Lender Agent or the Secured Parties in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Agent with respect to the Collateral given sent to Borrower Mortgagor in accordance with the provisions hereof at least ten five (105) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The Upon the occurrence and during the continuance of an Event of Default, the proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, the Credit Agreement or the Security Agreement, be applied by Lender Agent to the payment of the Debt Obligations in such priority and proportions as Lender Agent in its discretion shall deem proper. It Mortgagor’s (debtor’s) principal place of business is not necessary that as set forth on the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare first page hereof and the Collateral for dispositionaddress of Agent (secured party) is as set forth on the first page hereof.
Appears in 1 contract
Samples: Credit and Guaranty Agreement (BlueLinx Holdings Inc.)
Security Agreement. (a) (i) This Security Instrument Agreement is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and all transfer taxes, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, action shall constitute reasonable notice to Borrower.
(b) Borrower hereby irrevocably appoints Lender 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 Lender, as secured party, or, to the extent permitted under the UCC, unsigned, in connection with the Collateral covered by this Agreement. Such financing statements may, at the option of Lender, describe the Collateral as “all assets” or “all personal property” of Borrower.
(c) Borrower will furnish to Lender from time to time statements and schedules further identifying and describing the Collateral and such other reports in connection with the Collateral as Lender may reasonably request, all in reasonable detail.
(d) The proceeds powers conferred on Lender hereunder are solely to protect Lender’s interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender Collateral in its discretion shall deem proper. It is not necessary that possession and the Collateral be present at any disposition thereof. accounting for moneys actually received by it hereunder, Lender shall have no obligation duty (and neither Lender nor any of its partners, members, officers, directors, employees or agents shall be responsible to clean-up Borrower for any act or otherwise prepare failure to act) as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relating to any Collateral, whether or not Lender has or is deemed to have knowledge of such matters, or as to the Collateral for disposition.taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any
Appears in 1 contract
Samples: Loan and Security Agreement (Ashford Hospitality Trust Inc)
Security Agreement. 6.1. Mortgagor hereby agrees that with respect to all items of the Mortgaged Property constituting “personal property” (aincluding any fixtures and as-extracted collateral that are personal property under applicable state law) (i) This as that term is used in the Uniform Commercial Code, this Mortgage constitutes a “Security Instrument Agreement,” as that term is both a real property mortgage, deed to secure debt or deed of trust, as applicableused in the Uniform Commercial Code, and a “security agreement” within to further secure the meaning of the UCC. The Property includes both real and personal property and all other rights and interestsObligations, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are Mortgagor hereby grants to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, Mortgagee a security interest in the Property all of Mortgagor’s rights, titles and interests in and to the full extent that Mortgaged Properties insofar as such Mortgaged Properties consist of the Property may be goods, equipment, accounts, contract rights, general intangibles, inventory, hydrocarbons, fixtures and any and all other personal property of any kind or character defined in and subject to the UCC (said portion provisions of the Property so subject to Uniform Commercial Code, including the UCC proceeds and products from any and all of such personal property (all of the foregoing being called in this Section 18.14 Article VI collectively called the “Collateral”). If an Upon the occurrence and during the continuance of any Event of Default Default, Mortgagee is and shall occurbe entitled to all of the rights, Lender, in addition to any other rights powers and remedies afforded a secured party by the Uniform Commercial Code with reference to the personal property and fixtures in which it Mortgagee has been granted a security interest herein, or Mortgagee may have, shall have proceed as to both the real and may exercise immediately and without demand, any and all personal property covered hereby in accordance with the rights and remedies granted to a secured party upon default under the UCC, including, without limiting the generality this instrument in respect of the foregoingreal property covered hereby. Such rights, powers and remedies shall be cumulative and in addition to those granted Mortgagee under any other provision of this instrument or under any other instrument executed in connection with the Purchase Agreement or any of the Obligations. Mortgagor, as Debtor (and in this Article VI and otherwise herein called “Debtor”) covenants and agrees with Mortgagee, as Secured Party (and in this Article VI and otherwise hereinafter called “Secured Party”) that:
(a) To the extent permitted by law, Debtor expressly waives any notice of sale or other disposition of the Collateral and any other right or remedies of a debtor or formalities prescribed by law relative to take possession sale or disposition of the Collateral or exercise of any part thereof, other right or remedy of Secured Party existing after default hereunder; and to take the extent any such other measures as Lender may deem necessary for the carenotice is required and cannot be waived, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultDebtor agrees that if such notice is mailed, Borrower shallpostage prepaid, to Debtor at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 sheriffDebtor’s sales are advertised in the county where the Premises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof address set out herein at least ten (10) days prior before the time of the sale or disposition, such notice shall be deemed reasonable and shall fully satisfy any requirement for giving of said notice.
(b) Following the occurrence and during the continuance of an Event of Default, Secured Party is expressly granted the right at its option, to such action, shall constitute reasonable notice transfer at any time to Borrower. The proceeds of any disposition of itself or to its nominee the Collateral, or any part thereof, and to receive the monies, income, proceeds, or benefits attributable or accruing thereto and to hold the same as security for the obligations or to apply it on the principal and interest or other amounts owing on any of the Obligations, whether or not then due, in such order or manner as Secured Party may be applied by Lender elect. All rights to marshalling of assets of Debtor, including any such right with respect to the payment Collateral, are hereby waived.
(c) All recitals in any instrument of assignment or any other instrument executed by Secured Party incident to sale, transfer, assignment or other disposition or utilization of the Debt Collateral or any part thereof hereunder shall, in the absence of manifest error, be prima facie evidence of the matter stated therein, no other proof shall be required to establish full legal propriety of the sale or other action or of any fact, condition or thing incident thereto, and all prerequisites of such priority sale or other action and proportions as Lender in its discretion of any fact, condition or thing incident thereto shall deem proper. It is not necessary that be presumed to have been performed or to have occurred.
(d) All expenses of preparing for sale, or other use or disposition, selling or otherwise using or disposing of the Collateral and the like which are incurred or paid by Secured Party as authorized or permitted hereunder, including also all reasonable attorneys’ fees, legal expenses and costs, shall be added to the Obligations and the Debtor shall be liable therefor.
(e) Should Secured Party elect to exercise its rights under the Uniform Commercial Code as to part of the Collateral, this election shall not preclude Secured Party or the Mortgagee from exercising any other rights and remedies granted by this instrument as to the remainder of the Collateral.
(f) Any copy of this instrument may also serve as a financing statement under the Uniform Commercial Code of the applicable jurisdiction between the Debtor, whose present address is Mortgagor’s address listed on the first page of this Mortgage, and Secured Party, whose present address is the Mortgagee’s address listed on the first page of this Mortgage.
(g) So long as any amount remains unpaid on any of the Obligations, Debtor will not file in any public office any financing statement or statements affecting the Collateral other than financing statements in favor of Secured Party hereunder and financing statements pertaining to Permitted Encumbrances, unless the prior written specific consent and approval of Secured Party shall have first been obtained.
(h) Secured Party is authorized to file, in any jurisdiction where Secured Party deems it necessary, a financing statement or statements covering the Collateral, and Debtor will pay the cost of filing or recording this instrument, as a financing statement, in all public offices at any disposition thereof. Lender shall have no obligation time and from time to clean-up time whenever filing or otherwise prepare recording of any financing statement or of this instrument is reasonably deemed by Secured Party to be necessary or desirable.
(i) The office where Debtor keeps Debtor’s accounting records concerning the Collateral covered by this Security Agreement is Mortgagor’s address as set forth on the first page of this Mortgage.
6.2. Portions of the Collateral consist of: (i) oil, gas and other minerals produced or to be produced from the lands described in the Leases and to the accounts resulting from the sale thereof at the wellhead; or (ii) goods which are or will become fixtures attached to the real estate constituting a portion of the Mortgaged Properties, and Debtor hereby agrees that this instrument shall be filed in the Real Property Records of the Counties in which the Mortgaged Properties are located as a financing statement to perfect the security interest of Secured Party in said portions of the Collateral. The said oil, gas and other minerals and accounts will be financed at the wellhead of the oil and gas xxxxx located on the lands described in the Leases. The name of the record owner of the Mortgaged Properties is the party named herein as Mortgagor and Debtor. Nothing herein contained shall impair or limit the effectiveness of this document as a security agreement or financing statement for dispositionother purposes.
6.3. Subject to any limitations set forth on Exhibit “A”, Debtor further warrants and represents to Secured Party that, except for: (a) the security interest in the Collateral granted hereby; and (b) the Permitted Encumbrances, Debtor is the owner of the Collateral free of any adverse claim, security interest or encumbrance, and Debtor agrees to defend the Collateral against all other claims and demands against the same or any interest therein. Debtor further warrants and represents that there are no financing statements signed by Debtor now on file in any public office which have not been terminated, except those statements true and correct copies of which have been delivered to Secured Party and financing statements pertaining to Permitted Encumbrances.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Deed of Trust, Borrower hereby grants to LenderBeneficiary, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property and other property constituting the Property, whether now owned or hereafter acquired, to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 EXHIBIT G-1 – CBL 4873-9001-7310\2 other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Beneficiary after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender Beneficiary at a convenient place (at the Land if tangible property) reasonably acceptable to LenderBeneficiary. Borrower shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. It Borrower’s (debtor’s) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Beneficiary (secured party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument constitutes and is deemed to be both a real property mortgage, deed to secure debt or deed of trust, as applicable, trust and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Trustor hereby grants to LenderAdministrative Agent, for the benefit of Administrative Agent and the Lenders, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccurs, LenderAdministrative Agent, in addition to any other rights and remedies which it may have, shall will have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Administrative Agent may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Administrative Agent after the occurrence, and during the continuance, of an Event of Default, Borrower shallTrustor will, at its expense, assemble the Collateral and make it available to Lender Administrative Agent at a convenient place (at the Land if tangible property) acceptable to LenderAdministrative Agent. Borrower shall Trustor will pay to Lender Administrative Agent on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender Administrative Agent in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence, and during the continuance, of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Administrative Agent with respect to the Collateral given sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) days 10 Business Days prior to such action, shall will, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Administrative Agent to the payment of the Debt Obligations in such priority and proportions as Lender Administrative Agent in its discretion shall deem deems proper. It The principal place of business of Trustor (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Administrative Agent (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Deed of Trust (KBS Real Estate Investment Trust III, Inc.)
Security Agreement. 2.14.1 This Deed of Trust shall also be a security agreement between Trustor and Beneficiary covering the Deed of Trust Property constituting personal property or fixtures (ahereinafter collectively called "UCC Collateral") governed by the [RELEVANT STATE] Uniform Commercial Code (i"UCC") This Security Instrument is both a real property mortgage, deed to secure debt or deed as the same may be more specifically set forth in any financing statement delivered in connection with this Deed of trust, as applicableTrust, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as further security for the Debtpayment and performance of the Secured Obligations, Trustor hereby grants to Beneficiary a security interest in such portion of the Property Site to the full extent that the Property Site may be subject to the UCC. In addition to Beneficiary's other rights hereunder, Beneficiary shall have all rights of a secured party under the UCC. Trustor shall execute and deliver to Beneficiary all financing statements and such further assurances that may be reasonably required by Beneficiary 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 Beneficiary's security interests, and Trustor shall bear all reasonable costs thereof, including all UCC (said portion searches. Except as otherwise provided in the Credit Documents, if Beneficiary should dispose of any of the Property so subject Site comprising the UCC Collateral pursuant to the UCC being called UCC, ten (10) days' prior written notice by Beneficiary to Trustor shall be deemed to be reasonable notice; provided, however, Beneficiary may dispose of such property in accordance with the foreclosure procedures of this Section 18.14 Deed of Trust in lieu of proceeding under the “Collateral”)UCC. If Beneficiary may from time to time execute and deliver at Trustor's expense, all continuation statements, termination statements, amendments, partial releases, or other instruments relating to all financing statements by and between Trustor and Beneficiary. Except as otherwise provided in the Credit Documents, if an Event of Default shall occuroccur and is continuing, Lender(a) Beneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demanddemand to the extent permitted by law, any and all rights and remedies granted to a secured party upon default under the UCC, UCC 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon such collateral and (b) upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, assemble the UCC Collateral and make it available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand demand, any and all expenses, including reasonable legal expenses attorneys' fees and attorneys’ fees, disbursements incurred or paid by Lender Beneficiary in protecting its the interest in the UCC Collateral and in enforcing its the rights hereunder with respect to such UCC Collateral.
2.14.2 Trustor and the Collateral. Any disposition pursuant Beneficiary agree, to the UCC extent permitted by law, that: (i) this Deed of so much Trust upon recording or registration in the real estate records 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, proper office shall constitute reasonable notice to Borrower. The proceeds a financing statement filed as a "fixture filing" within the meaning of any disposition [SECTIONS 9-313 AND 9-402 OF THE UCC]; (ii) all or a part of the Collateral, Trust Estate are or any part thereof, may be applied by Lender are to become fixtures; and (iii) the payment addresses of Trustor and Beneficiary are as set forth on the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionfirst page of this Deed of Trust.
Appears in 1 contract
Samples: Credit Agreement (Calpine Corp)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt To the extent that the Trust Property constitutes or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interestsequipment, whether tangible including goods or intangible in nature, items of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods personal property or equipment which are or are to become fixtures on under Applicable Law, in each case to the Propertyextent the same constitutes “Collateral” under the Security Agreement, the Grantor hereby grants a security interest therein (and any Proceeds thereof) and this Deed of Trust shall also be construed as a pledge and a security agreement under the UCC; the Beneficiary shall be entitled with respect to such personal property and equipment to all remedies available under the Security Agreement in the manner and to the extent provided therein.
(b) Notwithstanding the foregoing, to the extent that the Trust Property includes personal property or equipment covered by provisions in the Security Agreement or any other Security Document and such provisions are inconsistent with this Article 6, the provisions of the Security Agreement or such other Security Document shall govern with respect to such personal property and equipment. Borrower Beneficiary shall have all rights with respect to the part of the Trust Property that constitutes Collateral under the Security Agreement and is subject of a security interest afforded by executing the UCC.
(c) The Grantor hereby authorizes the Beneficiary to file a Record or Records (as defined in the UCC), including, without limitation, financing or continuation statements, and delivering this Security Instrument has amendments thereto, in all jurisdictions and with all filing offices as the Beneficiary may determine, in its sole discretion, are necessary or advisable to perfect the lien and security interest granted to Lenderthe Beneficiary herein without the Grantor’s signature appearing thereon. Such financing statements may describe the collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Beneficiary may determine, as security for in its sole discretion, is necessary, advisable or prudent to ensure the Debt, a perfection of the security interest in the Property collateral granted to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCBeneficiary herein, including, without limiting limitation, describing such property as all fixtures. The Grantor constitutes the generality of the foregoing, the right Beneficiary its attorney-in-fact to take possession of the Collateral execute and file any filings required or any part thereof, and to take such other measures as Lender may deem necessary so requested for the careforegoing purposes, protection all acts of such attorney being hereby ratified and preservation of confirmed; and such power, being coupled with an interest, shall be irrevocable until the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble Security Interest granted by the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights Grantor hereunder with respect to the Collateral. Any disposition terminates 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionSection 7.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed Deed of trust, as applicable, Trust and a “security agreement” within the meaning of the UCCUniform Commercial Code of the State. The Secured Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Secured Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Grantor, by executing and delivering this Security Instrument has granted Deed of Trust grants to LenderBeneficiary and Trustee (to the extent provided herein), as security for the DebtObligations, a security interest in the Secured Property to the full extent that the Secured Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”)Uniform Commercial Code. If an Event of Default shall occur, LenderBeneficiary and/or Trustee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, the right to sell the Personal Property at public or private sale, the right to take possession of the Collateral Personal Property or any part thereof, and to take such other measures as Lender Beneficiary and/or Trustee may deem necessary for the care, protection and preservation of the CollateralPersonal Property. Upon request or demand of Lender following an Event of DefaultBeneficiary and/or Trustee, Borrower shall, Grantor shall at its expense, expense assemble the Collateral Personal Property and make it available to Lender Beneficiary and/or Trustee at a convenient place acceptable to LenderBeneficiary and/or Trustee. Borrower Grantor shall pay to Lender Beneficiary and Trustee on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and disbursements, incurred or paid by Lender Beneficiary and Trustee in protecting its interest in the Collateral Personal Property and in enforcing its rights hereunder with respect to 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 locatedPersonal Property. Any notice of sale, disposition or other intended action by Lender Beneficiary and/or Trustee with respect to the Collateral given Personal Property sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) days prior to such actionsale, disposition or action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the CollateralPersonal Property, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt Obligations in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereofWCSR 31792892 62 Deed of Trust Loan No. Lender shall have no obligation to clean374-up or otherwise prepare the Collateral for disposition.0551
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, 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 Borrower Mortgagor in the Mortgaged Property. This Security Instrument Mortgage is filed as a fixture filing and covers goods which are or are to become fixtures on the Mortgaged Property. Borrower Mortgagor by executing and delivering this Security Instrument Mortgage has granted to LenderMortgagee, as security for the Debt, a security interest in the Mortgaged Property to the 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 so subject to the UCC being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occur, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Mortgagee following an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 's sales are advertised in the county where the Premises is located. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral given to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper.
(i) The mention in a financing statement filed in the records normally pertaining to personal property of any portion of the Mortgaged Property shall not derogate from or impair in any manner the intention of this Mortgage. It Mortgagee hereby declares that all items of Collateral are part of the real property encumbered hereby to the fullest extent permitted by law, regardless of whether any such item is physically attached to the Improvements or whether serial numbers are used for the better identification of certain items. Specifically, the mention in any such financing statement of any items included in the Mortgaged Property shall not necessary be construed to alter, impair or impugn any rights of Mortgagee as determined by this Mortgage or the priority of Mortgagee's lien upon and security interest in the Mortgaged Property in the event that notice of Mortgagee's priority of interest as to any portion of the Mortgaged Property is required to be filed in accordance with the UCC to be effective against or take priority over the interest of any particular class of persons, including the federal government or any subdivision or instrumentality thereof.
(b) 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 secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Mortgage.
Appears in 1 contract
Samples: Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Motels of America Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to MERS, as nominee of Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (debtor's) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(secured party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Acadia Realty Trust)
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Mortgagor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Mortgage, Mortgagor hereby grants to LenderMortgagee, as security for the DebtObligations, a security interest in the Fixtures, the Equipment, the Personal Property and the other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If an Event of Default shall occuroccur and be continuing, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following Mortgagee after the occurrence and during the continuance of an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place (at the Land if tangible property) reasonably acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and costs, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender Mortgagee with respect to the Collateral given sent to Borrower Mortgagor in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to BorrowerMortgagor. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender Mortgagee to the payment of the Debt in such priority and proportions as Lender Mortgagee in its discretion shall deem proper. It The principal place of business of Mortgagor (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionaddress of Mortgagee (Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt To the extent that the Mortgaged Property constitutes or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in naturepersonal property, including goods or items of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods personal property which are or are to become fixtures on under applicable law, the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, Mortgagor hereby grants a security interest in the Property to the full extent that the Property may therein and this Mortgage shall also be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights construed as a pledge and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the Local UCC; and, including, without limiting upon the generality occurrence and continuance of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shallthe Mortgagee shall be entitled to exercise with respect to such tangible or intangible personal property all remedies available under the Local UCC and all other remedies available under applicable law. Without limiting the foregoing, any personal property may, at its expensethe Mortgagee's option and, except as otherwise required by applicable law, without the giving of notice, (i) be sold hereunder, (ii) be sold pursuant to the Local UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the Collateral personal property and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderbe designated by the Mortgagee. Borrower At any time and from time to time upon the occurrence and continuance of an Event of Default, the Mortgagee shall pay be the attorney-in-fact of the Mortgagor with respect to Lender on demand any and all expenses, including reasonable legal expenses matters pertaining to the personal property with full power and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder authority to give instructions with respect to the Collateral. Any disposition pursuant collection and remittance of payments, to endorse checks, to enforce the UCC of so much rights and remedies of the Collateral as may constitute Mortgagor and to execute on behalf of the Mortgagor and in Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and agrees that a disposition of the 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Mortgagee's rights and remedies in respect to the payment of the Debt in such priority and proportions Property as Lender in its discretion shall deem proper. It heretofore provided is not necessary that the Collateral be present at any a commercially reasonable disposition thereof. Lender Notwithstanding the foregoing, to the extent that the Mortgaged Property includes personal property covered by the Security Agreement the provisions of the Security Agreement shall have no obligation govern with respect to clean-up or otherwise prepare the Collateral for dispositionsuch personal property.
Appears in 1 contract
Samples: Credit Agreement (Tekni Plex Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument Deed of Trust is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument Deed of Trust has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 10.1 the “Collateral”). If During the existence of an Event of Default shall occurDefault, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following during the existence of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lenderthe Property. Borrower shall pay to Lender on demand any and all reasonable out-of-pocket expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 or other applicable jurisdiction where the Premises is located. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.
(b) The mention in a financing statement filed in the records normally pertaining to personal property of any portion of the Property shall not derogate from or impair in any manner the intention of this Deed of Trust. Lender hereby declares that all items of Collateral are part of the real property encumbered hereby to the fullest extent permitted by law, regardless of whether any such item is physically attached to the Improvements or whether serial numbers are used for the better identification of certain items. Specifically, the mention in any such financing statement of any items included in the Property shall not be construed to alter, impair or impugn any rights of Lender as determined by this Deed of Trust or the priority of Lender’s lien upon and security interest in the Property in the event that notice of Lender’s priority of interest as to any portion of the Property is required to be filed in accordance with the UCC to be effective against or take priority over the interest of any particular class of persons, including the federal government or any subdivision or instrumentality thereof. No portion of the Collateral constitutes or is the proceeds of “Farm Products”, as defined in the UCC.
(c) If Borrower is at any time a beneficiary under a letter of credit now or hereafter issued in favor of Borrower (other than as security under a Lease), Borrower shall promptly notify Lender thereof and, at the request and option of Lender, Borrower shall, pursuant to an agreement in form and substance satisfactory to Lender, either (i) arrange for the issuer and any confirmer of such letter of credit to consent to an assignment to Lender of the proceeds of any drawing under the letter of credit or (ii) arrange for Lender to become the transferee beneficiary of the letter of credit, with Lender agreeing, in each case, that the proceeds of any drawing under the letter to credit are to be applied as provided in this Deed of Trust.
(d) Borrower and Lender acknowledge that for the purposes of Article 9 of the UCC, the law applicable to the Reserve Account shall be the law of the jurisdiction of the bank in which the Reserve Account is located.
(e) Lender may comply with any applicable Legal Requirements in connection with the disposition of the Collateral, and Lender’s compliance therewith will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
(f) Lender may sell the Collateral without giving any warranties as to the Collateral. Lender may specifically disclaim any warranties of title, possession, quiet enjoyment or the like. This procedure will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral.
(g) If Lender sells any of the Collateral upon credit, Borrower will be credited only with payments actually made by the purchaser, received by Lender and applied to the indebtedness of the purchaser. In the event the purchaser of the Collateral fails to fully pay for the Collateral, Lender may resell the Collateral and Borrower will be credited with the proceeds of such sale.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Trustor by executing and delivering this Security Instrument has granted and hereby grants to LenderBeneficiary, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said such portion of the Property so subject to the UCC being called in this Section 18.14 paragraph the “"Collateral”"). This Security Instrument shall also constitute a "fixture filing" for the purposes of the UCC. As such, this Security Instrument 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 the first paragraph of this Security Instrument. If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and attorneys’ feesfees and disbursements, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Beneficiary with respect to the Collateral given Collateral, sent to Borrower Trustor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its sole discretion shall deem proper. It is not In the event of any change in name, identity or structure of Trustor, Trustor shall notify Beneficiary thereof and promptly after request shall execute, file and record such UCC forms as are necessary to maintain the priority of Beneficiary’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 Beneficiary shall require the filing or recording of additional UCC forms or continuation statements, Trustor shall, promptly after request, execute, file and record such UCC forms or continuation statements as Beneficiary 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 Trustor’s obligations under the Loan Documents. Trustor hereby irrevocably appoints Beneficiary 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 Beneficiary, as secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Security Instrument.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both Lease constitutes a real property mortgage, deed security agreement pursuant to secure debt or deed of trustand in accordance with the UCC covering all Property Collateral and Accounts Collateral, as applicablewell as the Authorization Collateral and any other property in or against which Landlord is granted a security interest or lien by the terms of this Lease (collectively, the "Lease Collateral"), and a “such security agreement” within , and the meaning security interests and liens created in this Lease, shall survive the expiration or earlier termination of this Lease. Tenant hereby authorizes Landlord to file such financing statements, continuation statements and other documents as may be necessary or desirable to Amberleigh perfect or continue the perfection of Landlord's security interests and liens in the Lease Collateral pursuant to the UCC. The Property includes both real In addition, if required by Landlord at any time during the Term, Tenant shall execute and personal property deliver to Landlord, in form reasonably satisfactory to Landlord, additional security agreements, financing statements, fixture filings and all such other rights documents as Landlord may reasonably require to perfect or continue the perfection of Landlord's security interests and interests, whether tangible or intangible in nature, of Borrower liens in the PropertyLease Collateral. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on Upon the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion occurrence of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default or in connection with an Operational Transfer, Landlord shall occur, Lender, in addition be entitled to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted available to a secured party upon default under the UCC, including, without limiting or available to a landlord under the generality laws of the foregoingState(s) where the applicable Leased Property(ies) is (are) located, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Lease Collateral. Any disposition pursuant , including the right to sell the UCC of so much of the Collateral as may constitute personal property shall be considered commercially reasonable if made pursuant to a same at 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 or private sale, disposition or other intended action by Lender and, in connection with respect to any such sale, Tenant agrees that the Collateral given to Borrower in accordance with the provisions hereof at least giving of ten (10) days prior to such actiondays' notice by Landlord, shall constitute reasonable notice to Borrower. The proceeds designating the time and place of any disposition public sale of the any Lease Collateral, or the time after which any part private sale or other intended disposition of any Lease Collateral is to be made, shall be deemed to be reasonable notice thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at Tenant waives any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionother notice with respect thereto.
Appears in 1 contract
Samples: Master Lease Agreement (Capital Senior Living Corp)
Security Agreement. (a) (i) This Security Instrument is both To the extent the Mortgaged Property consists of personal property in which a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning interest may be created under Article 9 of the UCC. The Property includes both real and , as defined below (“UCC Collateral”) or items of personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures under applicable law, this Mortgage shall also be construed as a security agreement under the Uniform Commercial Code as in effect on the Propertydate hereof in the State of South Carolina (the “UCC”). Borrower by executing Mortgagor, in order to secure the due and delivering this Security Instrument has granted punctual payment and performance of the Secured Obligations, hereby grants to Lender, as security Mortgagee for the Debtbenefit of the Mortgagee, a security interest in the Property to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender may deem necessary for the care, protection UCC Collateral and preservation of the Collateralfixtures. Upon request or demand and during the continuance of Lender following an Event of Default, Borrower shallthe Mortgagee shall be entitled with respect to the UCC Collateral and fixtures to exercise all remedies hereunder or under any other Loan Document or available under the UCC with respect thereto and all other remedies available under applicable law. Without limiting the foregoing, the UCC Collateral and fixtures may, at its expensethe Mortgagee’s option, (i) be sold hereunder together with any sale of any portion of the Mortgaged Property or otherwise, (ii) be sold separately pursuant to the UCC, or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the UCC Collateral and fixtures and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderbe designated by the Mortgagee. Borrower shall pay to Lender on demand any The Mortgagor acknowledges and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any agrees that a 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 Lender with respect to the Collateral given to Borrower such collateral in accordance with the provisions hereof at least Mortgagee’s rights and remedies in respect to the Mortgaged Property as heretofore provided is a commercially reasonable disposition thereof; provided, however, that the Mortgagee shall give the Mortgagor not less than ten (10) days days’ prior to such action, shall constitute reasonable notice to Borrower. The proceeds of the time and place of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for intended disposition.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument Deed is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument Deed, Borrower has granted and thereby grants to Lender, as security for the Debt, a security interest in the Property to the full extent of Borrower’s interest therein and to the extent that the Property may be subject to the UCC Uniform Commercial Code (said such portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”). If Borrower hereby agrees with Lender to execute and deliver to Lender, in form and substance satisfactory to Lender, such financing statements and such further assurances as Lender may from time to time reasonably consider necessary to create, perfect or preserve Lender’s security interest therein granted. This Deed shall also be effective as a financing statement covering any other property and may be filed in any other appropriate filing or recording office. All or part of the Property are or are to become fixtures. During the continuance of an Event of Default shall occurDefault, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, Uniform Commercial Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultLender, Borrower shall, shall at its expense, expense assemble the Collateral and make it available to Lender at a convenient place acceptable to Lenderthe Land. Borrower shall pay to Lender on demand any and all expenses, including Lender’s reasonable legal expenses and attorneys’ fees, necessarily incurred or paid by Lender in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not In the event of any change in name, identity or structure of any Borrower, such Borrower shall notify Lender thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Lender’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 Lender shall reasonably require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Borrower shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Lender 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 Borrower’s obligations under the Note, this Deed and the other Loan Documents. Borrower hereby irrevocably appoints Lender as its attorney-in-fact, coupled with an interest, to file, if Borrower fails to do so within fifteen (15) Business Days after notice thereof from Lender, with the appropriate public office on its behalf any financing or other statements signed only by Lender, as secured party, in connection with the Collateral be present at any disposition thereofcovered by this Deed.
(b) BORROWER HEREBY KNOWINGLY, INTENTIONALLY AND VOLUNTARILY WAIVES ALL RIGHTS WHICH BORROWER HAS UNDER CHAPTER 14 OF TITLE 44 OF THE OFFICIAL CODE OF GEORGIA OR UNDER ANY SIMILAR PROVISION OF APPLICABLE LAW TO NOTICE AND TO A JUDICIAL HEARING PRIOR TO A WRIT OF POSSESSION ENTITLING LENDER, ITS SUCCESSORS AND ASSIGNS TO POSSESSION OF THE COLLATERAL UPON AN EVENT OF DEFAULT. Lender shall have no obligation to cleanWITHOUT LIMITING ANY OTHER RIGHT WHICH SECURED PARTY MAY HAVE, BORROWER CONSENTS THAT, IF LENDER FILES A PETITION FOR AN IMMEDIATE WRIT OF POSSESSION IN COMPLIANCE WITH SECTION 00-up or otherwise prepare the Collateral for disposition00-000 AND 00-000-000 OF THE OFFICIAL CODE OF GEORGIA OR UNDER ANY SIMILAR PROVISION OF APPLICABLE LAW AND THIS WAIVER OR A COPY HEREOF IS ALLEGED IN SUCH PETITION AND ATTACHED THERETO, THE COURT BEFORE WHICH SUCH PETITION IS FILED MAY DISPENSE WITH ALL RIGHTS AND PROCEDURES HEREIN WAIVED AND MAY ISSUE FORTHWITH AN IMMEDIATE WRIT OF POSSESSION IN ACCORDANCE WITH CHAPTER 14 OF TITLE 44 OF THE OFFICIAL CODE OF GEORGIA OR IN ACCORDANCE WITH ANY SIMILAR PROVISION OF APPLICABLE LAW, WITHOUT THE NECESSITY OF AN ACCOMPANYING BOND AS OTHERWISE REQUIRED BY SECTION 00-00-000 OF THE OFFICIAL CODE OF GEORGIA OR IN ACCORDANCE WITH ANY SIMILAR PROVISION OF APPLICABLE LAW. BORROWER HEREBY ACKNOWLEDGES THAT IT HAS READ AND FULLY UNDERSTANDS THE TERMS OF THIS WAIVER AND THE EFFECT HEREOF.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “security agreement” within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Instrument, Borrower hereby grants to Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment, the Personal Property and other property constituting the Property to the full extent that the Fixtures, the Equipment, the Personal Property and such other property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “CollateralCOLLATERAL”). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) business days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It The principal place of business of Borrower (Debtor) is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereof. address of Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition(Secured Party) is as set forth on page one hereof.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Cedar Shopping Centers Inc)
Security Agreement. (a) (i) This Security Instrument is both Deed constitutes a real property mortgage, deed security agreement under the applicable Uniform Commercial Code with respect to secure debt or deed of trust, as applicable, the Chattels and a “security agreement” within the meaning such other of the UCCMortgaged Property which is personal property. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, a security interest in the Property In addition to the full extent that the Property may be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary 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 UCC, 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 Lender may deem necessary for the care, protection and preservation of the Collateralapplicable Uniform Commercial Code. Upon Beneficiary's request or demand during the existence of Lender following an Event of Default, Borrower shall, Grantor shall promptly and at its expense, expense assemble the Collateral Chattels and such other personal property and make it the same available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Grantor shall pay to Lender Beneficiary on demand demand, with interest at the Prime Based Default Rate, any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral Chattels and such other personal property and in enforcing its rights hereunder with respect to 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 locatedthereto. Any notice of sale, disposition or other intended action by Lender Beneficiary with respect to the Collateral given Chattels and such other personal property sent to Borrower Grantor in accordance with the provisions hereof at least ten five (105) days prior to such action, action shall constitute reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateralsuch sale or disposition, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt indebtedness secured hereby in such priority order and proportions as Lender Beneficiary in its discretion shall deem properappropriate. It is not necessary To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels or such other personal property at the same time and place and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth in Article II, Section 2.01, III or IV, of this Deed. In this connection, Grantor agrees that the Collateral sale may be present at conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the Chattels or such other personal property or any disposition part thereof. Lender shall have no obligation , may be sold separately or together; and that in the event the Premises and the Chattels and such other personal property, or any part thereof are sold together, Beneficiary will not be obligated to clean-up or otherwise prepare allocate the Collateral for dispositionconsideration received as between the Premises and the Chattels and such other personal property.
Appears in 1 contract
Security Agreement. (a) (i) This Security Instrument Mortgage is both a real property mortgage, deed to secure debt or deed of trust, as applicable, 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 Borrower Mortgagor in the Mortgaged Property. This Security Instrument Mortgage is filed as a fixture filing and covers goods which are or are to become fixtures on the Mortgaged Property. Borrower Mortgagor by executing and delivering this Security Instrument Mortgage has granted to LenderMortgagee, as security for the Debt, a security interest in the Mortgaged Property to the 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 so subject to the UCC being called in this Section 18.14 the “"Collateral”"). If an Event of Default shall occur, LenderMortgagee, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, 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 Lender Mortgagee may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender Mortgagee following an Event of Default, Borrower Mortgagor shall, at its expense, assemble the Collateral and make it available to Lender Mortgagee at a convenient place acceptable to LenderMortgagee. Borrower Mortgagor shall pay to Lender Mortgagee on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender Mortgagee in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It is not necessary that the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for disposition.the
Appears in 1 contract
Samples: Mortgage, Security Agreement, Assignment of Rents and Fixture Filing (Mills Corp)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt To the extent that the Trust Property constitutes or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Collateral (as defined in the Property. This Security Instrument is filed Agreement), including ”equipment” (as a fixture filing defined in the UCC), “goods” (as defined in the UCC) and covers goods other items of personal property which are or are to become fixtures on under applicable law (“Article 9 Collateral”), the Property. Borrower by executing and delivering this Security Instrument has granted Grantor hereby grants to Lender, as security for the Debt, Beneficiary a security interest in the Property to the full extent that the Property may therein and this Deed of Trust shall also be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights construed as a pledge and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the UCC, including, without limiting . Following the generality occurrence and during the continuance of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shallthe Beneficiary shall be entitled to exercise with respect to Article 9 Collateral all remedies available under the Security Agreement, the UCC and all other remedies available under applicable law. Without limiting the foregoing, upon an Event of Default, any Article 9 Collateral may, at its expensethe Beneficiary’s option and, except as otherwise required by applicable law, without the giving of notice, (i) be sold hereunder, (ii) be sold pursuant to the UCC or (iii) be dealt with by the Beneficiary in any other manner permitted under applicable law. The Beneficiary may require the Grantor, after an Event of Default has occurred and is continuing to assemble the any Article 9 Collateral and make it available to Lender the Beneficiary at a convenient place acceptable to Lenderbe designated by the Beneficiary. Borrower Following the occurrence and during the continuance of an Event of Default, the Beneficiary shall pay be the attorney-in-fact of the Grantor with respect to Lender on demand any and all expenses, including reasonable legal expenses matters pertaining to Article 9 Collateral with full power and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder authority to give instructions with respect to the Collateral. Any disposition pursuant collection and remittance of payments, to endorse checks, to enforce the UCC of so much rights and remedies of the Collateral as may constitute personal property shall be considered commercially reasonable if made pursuant Grantor and to a public sale which is advertised at least twice execute on behalf of the Grantor and in a newspaper in which sheriffGrantor’s sales are advertised in the county where the Premises is located. Any notice of salename any instruction, disposition agreement or other intended action by Lender with respect to the writing required therefor. The Grantor acknowledges and agrees that a disposition of Article 9 Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition Beneficiary’s rights and remedies in respect of the Collateral, or any part thereof, may be applied by Lender to Property under the payment of the Debt in such priority Security Agreement and proportions as Lender in its discretion shall deem proper. It heretofore provided is not necessary that the Collateral be present at any a commercially reasonable disposition thereof. Lender Notwithstanding the foregoing, to the extent that the Trust Property includes Article 9 Collateral covered by the Security Agreement the provisions of the Security Agreement shall have no obligation govern with respect to clean-up or otherwise prepare the Collateral for disposition.such Article 9
Appears in 1 contract
Samples: Credit Agreement (Huntington Ingalls Industries, Inc.)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, mortgage and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument has granted Deed of Trust, Borrower hereby grants to MERS, as nominee of Lender, as security for the DebtObligations (hereinafter defined), a security interest in the Fixtures, the Equipment and the Personal Property to the full extent that the Fixtures, the Equipment and the Personal Property may be subject to the UCC Uniform Commercial Code (said portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “Collateral”"COLLATERAL"). If an Event of Default shall occuroccur and be continuing, Lender, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform 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 Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following after the occurrence and during the continuance of an Event of Default, Borrower shall, at its expense, assemble the Collateral and make it available to Lender at a convenient place (at the Land if tangible property) reasonably acceptable to Lender. Borrower shall pay to Lender on demand any and all expenses, including reasonable legal expenses and attorneys’ ' fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to the Collateral. Any disposition pursuant to Collateral after the UCC occurrence and during the continuance of so much an Event 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 locatedDefault. Any notice of sale, disposition or other intended action by Lender with respect to the Collateral given sent to Borrower in accordance with the provisions hereof at least ten (10) days Business Days prior to such action, shall shall, except as otherwise provided by applicable law, constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may may, except as otherwise required by applicable law, be applied by Lender to the payment of the Debt in such priority and proportions as Lender in its discretion shall deem proper. It Borrower's (debtor's) principal place of business is not necessary that as set forth on page one hereof and the Collateral be present at any disposition thereofaddress of Lender (secured party) is as set forth on page one hereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositionBorrower's organizational ID no. is 3987661.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Behringer Harvard Reit I Inc)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed Deed of trust, as applicable, Trust and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Trust Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Trustor, if any, in the Trust Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower Trustor, by executing and delivering this Security Instrument has granted Deed of Trust grants to LenderBeneficiary, as security for the DebtIndebtedness, a security interest in the Trust Property to the full extent that the Trust Property may be subject to the UCC Uniform Commercial Code (said such portion of the Trust Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 Paragraph the “"Collateral”"). Trustor shall execute and deliver to Beneficiary, in form and substance reasonably satisfactory to Beneficiary, such financing statements and further assurances as Beneficiary may from time to time, reasonably request in order to create, perfect, and preserve the security interest(s) herein granted. This Deed of Trust 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 Beneficiary upon request. If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCCUniform Commercial Code, including, without limiting the generality of the foregoing, but subject to the rights of Tenant under the Lease Agreement and the Manager under the Management Agreement, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Trustor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to LenderBeneficiary. Borrower Trustor shall pay to Lender Beneficiary on demand any and all reasonable expenses, including reasonable legal expenses and attorneys’ fees' fees and disbursements, incurred or paid by Lender Beneficiary in protecting its interest in the Collateral and in enforcing its rights hereunder with respect to 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 Lender Beneficiary or Trustee with respect to the Collateral given sent to Borrower Trustor in accordance with the provisions hereof at least ten five (105) days prior to such action, shall constitute reasonable notice to BorrowerTrustor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt Indebtedness in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. It is not Trustor shall notify Beneficiary and Trustee of any change in name, identity or structure of Trustor 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 Beneficiary and Trustee upon and security interest in the Collateral. In addition, Trustor shall promptly execute, file and record such additional Uniform Commercial Code forms or continuation statements as Beneficiary or Trustee shall reasonably 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 Trustor under the Note, this Deed of Trust or the other Loan Documents. Trustor hereby grants to Beneficiary and Trustee an irrevocable power of attorney, coupled with an interest, to file with the appropriate public office on its behalf any financing or other statements signed only by Beneficiary or Trustee, as secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust, Assignment of Leases and Rents, and Security Agreement (Hospitality Properties Trust)
Security Agreement. (a) (i) This Security Instrument Deed of Trust is both a real property mortgage, deed to secure debt or deed of trust, as applicable, and a “"security agreement” " within the meaning of the UCCUniform Commercial Code. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in nature, of Borrower Grantor in the Property. This Security Instrument is filed as a fixture filing and covers goods which are or are to become fixtures on the Property. Borrower by By executing and delivering this Security Instrument Deed of Trust, Grantor has granted and hereby grants to LenderBeneficiary, as security for the Debt, a security interest in the Property to the full extent that the Property may be subject to the UCC Uniform Commercial Code (said such portion of the Property so subject to the UCC Uniform Commercial Code being called in this Section 18.14 the “"Collateral”"). Grantor represents, warrants and covenants that it has not previously granted, and it shall not in the future grant, any security interests under Article 9 of the Uniform Commercial Code in any of the Collateral. Grantor hereby agrees with Beneficiary to execute and deliver to Beneficiary, in form and substance satisfactory to Beneficiary, such financing statements and such further assurances as Beneficiary may from time to time reasonably consider necessary to create, perfect or preserve Beneficiary's security interest herein granted. This Deed of Trust shall also be effective as a financing statement covering any other property and may be filed in any other appropriate filing or recording office. This Deed of Trust shall also constitute a "fixture filing" for the purposes of the Uniform Commercial Code. All or part of the Property are or are to become fixtures. If an Event of Default shall occur, LenderBeneficiary, in addition to any other rights and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default under the UCC, Uniform Commercial Code including, without limiting the generality of the foregoinglimitation, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender Beneficiary may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of DefaultBeneficiary, Borrower shall, Grantor shall at its expense, expense assemble the Collateral and make it available to Lender Beneficiary at a convenient place acceptable to Lenderthe Land. Borrower Grantor shall pay to Lender Beneficiary on demand any and all expenses, including reasonable legal expenses and Beneficiary's attorneys’ ' fees, incurred or paid by Lender Beneficiary in protecting its the interest in the Collateral and in enforcing its the rights hereunder with respect to 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 Lender Beneficiary with respect to the Collateral given sent to Borrower Grantor in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute commercially reasonable notice to BorrowerGrantor. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Beneficiary to the payment of the Debt in such priority and proportions as Lender Beneficiary in its discretion shall deem proper. It is not In the event of any change in name, identity or structure of any Grantor, such Grantor shall notify Beneficiary thereof and promptly after request shall execute, file and record such Uniform Commercial Code forms as are necessary to maintain the priority of Beneficiary'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 Beneficiary shall require the filing or recording of additional Uniform Commercial Code forms or continuation statements, Grantor shall, promptly after request, execute, file and record such Uniform Commercial Code forms or continuation statements as Beneficiary 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 Grantor's obligations under the Note, this Deed of Trust and the other Loan Documents. Grantor hereby irrevocably appoints Beneficiary 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 Beneficiary, as secured party, in connection with the Collateral be present at any disposition thereof. Lender shall have no obligation to clean-up or otherwise prepare the Collateral for dispositioncovered by this Deed of Trust.
Appears in 1 contract
Samples: Deed of Trust (Equity Inns Inc)
Security Agreement. (a) (i) This Security Instrument is both a real property mortgage, deed to secure debt To the extent that the Mortgaged Property constitutes or deed of trust, as applicable, and a “security agreement” within the meaning of the UCC. The Property includes both real and personal property and all other rights and interests, whether tangible or intangible in naturepersonal property, including goods or items of Borrower in the Property. This Security Instrument is filed as a fixture filing and covers goods personal property which are or are to become fixtures on under applicable law, the Property. Borrower by executing and delivering this Security Instrument has granted to Lender, as security for the Debt, Mortgagor hereby grants a security interest in the Property to the full extent that the Property may therein and this Mortgage shall also be subject to the UCC (said portion of the Property so subject to the UCC being called in this Section 18.14 the “Collateral”). If an Event of Default shall occur, Lender, in addition to any other rights construed as a pledge and remedies which it may have, shall have and may exercise immediately and without demand, any and all rights and remedies granted to a secured party upon default security agreement under the UCC; and, including, without limiting upon the generality occurrence and continuance of the foregoing, the right to take possession of the Collateral or any part thereof, and to take such other measures as Lender may deem necessary for the care, protection and preservation of the Collateral. Upon request or demand of Lender following an Event of Default, Borrower shallthe Mortgagee shall be entitled to exercise with respect to such tangible or intangible personal property all remedies available under the UCC and all other remedies available under applicable law. Without limiting the foregoing, upon the occurrence and continuation of an Event of Default, any personal property may, at its expensethe Mortgagee's option and, except as otherwise required by applicable law, without the giving of notice, (i) be sold hereunder, (ii) be sold pursuant to the UCC or (iii) be dealt with by the Mortgagee in any other manner permitted under applicable law. The Mortgagee may require the Mortgagor to assemble the Collateral personal property and make it available to Lender the Mortgagee at a convenient place acceptable to Lenderbe designated by the Mortgagee. Borrower At any time and from time to time upon the occurrence and continuance of an Event of Default, the Mortgagee shall pay be the attorney-in-fact of the Mortgagor with respect to Lender on demand any and all expenses, including reasonable legal expenses matters pertaining to the personal property with full power and attorneys’ fees, incurred or paid by Lender in protecting its interest in the Collateral and in enforcing its rights hereunder authority to give instructions with respect to the Collateral. Any disposition pursuant collection and remittance of payments, to endorse checks, to enforce the UCC of so much rights and remedies of the Collateral as may constitute Mortgagor and to execute on behalf of the Mortgagor and in Mortgagor's name any instruction, agreement or other writing required therefor. The Mortgagor acknowledges and agrees that a disposition of the 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 Lender with respect to the Collateral given to Borrower in accordance with the provisions hereof at least ten (10) days prior to such action, shall constitute reasonable notice to Borrower. The proceeds of any disposition of the Collateral, or any part thereof, may be applied by Lender Mortgagee's rights and remedies in respect to the payment of the Debt in such priority and proportions other Mortgaged Property as Lender in its discretion shall deem proper. It heretofore provided is not necessary that the Collateral be present at any a commercially reasonable disposition thereof. Lender shall have no obligation Notwithstanding the foregoing, to clean-up the extent that the Mortgaged Property includes personal property (that is not a fixture or otherwise prepare become real property under applicable law) covered by the Collateral for dispositionSecurity Agreement, the provisions of the Security Agreement shall govern with respect to such personal property.
Appears in 1 contract
Samples: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Polaroid Corp)