SECURITY AND SOURCE OF PAYMENT Sample Clauses

SECURITY AND SOURCE OF PAYMENT. Borrower's obligation to repay the HOME Loan and any associated interest and other amounts payable under this Agreement or the Note shall, at all times during which any amount remains outstanding, be secured by the deed of trust (“Deed of Trust”), in the form of Exhibit “D” attached hereto, recorded against Borrower's interest in the Site and the Project (collectively, the "Property"). The security interest in the Property granted to Commission pursuant to the Deed of Trust shall be subordinate only to the HUD Capital Advance Documents and such exceptions to title shown in the title report for the Property which are approved in writing by Commission. Except to the extent any Event of Default hereunder, as described in Section 15, results directly or indirectly from any willful misconduct, fraud or intentional and material misrepresentation by Borrower in connection with this Agreement or the HOME Loan, the HOME Loan is a nonrecourse obligation of Borrower and in the event of the occurrence of an Event of Default, Commission's only recourse under the Deed of Trust shall be against the Property, the proceeds thereof, the rents and other income arising from its use and occupancy as provided in the Deed of Trust, and any other collateral given to Commission as security for repayment of the HOME Loan such that neither Borrower nor any partner of Borrower shall have personal liability for repayment of the HOME Loan.
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SECURITY AND SOURCE OF PAYMENT. Borrower's obligations under this Note and the Loan Agreement shall, at all times during which any amount remains outstanding, be secured by the deed of trust (“Deed of Trust”) of even date herewith, and of which the Commission is the beneficiary, recorded against Borrower's fee interest in the Site and the Project (collectively, the "Property"). The security interest in the Property granted to the Commission pursuant to the Deed of Trust shall be subordinate only to the Senior Financing and such exceptions to title shown in the title report for the Property which are approved in writing by the Commission. Except to the extent any Event of Default hereunder results directly or indirectly from any fraud or intentional and material misrepresentation by Borrower in connection with this Note, the Loan Agreement or the Loan, the Loan is a nonrecourse obligation of Borrower and, in the event of the occurrence of an Event of Default, the Commission’s only recourse under the Deed of Trust shall be against the Property, the proceeds thereof, the rents and other income arising from its use and occupancy as provided in the Deed of Trust, and any other collateral given to the Commission as security for repayment of the Loan.
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SECURITY AND SOURCE OF PAYMENT. The Note is secured by that certain Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (“Deed of Trust”) between Borrower and the Commission of even date herewith. Except to the extent of any fraud or material misrepresentation by Borrower, the Note shall not be a personal obligation of Borrower, and the Commission’s only recourse under the Deed of Trust shall be against the property described therein, the proceeds thereof, the rents and other income arising from its use, and any other collateral given to the Commission as security for repayment of the Note.
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SECURITY AND SOURCE OF PAYMENT. 5.1 Borrower's obligation to repay the Loan and any associated interest and other amounts payable under this Agreement or the Note shall, at all times during which any amount remains outstanding, be secured by the leasehold deed of trust (as amended, modified, supplemented, and replaced from time to time, collectively, the “Leasehold Deed of Trust”), in the form of E xhibit “D” attached hereto, recorded against Borrower's fee interest [OR] leasehold interest in the Site and the Project and creating a security interest therein and such other related rights as are described therein (collectively, referred to therein as the "Mortgage Property"). The security interest in the Mortgaged Property granted to First 5 LA pursuant to the Leasehold Deed of Trust shall be subordinate only to the Senior Financing and such exceptions to title shown in the title report for the Mortgaged Property which are approved in writing by First 5 LA.
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SECURITY AND SOURCE OF PAYMENT. Borrower's obligation to repay the Loan and any associated interest and other amounts payable under this Agreement or the Note shall, at all times during which any amount remains outstanding, be secured by cash in an escrow account equivalent to the principal amount of the Loan. The escrow account will be held by U.S. Bank as an Escrow Agent (“Escrow Agent”) of the COUNTY pursuant to an escrow agreement ("Escrow Agreement") in the form of Exhibit G hereto. The escrow account will be pledged to the COUNTY pursuant to a pledge agreement ("Pledge and Security Agreement") in the form of Exhibit F hereto. Except to the extent any Event of Default hereunder results directly or indirectly from any fraud or intentional and material misrepresentation by Borrower in connection with this Agreement or the Loan, the Loan is a limited recourse obligation of Borrower, and in the event of the occurrence of an Event of Default, COUNTY’s only recourse shall be against the collateral provided for the Loan. Notwithstanding the foregoing, COUNTY shall have recourse against any assets of Borrower with respect to all Borrower’s obligation under this Agreement imposed by HUD, including to pay any prepayment premium, costs, fees, or reimbursement to HUD, or other defeasance cost incurred in connection with prepayment, acceleration, or defeasance of the HUD Loan, or change in use or disposition of the Covina Senior and Community Center regardless of whether the prepayment, acceleration, defeasance or change in use or disposition of the Covina Senior and Community Center is triggered involuntarily by default or voluntarily. The preceding sentence is not intended to make the Loan full recourse as to the basic principal and interest thereof, but only as to the premiums, penalties, costs, fees, or reimbursement attributable to prepayment, acceleration defeasance of the HUD Loan and change in use or disposition of the Covina Senior and Community Center. Borrower shall use its Los Angeles Urban County allocated Community Development Block Grant (CDBG) funds as the primary source of repayment for the Loan. Borrower may use any other eligible funding source available to Borrower, subject to COUNTY’s approval, to make timely payments. In the event the Borrower’s primary source of repayment using CDBG from its annual allocation is insufficient to meet any and all annual repayment obligations, the Borrower pledges provide funds from another non-restricted funding source in the amount equal to...
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Related to SECURITY AND SOURCE OF PAYMENT

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  • Data Security and Privacy 12.1 SERVICE PROVIDER acknowledges the importance of Data Security and agrees to adhere to the Terms and Conditions of the Data Security Policy of IIMC.

  • System Security and Data Safeguards When SAP is given access to Licensee’s systems and data, SAP shall comply with Licensee’s reasonable administrative, technical, and physical safeguards to protect such data and guard against unauthorized access. In connection with such access, Licensee shall be responsible for providing Consultants with user authorizations and passwords to access its systems and revoking such authorizations and terminating such access, as Licensee deems appropriate from time to time. Licensee shall not grant SAP access to Licensee systems or personal information (of Licensee or any third party) unless such access is essential for the performance of Services under the Agreement. The parties agree that no breach of this provision shall be deemed to have occurred in the event of SAP non-conformance with the aforementioned safeguard but where no personal information has been compromised.

  • Security and Data Transfers Party shall comply with all applicable State and Agency of Human Services' policies and standards, especially those related to privacy and security. The State will advise the Party of any new policies, procedures, or protocols developed during the term of this agreement as they are issued and will work with the Party to implement any required. Party will ensure the physical and data security associated with computer equipment, including desktops, notebooks, and other portable devices, used in connection with this Agreement. Party will also assure that any media or mechanism used to store or transfer data to or from the State includes industry standard security mechanisms such as continually up-to-date malware protection and encryption. Party will make every reasonable effort to ensure media or data files transferred to the State are virus and spyware free. At the conclusion of this agreement and after successful delivery of the data to the State, Party shall securely delete data (including archival backups) from Party’s equipment that contains individually identifiable records, in accordance with standards adopted by the Agency of Human Services. Party, in the event of a data breach, shall comply with the terms of Section 7 above.

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  • Security and Data Privacy Each party will comply with applicable data privacy laws governing the protection of personal data in relation to their respective obligations under this Agreement. Where Siemens acts as Customer’s processor of personal data provided by Customer, the Data Privacy Terms available at xxxxx://xxx.xxxxxxx.xxx/dpt/sw, including the technical and organizational measures described therein, apply to the use of the relevant Learning Services and are incorporated herein by reference.

  • Security and Safety A. The Contractor warrants it is and shall remain in compliance with all applicable local, state and federal laws, regulations, codes and ordinances relating to fire, construction, building, health, food service and safety, including but not limited to the Hotel and Motel Fire Safety Act of 1990, Public Law 101-391. The Judicial Council may terminate this Agreement, pursuant to the termination for cause provision set forth herein, without penalty or prejudice if the Contractor fails to comply with the foregoing requirements.

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