Common use of Security Intended Clause in Contracts

Security Intended. Notwithstanding any provision of this ----------------- Mortgage to the contrary, the parties intend that this document constitutes security for the payment and performance of the Obligations and shall be a "mortgage" or "deed of trust" under applicable law as set forth in Section 38. If Section 38 provides that this document is intended to be a deed of trust and, despite that intention, a court of competent jurisdiction determines that this document does not qualify as a "trust deed" or "deed of trust" under applicable law, then ab initio, this instrument shall be deemed a realty mortgage under applicable law and shall be enforceable as a realty mortgage, and, in such event, or in the event that Section 38 provides that this document is intended to be a mortgage, the Mortgagor shall be deemed a "mort- gagor," Beneficiary shall be deemed a "mortgagee," and Trustee shall have no capacity (but shall be disregarded and all references to "Trustee" shall be deemed to refer to the "mortgagee" to the extent not inconsistent with interpreting this instrument as though it were a realty mortgage). As a realty mortgage, the Mortgagor, as mortgagor, shall be deemed to have conveyed the Properties ab initio to Beneficiary as mortgagee, such conveyance as a security to be void upon condition that the Mortgagor pay and perform all its Obligations. The remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be as prescribed herein or by general law, or, as to that part of the security in which a security interest may be perfected under the UCC, by the specific statutory consequences now or hereafter enacted and specified in the UCC, all at Beneficiary's sole election.

Security Intended. Notwithstanding any provision of this ----------------- Mortgage to the contrary, the parties intend that this document constitutes security for the payment and performance of the Obligations and shall be a "mortgage" or ", "deed of trust" or "deed to secure debt" under applicable law as set forth in Section 38law. If Section 38 provides that this document is intended to be a deed of trust andIf, despite that intention, a court of competent jurisdiction determines that this document does not qualify as a "trust deed", "deed of trust" or "deed of trustto secure debt" under applicable law, then ab initio, this instrument shall be deemed a realty mortgage under applicable law and shall be enforceable as a realty mortgage, and, in such event, or in the event that Section 38 provides that this document is intended to be a mortgage, the Mortgagor and Borrower shall be deemed a "mort- gagor," Beneficiary mortgagor", Lender shall be deemed a "mortgagee," ", and Trustee Lender shall have no capacity (but shall be disregarded and all references to "TrusteeLender" shall be deemed to refer to the "mortgageeLender" to the extent not inconsistent with interpreting this instrument as though it were a realty mortgage). As a realty mortgage, the MortgagorBorrower, as mortgagor, shall be deemed to have conveyed the Properties Property ab initio to Beneficiary Lender as mortgagee, such conveyance as a security to be void upon condition that the Mortgagor Borrower pay and perform all its Obligations. The remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be as prescribed herein or by general law, or, as to that part of the security in which a security interest may be perfected under the UCC, by the specific statutory consequences now or hereafter enacted and specified in the UCC, all at BeneficiaryLender's sole election.

Security Intended. Notwithstanding any provision of this ----------------- Mortgage to the contrary, the parties intend that this document constitutes security for the payment and performance of the Obligations and shall be a "mortgage" or "deed of trust" under applicable law as set forth in Section 38law. If Section 38 provides that this document is intended to be a deed of trust andIf, despite that intention, a court of competent jurisdiction determines that this document does not qualify as a "trust deed" or "deed of trust" under applicable law, then ab initio, this instrument shall be deemed a realty mortgage under applicable law and shall be enforceable as a realty mortgage, and, in such event, or in the event that Section 38 provides that this document is intended to be a mortgage, the Mortgagor and Grantor shall be deemed a "mort- gagormortgagor," Beneficiary shall be deemed a "mortgagee," and Trustee shall have no capacity (but shall be disregarded and all references to "Trustee" shall be deemed to refer to the "mortgagee" to the extent not inconsistent with interpreting this instrument as though it were a realty mortgage). As a realty mortgage, the MortgagorGrantor, as mortgagor, shall be deemed to have conveyed the Properties Property ab initio to Beneficiary as mortgagee, such conveyance as a security to be void upon condition that the Mortgagor Grantor pay and perform all its Obligations. The remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be as prescribed herein or by general law, or, as to that part of the security in which a security interest may be perfected under the UCC, by the specific statutory consequences now or hereafter enacted and specified in the UCC, all at Beneficiary's sole election.. 51

Security Intended. Notwithstanding any provision of this ----------------- Mortgage to the contrary, the parties intend that this document constitutes security for the payment and performance of the Obligations and shall be a "mortgage" or "deed of trust" under applicable law as set forth in Section 38law. If Section 38 provides that this document is intended to be a deed of trust andIf, despite that intention, a court of competent jurisdiction determines that this document does not qualify as a "trust deed" or "deed of trust" under applicable law, then ab initio, this instrument shall be deemed a realty mortgage under applicable law and shall be enforceable as a realty mortgage, and, in such event, or in the event that Section 38 provides that this document is intended to be a mortgage, the Mortgagor and Grantor shall be deemed a "mort- gagormortgagor," Beneficiary shall be deemed a "mortgagee," and Trustee shall have no capacity (but shall be disregarded and all references to "Trustee" shall be deemed to refer to the "mortgagee" to the extent not inconsistent with interpreting this instrument as though it were a realty mortgage). As a realty mortgage, the MortgagorGrantor, as mortgagor, shall be deemed to have conveyed the Properties Property ab initio to Beneficiary as mortgagee, such conveyance as a security to be void upon condition that the Mortgagor Grantor pay and perform all its Obligations. The remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be as prescribed herein or by general law, or, as to that part of the security in which a security interest may be perfected under the UCC, by the specific statutory consequences now or hereafter enacted and specified in the UCC, all at Beneficiary's sole election.

Security Intended. Notwithstanding any provision of this ----------------- Mortgage to the contrary, the parties intend that this document constitutes security for the payment and performance of the Obligations and shall be a "mortgage" or "deed of trust" under applicable law as set forth in Section 38law. If Section 38 provides that this document is intended to be a deed of trust andIf, despite that intention, a court of competent jurisdiction determines that this document does not qualify as a "trust deed" or "deed of trust" under applicable law, then ab initio, this instrument shall be deemed a realty mortgage under applicable law and shall be enforceable as a realty mortgage, and, in such event, or in the event that Section 38 provides that this document is intended to be a mortgage, the Mortgagor and Grantor shall be deemed a "mort- gagormortgagor," Beneficiary shall be deemed a "mortgagee," and Trustee shall have no capacity (but shall be disregarded and all references to "Trustee" shall be deemed to refer to the "mortgagee" to the extent not inconsistent with interpreting this instrument as though it were a realty mortgage). As a realty mortgage, the MortgagorGrantor, as mortgagor, shall be deemed to have conveyed the Properties Property ab initio to Beneficiary as mortgagee, such conveyance as a security to be void upon condition that the Mortgagor Grantor pay and perform all its Obligations. The remedies for any violation of the covenants, terms and conditions of the agreements herein contained shall be as prescribed herein or by general law, or, as to that part of the security in which a security interest may be perfected under the UCC, by the specific statutory consequences now or hereafter enacted and specified in the UCC, all at Beneficiary's sole election.