Common use of Uniform Commercial Code Security Agreement Clause in Contracts

Uniform Commercial Code Security Agreement. This Continuing Covenant Agreement is also a security agreement under the Uniform Commercial Code for any of the Mortgaged Property which, under applicable law, may be subjected to a security interest under the Uniform Commercial Code, for the purpose of securing Borrower’s obligations under this Continuing Covenant Agreement and to further secure Borrower’s obligations under the Security Instrument and other Financing Documents, whether such Mortgaged Property is owned now or acquired in the future, and all products and cash and non-cash proceeds thereof (collectively, “UCC Collateral”), and by this Continuing Covenant Agreement, Borrower grants to Funding Lender a security interest in the UCC Collateral.

Uniform Commercial Code Security Agreement. This Continuing Covenant Agreement is also a security agreement under the Uniform Commercial Code for any with respect to each of the Mortgaged Property which, under applicable law, may be subjected to a security interest under the Uniform Commercial Code, for the purpose of securing Borrower’s obligations under this Continuing Covenant Agreement and to further secure Borrower’s obligations under the Security Instrument and other Financing Documents, whether such Mortgaged Property is owned now or acquired in the future, and all products and cash and non-cash proceeds thereof following (collectively, “UCC Collateral”), and by this Continuing Covenant Agreement, Borrower grants to Funding Lender a security interest in the UCC Collateral.Collateral to secure Borrower’s obligations under this Continuing Covenant Agreement and the other Financing Documents: