Common use of Collateral and Security Interest Clause in Contracts

Collateral and Security Interest. (a) Borrower represents and warrants to Senior Lender that the only security interest, lien, or other encumbrance, of any kind, that Junior Lender has in and to the Land to secure all or any part of the Junior Obligations are as set forth in the Junior Loan Documents. . (b) Except as may be required by law and Section 6(b) below, Senior Lender shall have no obligation to Junior Lender with respect to the Deed of Trust Property or the Senior Obligations. Senior Lender may in accordance with the Senior Loan Documents (i) exercise collection rights; (ii) take possession of, sell or dispose of, and otherwise deal with, the Deed of Trust Property; (iii) in the name of Senior Lender, Junior Lender, or Borrower, demand, sue for, collect, or receive any money or property at any time payable or receivable on account of the Deed of Trust Property; (iv) prosecute, settle, and receive proceeds on any insurance claims relating to the Deed of Trust Property; and (v) exercise and enforce any right or remedy available to the Senior Lender with respect to the Deed of Trust Property, whether available before or after the occurrence of any default; all without consent of Junior Lender except as specifically required by law. Senior Lender may apply the proceeds from the exercise of such remedies or otherwise from the Deed of Trust Property for Repayment in Full of the Senior Obligations in

Collateral and Security Interest. (a) Borrower represents and warrants to Senior Lender that the only security interest, lien, or other encumbrance, of any kind, that Junior Lender has in and to the Land to secure all or any part of the Junior Obligations are as set forth in the Junior Loan Documents. . (b) Except as may be required by law and Section 6(b) below, Senior Lender shall have no obligation to Junior Lender with respect to the Deed of Trust Property or the Senior Obligations. Senior Lender may in accordance with the Senior Loan Documents (i) exercise collection rights; (ii) take possession of, sell or dispose of, and otherwise deal with, the Deed of Trust Property; (iii) in the name of Senior Lender, Junior Lender, or Borrower, demand, sue for, collect, or receive any money or property at any time payable or receivable on account of the Deed of Trust Property; (iv) prosecute, settle, and receive proceeds on any insurance claims relating to the Deed of Trust Property; and (v) exercise and enforce any right or remedy available to the Senior Lender with respect to the Deed of Trust Property, whether available before or after the occurrence of any default; all without consent of Junior Lender except as specifically required by law. Senior Lender may apply the proceeds from the exercise of such remedies or otherwise from the Deed of Trust Property for Repayment in Full of the Senior Obligations inin any order as the Senior Lender deems appropriate except as may otherwise be required by law.