Common use of Fixture Financing Statement Clause in Contracts

Fixture Financing Statement. From the date of its recording, this Deed of Trust shall be effective as a fixture financing statement within the purview of the Uniform Commercial Code with respect to the Real Property and the goods described herein, which goods are or are to become fixtures related to the Real Property (collectively, with the Personalty and other items described in Section 2.3 above, referred to herein as the “Collateral”). The addresses of Grantor (Debtor) and Beneficiary (Secured Party) are set forth in the Preamble to this Deed of Trust. This Deed of Trust is to be filed for recording with the Recorder of Deeds of the county or the counties where the Property is located. Grantor hereby appoints Beneficiary as its attorney-in-fact to execute and file on its behalf any financing statements, continuation statements or other statements in connection therewith which Beneficiary deems necessary or reasonably advisable to preserve and maintain the priority of the lien hereof, or to extend the effectiveness thereof, under the Uniform Commercial Code or any other laws which may hereafter become applicable. This power, being coupled with an interest, shall be irrevocable so long as any part of the Obligations remains unpaid. Grantor shall pay to Beneficiary, from time to time, upon demand, any and all costs and expenses incurred by Beneficiary in connection with the filing of any such statements including, without limitation, reasonable attorneys’ fees and all disbursements and such amounts shall be part of the Obligations secured by this Deed of Trust.