Common use of Mandatory Delivery; Grant of Security Interest Clause in Contracts

Mandatory Delivery; Grant of Security Interest. The Sales and delivery on the Closing Date of the Home Loans described in the Home Loan Schedule are mandatory, it being specifically understood and agreed that each Home Loan is unique and identifiable on the Closing Date and that an award of money damages would be insufficient to compensate City Capital and the Depositor for the losses and damages that would be incurred by them in the event of the Seller's failure to deliver the Home Loans on or before the Closing Date. The Seller hereby grants to City Capital, and City Capital hereby assigns such grants to the Depositor, a first lien on and a continuing first priority security interest in each Home Loan and each document and instrument evidencing each Home Loan to secure the performance by the Seller of its obligation to deliver such Home Loans hereunder. All rights and remedies of City Capital and the Depositor under this Agreement are distinct from, and cumulative with, any other rights or remedies under this Agreement or afforded by law or equity, and all such rights and remedies may be exercised concurrently, independently, or successively.