Common use of Nature of Collateral Clause in Contracts

Nature of Collateral. The Collateral shall remain personal property, notwithstanding the manner in which it may be affixed to any real property. Borrower shall obtain and cause to be recorded, where appropriate, at its own expense, from each landlord, owner, mortgagee or any person having an encumbrance or lien upon the real property where the Collateral is located, a waiver of any lien, encumbrance or interest which such person might have or hereafter obtain or claim with respect to the Collateral. Borrower, at its expense, will protect and defend the title to the Collateral and will otherwise take all action required to keep the Collateral free and clear of all claims, levies, liens and encumbrances except for the security interest of Lender. Lender assumes no liability and makes no representation as to the treatment by Borrower of this Agreement, the Collateral, or the payments due hereunder for financial, accounting or tax purposes.