Ownership of the Personal Property. All of the Personal Property is owned by the Borrower, and except for the Collateral Use Agreement executed among Borrower, Lender and W▇▇▇▇ Fargo Foothill, LLC, in its capacity as agent for the Revolving Credit Lenders referenced therein, is not the subject matter of any lease, control agreement or other instrument, agreement or transaction whereby any ownership, security or beneficial interest in the Personal Property is held by any person or entity other than the Borrower, subject only to (1) the Lender’s security interest, (2) the rights of tenants occupying the Property pursuant to Leases approved by the Lender, and (3) the Permitted Encumbrances.
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Ownership of the Personal Property. All of the Personal Property is owned by the Borrower, and except for the Collateral Use Agreement executed among Borrower, Lender and W▇▇▇▇ Fargo Foothill, LLC, in its capacity as agent for the Revolving Credit Lenders referenced therein, is not the subject matter of any lease, control agreement or other instrument, agreement or transaction whereby any ownership, security or beneficial interest in the Personal Property is held by any person or entity other than the Borrower, subject only to (1) the Lender’s security interest, (2) the rights of tenants occupying the Property pursuant to Leases approved by the Lender, which shall include the Leases identified in the rent roll attached to the Closing Certificate executed as one of the Loan Documents, and (3) the Permitted Encumbrances.
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