Common use of Perfection of Interest Clause in Contracts

Perfection of Interest. The City authorizes the Developer to file and, if necessary, shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer as pledgee of all amounts from time to time on deposit in the Phase II Developer’s Project Cost Subaccount of the Affordable Housing Development Program Fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. To the extent deemed necessary by the Developer, the City will at such time and from time to time as requested by ▇▇▇▇▇▇▇▇▇ establish the Phase II Developer’s Project Cost Subaccount as a segregated fund under the control of an escrow agent, trustee or other fiduciary so as to perfect Developer’s interest therein.

Perfection of Interest. The City authorizes the Developer to file and, if necessary, shall cooperate with the Developer in causing appropriate financing statements and continuation statements naming the Developer as pledgee of all amounts from time to time on deposit in the Phase II Developer’s Project Cost Subaccount of Account and the Affordable Housing Development Program Fund to be duly filed and recorded in the appropriate state offices as required by and permitted under the provisions of the Maine Uniform Commercial Code or other similar law as adopted in the State of Maine and any other applicable jurisdiction, as from time to time amended, in order to perfect and maintain the security interests created hereunder. To the extent deemed necessary by the Developer, the City will at such time and from time to time as requested by ▇▇▇▇▇▇▇▇▇ establish the Phase II Developer’s Project Cost Subaccount Account as a segregated fund under the control of an escrow agent, trustee or other fiduciary so as to perfect Developer▇▇▇▇▇▇▇▇▇’s interest therein.