Common use of Project Development Fee Security Clause in Contracts

Project Development Fee Security. To secure payment of the Project Development Fee, Pawnee hereby pledges and grants a security interest in all Collateral to Lakes to secure Pawnee's obligations under this Agreement in connection with payment of the Project Development Fee, further agrees to enter into standard and customary dominion account agreements/security agreements/mortgages or deeds of trust necessary to evidence and effectuate such liens, and authorizes Lakes to file those financing statements and similar documents and agreements as Lakes may believes appropriate to perfect such liens.