Common use of Security Deeds Clause in Contracts

Security Deeds. The Deeds of Trust from a Borrower or Stibbs (which has been assumed by Land Company pursuant to the Assumption Agreement), to the Agent for the benefit of the Lenders (or to trustees named therein acting on behalf of the Agent for the benefit of the Lenders), as the same may be modified or amended, pursuant to which a Borrower has conveyed a Mortgaged Property as security for the Obligations, such Security Deeds to be in form and substance satisfactory to the Agent.

Security Deeds. The Deeds of Trust from a Borrower or Borrower, Stibbs (which has been assumed by Land Company pursuant to the Assumption Agreement), or a Guarantor as permitted by §7.19 to the Agent for the benefit of the Lenders (or to trustees named therein acting on behalf of the Agent for the benefit of the Lenders), as the same may be modified or amended, pursuant to which a Borrower has conveyed a Mortgaged Property as security for the Obligations, such Security Deeds to be in form and substance satisfactory to the Agent.