Common use of Security for the Note Clause in Contracts

Security for the Note. In consideration for the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by [PURCHASER 4], and the due payment of all principal and interest on this Note from time to time outstanding and on all other monies from time to time owing on the security hereof and to secure the due performance by [PURCHASER 4] of obligations herein contained, [PURCHASER 4] does hereby grant, assign, mortgage, pledge, charge, hypothecate and create a security interest in, to and in favor of the Holder in an undivided fifty percent (50%) interest in the Purchased Assets provided that the charge hereby created will in no way hinder or prevent [PURCHASER 4] at any time and from time to time (until an Event of Default occurs pursuant to Article 8 hereof and the Holder will have determined to enforce the same) from managing, developing, utilizing or dealing with all or any part of the subject matter of the said charge in the ordinary course of his business and for the purpose of carrying on or extending the same or from entering into the Management and Marketing Agreement; provided further that during any period in which there is any outstanding principal or any accrued and unpaid interest on this Note, [PURCHASER 4] will not, and [PURCHASER 4] hereby covenants that he will not, without the prior written consent of the Holder, sell or transfer all or any part of his undivided fifty percent (50%) interest in the Purchased Assets, or make, give, create, assume or allow to subsist any mortgage, pledge, hypothecation, lien, charge, encumbrance, assignment or other security, whether fixed or floating, upon the Purchased Assets or any part thereof. TO HAVE AND TO HOLD such assets and interests and all rights hereby conferred unto the Holder, its successors and assigns forever, but in trust nevertheless, for the uses and purposes and with the powers and authorities subject to the terms and conditions mentioned and set forth in this Note.

Security for the Note. In consideration for the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by [PURCHASER 42], and the due payment of all principal and interest on this Note from time to time outstanding and on all other monies from time to time owing on the security hereof and to secure the due performance by [PURCHASER 42] of obligations herein contained, [PURCHASER 42] does hereby grant, assign, mortgage, pledge, charge, hypothecate and create a security interest in, to and in favor of the Holder in an undivided fifty percent (50%) interest in the Purchased Assets provided that the charge hereby created will in no way hinder or prevent [PURCHASER 42] at any time and from time to time (until an Event of Default occurs pursuant to Article 8 hereof and the Holder will have determined to enforce the same) from managing, developing, utilizing or dealing with all or any part of the subject matter of the said charge in the ordinary course of his business and for the purpose of carrying on or extending the same or from entering into the Management and Marketing Agreement; provided further that during any period in which there is any outstanding principal or any accrued and unpaid interest on this Note, [PURCHASER 42] will not, and [PURCHASER 42] hereby covenants that he will not, without the prior written consent of the Holder, sell or transfer all or any part of his undivided fifty percent (50%) interest in the Purchased Assets, or make, give, create, assume or allow to subsist any mortgage, pledge, hypothecation, lien, charge, encumbrance, assignment or other security, whether fixed or floating, upon the Purchased Assets or any part thereof. TO HAVE AND TO HOLD such assets and interests and all rights hereby conferred unto the Holder, its successors and assigns forever, but in trust nevertheless, for the uses and purposes and with the powers and authorities subject to the terms and conditions mentioned and set forth in this Note.

Security for the Note. In consideration for the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by [PURCHASER 4]▇▇▇▇, and the due payment of all principal and interest on this Note from time to time outstanding and on all other monies from time to time owing on the security hereof and to secure the due performance by [PURCHASER 4] ▇▇▇▇ of obligations herein contained, [PURCHASER 4] ▇▇▇▇ does hereby grant, assign, mortgage, pledge, charge, hypothecate and create a security interest in, to and in favor of the Holder in an undivided fifty percent (50%) interest in the Purchased Assets provided that the charge hereby created will in no way hinder or prevent [PURCHASER 4] ▇▇▇▇ at any time and from time to time (until an Event of Default occurs pursuant to Article 8 hereof and the Holder will have determined to enforce the same) from managing, developing, utilizing or dealing with all or any part of the subject matter of the said charge in the ordinary course of his business and for the purpose of carrying on or extending the same or from entering into the Management and Marketing Agreement; provided further that during any period in which there is any outstanding principal or any accrued and unpaid interest on this Note, [PURCHASER 4] ▇▇▇▇ will not, and [PURCHASER 4] ▇▇▇▇ hereby covenants that he will not, without the prior written consent of the Holder, sell or transfer all or any part of his undivided fifty percent (50%) interest in the Purchased Assets, or make, give, create, assume or allow to subsist any mortgage, pledge, hypothecation, lien, charge, encumbrance, assignment or other security, whether fixed or floating, upon the Purchased Assets or any part thereof. TO HAVE AND TO HOLD such assets and interests and all rights hereby conferred unto the Holder, its successors and assigns forever, but in trust nevertheless, for the uses and purposes and with the powers and authorities subject to the terms and conditions mentioned and set forth in this Note.

Security for the Note. In consideration for the premises and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by [PURCHASER 43], and the due payment of all principal and interest on this Note from time to time outstanding and on all other monies from time to time owing on the security hereof and to secure the due performance by [PURCHASER 43] of obligations herein contained, [PURCHASER 43] does hereby grant, assign, mortgage, pledge, charge, hypothecate and create a security interest in, to and in favor of the Holder in an undivided fifty percent (50%) interest in the Purchased Assets provided that the charge hereby created will in no way hinder or prevent [PURCHASER 43] at any time and from time to time (until an Event of Default occurs pursuant to Article 8 hereof and the Holder will have determined to enforce the same) from managing, developing, utilizing or dealing with all or any part of the subject matter of the said charge in the ordinary course of his business and for the purpose of carrying on or extending the same or from entering into the Management and Marketing Agreement; provided further that during any period in which there is any outstanding principal or any accrued and unpaid interest on this Note, [PURCHASER 43] will not, and [PURCHASER 43] hereby covenants that he will not, without the prior written consent of the Holder, sell or transfer all or any part of his undivided fifty percent (50%) interest in the Purchased Assets, or make, give, create, assume or allow to subsist any mortgage, pledge, hypothecation, lien, charge, encumbrance, assignment or other security, whether fixed or floating, upon the Purchased Assets or any part thereof. TO HAVE AND TO HOLD such assets and interests and all rights hereby conferred unto the Holder, its successors and assigns forever, but in trust nevertheless, for the uses and purposes and with the powers and authorities subject to the terms and conditions mentioned and set forth in this Note.percent