Common use of Uniform Commercial Code Security Interest Clause in Contracts

Uniform Commercial Code Security Interest. This Mortgage shall constitute a security agreement pursuant to the Uniform Commercial Code covering any of the items or types of property included as part of the Mortgaged Property that may be subject to a security interest pursuant to the Uniform Commercial Code, and Mortgagor hereby grants Mortgagee a security interest in such items or types of property. This Mortgage or a reproduction hereof, is sufficient as a financing statement and as a financing statement, it covers goods which are or are to become fixtures on the Land. The Mortgagor hereby authorizes the Mortgagee at any time and from time to time to file any initial financing statements, amendments thereto and continuation statements with or without the signature of the Mortgagor as authorized by applicable law, as applicable to all or part of the Mortgaged Property and/or the Mortgaged Property. Mortgagor shall pay all costs of filing such instruments. For purposes of such filings, the Mortgagor agrees to furnish any information requested by the Mortgagee promptly upon request by the Mortgagee. The Mortgagor also ratifies its authorization for the Mortgagee to have filed any like initial financing statements, amendments thereto and continuation statements, if filed prior to the date of this security instrument. The Mortgagor hereby irrevocably constitutes and appoints the Mortgagee and any officer or agent of the Mortgagee, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of the Mortgagor or in the Mortgagor’s own name to execute in the Mortgagor’s name any documents and otherwise to carry out the purposes of this Section 12, to the extent that the Mortgagor’s authorization above is not sufficient. To the extent not permitted by law, the Mortgagor hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or cause to be done in the future by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable.

Uniform Commercial Code Security Interest. This In addition to constituting a mortgage, this Mortgage shall constitute also constitutes a "security agreement pursuant to agreement" under the Uniform Commercial Code covering as adopted and in effect in the Commonwealth of Pennsylvania ("UCC"), with Mortgagor hereby granting to Mortgagee a first priority lien and security interest in and to all "personal property" of Mortgagor included within the definition of "Property" herein, including but not limited to all now owned or hereafter acquired furniture, fixtures, equipment, machinery, accounts, contract rights, general intangibles, inventory, chattel paper, documents and instruments and all proceeds and products of the foregoing, as well as all books and records pertaining to any of the items foregoing (such personal property is hereafter referred to as "Collateral"). Mortgagor agrees that it shall not sell, assign, lease, transfer or types otherwise dispose of any Collateral without Mortgagee's prior written consent except in the ordinary course of business of Mortgagor or if immediately replaced by property included as part of a similar kind and quality. Mortgagor agrees to keep the Collateral in good condition and repair and to keep the Collateral insured against all loss by theft, fire or other casualty, to the full insurable value of the Mortgaged Property that Collateral. Mortgage shall execute one or more financing statements in forms satisfactory to Mortgagee and will take such other action as may be subject to a security interest pursuant to the Uniform Commercial Code, and Mortgagor hereby grants Mortgagee a security interest in such items necessary or types of property. This Mortgage or a reproduction hereof, is sufficient as a financing statement and as a financing statement, it covers goods which are or are to become fixtures on the Land. The Mortgagor hereby authorizes the Mortgagee at any time and desirable from time to time to perfect, evidence and continue the security interest of Mortgagee in the Collateral. Mortgagor agrees, however, that Mortgagee may file this Mortgage or a reproduction hereof in the real estate records or other appropriate index as a financing statement. Upon the occurrence of one or more Events of Default, Mortgagee may, at its sole and absolute discretion, exercise any initial financing statementsone or more of the following remedies: (a) immediately take possession, amendments thereto and continuation statements with or without the signature legal process, of any or all of the Collateral wherever it may be found, using self-help to do so, and for that purpose Mortgagee, as principal or as agent of Mortgagor, may enter upon the Property or any other location upon which the Collateral may be situated and remove the same therefrom, without such entry constituting a breach of the peace. Mortgagee may also require Mortgagor to assemble the Collateral and deliver it, at Mortgagor's expense, to a place designated by Mortgagee. Mortgagor waives all claims for damages due to, arising from or connected with any such taking; or (b) sell, lease or otherwise dispose of the Collateral at public or private sale in the county where it is located, with or without having the Collateral physically present at the place of sale, on terms and in such lawful manner as authorized by applicable Mortgagee may determine and as are commercially reasonable. Mortgagee may purchase at such sale; or (c) Exercise any and all other remedies available to Mortgagee at law or in equity. Mortgagor will not at any time claim or take any benefit of any stay or execution or moratorium law, as applicable to all any exemption from execution or part sale of the Mortgaged Property and/or Collateral or any part thereof, whenever enacted, now or at any time hereafter in force, which may affect the Mortgaged Propertycovenants and terms of performance of this Mortgage, nor claim or take any benefit of any law now or hereafter in force providing for the valuation or appraisal of the Collateral, or any part thereof, prior to any sale or sales thereof which may be made pursuant to any provision herein, or pursuant to the decree, judgment or order of any court of competent jurisdiction; nor, after any such sale or sales, claim or exercise any right under any statute heretofore or hereafter enacted to redeem the property so sold or any part thereof. Mortgagor shall pay hereby expressly waives all costs benefit of filing any such instruments. For purposes law or laws, and covenants not to hinder, delay or impede the execution of such filings, the Mortgagor agrees any power herein granted or delegated to furnish any information requested by the Mortgagee promptly upon request by the Mortgagee. The Mortgagor also ratifies its authorization for the Mortgagee to have filed any like initial financing statements, amendments thereto and continuation statements, if filed prior to the date of this security instrument. The Mortgagor hereby irrevocably constitutes and appoints the Mortgagee and any officer or agent of the Mortgagee, with full but to suffer and permit the execution of every power of substitutionas though no such law or laws had been made or enacted. Mortgagor, as its true for itself and lawful attorneys-in-fact with full irrevocable power and authority in the place and stead of the Mortgagor or in the Mortgagor’s own name to execute in the Mortgagor’s name any documents and otherwise to carry out the purposes of this Section 12all who may claim under it, waives, to the extent extend that it lawfully may, all right to have the Mortgagor’s authorization above is not sufficient. To the extent not permitted by law, the Mortgagor hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or cause to be done in the future by virtue Collateral marshaled upon any foreclosure hereof. This power of attorney is coupled with an interest and shall be irrevocable.

Uniform Commercial Code Security Interest. This In addition to being a mortgage, this Mortgage shall constitute constitutes a security agreement pursuant to under the Uniform Commercial Code covering any as adopted in the State of the items or types of property included as part of the Mortgaged Property that may be subject to Ohio and creates a security interest pursuant in favor of Mortgagee in and to all that property (and the Uniform Commercial Codeproceeds, successions and replacements thereof, and the proceeds of any insurance on such property) included in the Premises which might otherwise be deemed "personal property". Mortgagor hereby grants Mortgagee a security interest in such said items and all substitutions, replacement parts, additions, repairs, repair parts, accessions and accessories incorporated therein or types of propertyaffixed thereto in which Mortgagor acquires an interest and the proceeds thereof (sometimes referred to herein collectively as the "Collateral"). This Mortgagor agrees that Mortgagee may file this Mortgage or a reproduction hereof, is sufficient thereof in the real estate records or other appropriate index as a financing statement and as a financing statement, it covers goods which are or are to become fixtures on the Land. The Mortgagor hereby authorizes the Mortgagee at for any time and from time to time to file any initial financing statements, amendments thereto and continuation statements with or without the signature of the Mortgagor items specified above as authorized by applicable law, as applicable to all or part of the Mortgaged Property and/or the Mortgaged PropertyPremises. Mortgagor shall pay all costs of filing such instruments. For purposes of such filingsIn addition, the Mortgagor agrees to furnish execute and deliver to Mortgagee, upon Mortgagee's request any information requested by financing statements as well as extensions, renewals and amendments thereof and reproductions of this Mortgage in such form as Mortgagee may require, to perfect or protect the Mortgagee promptly upon request by the Mortgagee. The Mortgagor also ratifies its authorization for the Mortgagee to have filed any like initial financing statements, amendments thereto and continuation statements, if filed prior security interest hereby created with respect to the date Collateral, or to more fully describe the Collateral. Notwithstanding any release of this security instrument. The Mortgagor hereby irrevocably constitutes and appoints the Mortgagee and any officer or agent all of the Mortgagee, with full power of substitution, as its true and lawful attorneys-in-fact with full irrevocable power and authority property included in the place Premises which is deemed "real property," any proceedings to foreclose this Mortgage, or its satisfaction of record, the terms hereof shall survive as the security agreement with respect to the security interest created hereby and stead referred to above until the repayment or satisfaction in full of the Mortgagor or in the Mortgagor’s own name to execute in the Mortgagor’s name any documents and otherwise to carry out the purposes of this Section 12, to the extent that the Mortgagor’s authorization above is not sufficient. To the extent not permitted by law, the Mortgagor hereby ratifies all acts said attorneys-in-fact have lawfully done in the past or shall lawfully do or cause to be done in the future by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocableIndebtedness Hereby Secured.