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HomeMy WebLinkAbout1826 Section 1. Items of Collateral. As security for the full, timely and faithful repayment by the 8orrower of the Loan and the performance by the Borrower of all of its obligations under the Loan Documents, the Borrower hereby sets over to the Lender all of its right, title and interest in and to the following: (a) All licenses, permits, approvals, certificates and agreements with or from all boards, agencies, depart~~ents, j governmental or otherwise, relating directly or indirectly to the ownership, use, operation and maintenance of the Property, or the construction of development improvements on the Property, whether heretofore or hereafter issued or eaecuted (collectively, the "Licenses"), said boards, agencies, departments, governmental or otherwise being hereinafter collectively referred to as the "Governmental Authorities." ~ (b) All contracts, subcontracts, agreements, service ~ ~ agree~ents, warranties and purchase arders that have heretofore j been or will hereinafter be eaecuted by or on behalf of the ~ Borrower, or that have been assigned to the Borrower, in ~ connection with the use, operation and maintenance of the ` Property, ar the construction or development of improvements on ~ the Property, including any contracts, easements or rights-of-way permitting the Borrower to cross the property of others in order to gain access to the Property (collectively, ; the "Contracts"), and the parties with whom or to whom such ~ Contracts have been or are given are hereinafter collectively ~ referred to as the "Contractors." a ; (c) All contracts and agreements that have heretofore ~ been or will hereafter be eaecuted by or on behalf of the s Borrower in connection with the sale or lease of any unit, lot ' or portion of the Property (collectively, the "Agreements"), ~ and the parties with whom or to whom the Agreements have been or are given are hereinafter collectively referred to as the ~ "Purchasers and Lessees." r. t The items described in subsections (a), (b) and (c) above shall hereinafter be collectively referred to as the "Additional Collateral." Section 2. @orrower's_l~ffirmative Covenants. (a) The Borrower covenants and agrees that it shall faithfully observe and perform all of the obligations and k agreements imposed upon the Borrower under the Licenses, y Contracts and Agreements. r 2 - 800K ~rj ~ PAGE1S~ ~ s . .~~~~~~~~~s~~~,~.~~~=f .