|
<br />Mortgage, Assignment of Rents,
<br />Security Agreement and Fixture Filing
<br />Page 5
<br />
<br />equipment; all athletic, swimming pool and patio equipment and furniture; all lobby furniture and
<br />furnishings; all ground keeping, lawn sprinklers and lawn maintenance systems; all cleaning
<br />supplies and equipment; all laundry machines and equipment; all art work, and all other equipment
<br />and accouterments of any nature whatsoever used in operating the Project on the Premises (it being
<br />understood that the enumeration of any specific articles of property shall in no way be held to
<br />exclude any items of property not specifically enumerated), all fixtures, as well as renewals,
<br />replacements, proceeds, additions, accessories, increases, parts, fittings, insurance payments,
<br />awards and substitutes thereof, together with all interest of Borrower in any such items hereafter
<br />acquired, as well as the Borrower’s interest in any lease, or conditional sales agreement under
<br />which the same is acquired, all of which personal property mentioned herein shall be deemed
<br />fixtures and accessory to the freehold and a part of the realty and not severable in whole or in part
<br />without material injury to the Premises.
<br />D.
<br />RENTS, INCOME, LEASES AND PROFITS
<br />All rents, income, contract rights, leases and profits now due or which may hereafter become due
<br />under or by virtue of any lease, license or agreement, whether written or verbal, for the use or
<br />occupancy of the Premises or any part thereof together with all tenant security deposits.
<br />E.
<br />ACCOUNTS
<br />All “Accounts”, as such term is defined in the Uniform Commercial Code as the same may, from
<br />time to time, be in effect in the State of Minnesota (hereinafter sometimes referred to as the “UCC,”
<br />“Code,” and/or “Uniform Commercial Code”, provided, however, in the event that, by reason of
<br />mandatory provisions of law, any or all of the attachment, perfection or priority of the secured
<br />party’s security interest in any collateral is governed by the Uniform Commercial Code as in effect
<br />in a jurisdiction other than the State of Minnesota, the term shall mean the Uniform Commercial
<br />Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such
<br />attachment, perfection or priority and for purposes of definitions related to such provisions), now
<br />owned or hereafter acquired by the Borrower, including, but not limited to, each and every right
<br />of the Borrower to the payment of money, whether such right to payment now exists or hereafter
<br />arises, whether such right to payment arises out of a sale, lease or other disposition of goods or
<br />other property, out of a rendering of services, out of a loan, out of the overpayment of taxes or
<br />other liabilities, or otherwise arises under any contract or agreement, whether such right to
<br />payment is created, generated or earned by the Borrower or by some other person who
<br />subsequently transfers such person’s interest to the Borrower, whether such right to payment is or
<br />is not already earned by performance, and howsoever such right to payment may be evidenced,
<br />together with all other rights and interests (including all Liens) that the Borrower may at any time
<br />have by law or agreement against any account debtor or other obligor obligated to make any such
<br />payment or against any property of such account debtor or other obligor; all including but not
<br />limited to all present and future accounts, contract rights, loans and obligations receivable, chattel
<br />papers, bonds, notes and other debt instruments, tax refunds and rights to payment in the nature of
<br />general intangibles (collectively “Accounts”).
|