Common use of Additional Mortgages Clause in Contracts

Additional Mortgages. Within 30 days after the request of the Collateral Agent pursuant to Section 6.13(a)(iv) (which may be extended at the sole discretion of the Collateral Agent), each Collateral Loan Party shall deliver Mortgages (granting valid and perfected first priority Liens and security interests), together with Mortgage Instruments, with respect to each individual real property (and related improvements) with a fair market value in excess of $2,500,000 (as determined by the Company and the Collateral Agent in good faith) owned by such Collateral Loan Party, together with evidence that the casualty and other insurance (including, without limitation, flood insurance) required pursuant to the Loan Documents is in full force and effect; provided that with respect to any real property being added as Collateral, the Collateral Agent agrees that it will not request any such Mortgage unless and until it has confirmed that all flood insurance due diligence and flood insurance compliance verification has been completed and such real property may be pledged. This Section 6.13(f) will supersede Section 16(a) of Amendment No. 3 with respect to the requirements for the grant of first priority Liens and security interests in owned real property of the Collateral Loan Parties.

Additional Mortgages. Within 30 days after the request of the Collateral Agent pursuant to Section 6.13(a)(iv) (which may be extended at the sole discretion of the Collateral Agent), each Collateral Loan Party shall deliver Mortgages (granting valid and perfected first priority Liens and security interests), together with Mortgage Instruments, with respect to each individual real property (and related improvements) with a fair market value in excess of $2,500,000 (as determined by the Company and the Collateral Agent in good faith) owned by such Collateral Loan Party, together with evidence that the casualty and other insurance (including, without limitation, flood insurance) required pursuant to the Loan Documents is in full force and effect; provided that with respect to any real property being added as Collateral, the Collateral Agent agrees that it will not request any such Mortgage unless and until it has confirmed that all flood insurance due diligence and flood insurance compliance verification has been completed and such real property may be pledged. This Section 6.13(f) will supersede Section 16(a) of Amendment No. 3 6 with respect to the requirements for the grant of first priority Liens and security interests in owned real property of the Collateral Loan Parties.