Common use of CHARGE OF LANDS Clause in Contracts

CHARGE OF LANDS. ‌ For valuable consideration (the receipt and sufficiency of which is hereby acknowledged), the Borrower hereby grants, mortgages and charges its entire estate and interest in the Lands to the Bank, as security for the payment to the Bank of the Liabilities and performance, observance and compliance with the Liabilities. It is agreed by the Borrower and the Bank that the Charge will secure at any one time only that portion of the aggregate principal component of the Liabilities outstanding at such time which does not exceed the Principal Amount, together with interest or compound interest in the manner specified in the Charge accrued thereon at such time, and Costs and any other amounts to which the Bank is entitled under the Charge and Credit Agreements.