Common use of Cross Default and Cross Collateral Clause in Contracts

Cross Default and Cross Collateral. The Borrower and the Bank have entered into a loan transaction (the "Development Loan") regarding the construction of infrastructure improvements on real property adjacent to the Property pursuant to which the Borrower has executed and delivered to Bank a Development Loan Agreement of even date herewith, (the "Development Loan Agreement") and other documents and instruments in connection with the Development Loan as described in the Development Loan Agreement (the "Development Loan Documents"). The Development Loan Documents provide that the Obligations under the Development Loan are additionally secured by the Loan Documents encumbering the Property and that any default under the Development Loan Documents shall be a default under the Loan Documents. Further, repayment of the Loan is additionally secured by the Development Loan Documents and any default under the Loan Documents shall be deemed a default under the Development Loan Documents. At such time as the Development Loan is paid in full, the Borrower and Bank will either execute a modification of the Loan to extinguish the cross-default and cross-collateral provisions with respect to the Development Loan or the Bank will m▇▇▇ the Development Note "paid in full and cancelled, " but will retain the original thereof in order to effect a release of the Deed of Trust when the Note is paid in full.

Cross Default and Cross Collateral. The Borrower and the Bank have entered into a loan transaction (the "Development Construction Loan") regarding the construction of infrastructure improvements on real property adjacent to the Property pursuant to which the Borrower has executed and delivered to Bank a Development Construction Loan Agreement of even date herewith, (the "Development Construction Loan Agreement") and other documents and instruments in connection with the Development Construction Loan as described in the Development Construction Loan Agreement (the "Development Construction Loan Documents"). The Development Construction Loan Documents provide that the Obligations under the Development Construction Loan are additionally secured by the Loan Documents encumbering the Property and that any default under the Development Construction Loan Documents shall be a default under the Loan Documents. Further, repayment of the Loan is additionally secured by the Development Construction Loan Documents and any default under the Loan Documents shall be deemed a default under the Development Construction Loan Documents. At such time as the Development Construction Loan is paid in full, the Borrower and Bank will either execute a modification of the Loan to extinguish the cross-default and cross-collateral provisions with respect to the Development Construction Loan or the Bank will m▇▇▇ the Development Construction Note "paid in full and cancelled, " but will retain the original thereof in order to effect a release of the Deed of Trust when the Note is paid in full.