Common use of Cross-Default; Cross-Collateralization Clause in Contracts

Cross-Default; Cross-Collateralization. (a) Each Borrower acknowledges that Lender has made the Loan to Borrowers upon the security of their collective interest in the Projects and in reliance upon the aggregate of the Projects taken together being of greater value as collateral security than the sum of the Projects taken separately. Each Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under the other Mortgages which secures the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Projects as security for the Note. Each Borrower covenants and agrees that in the case of an Event of Default (i) Lender shall have the right to pursue all of its rights and remedies in one proceeding, or separately and independently in separate proceedings from time to time, as mortgagee, in its sole and absolute discretion, shall determine from time to time, (ii) Lender is not required to either marshal assets, sell any individual Project in any inverse order of alienation, or be subject to any “one action” or “election of remedies” law or rule, (iii) the exercise by Lender of any remedies against any one Project will not impede Lender from subsequently or simultaneously exercising remedies against any other Project and (iv) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Projects and all Projects have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Loan.

Cross-Default; Cross-Collateralization. (a) Each Borrower acknowledges that Lender has made the Loan to the Borrowers upon the security of their collective interest in the Projects Properties and in reliance upon the aggregate of the Projects Properties taken together being of greater value as collateral security than the sum of the Projects Properties taken separately. Each Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under the other Mortgages which secures the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Projects Properties as security for the Note. Each Borrower covenants and agrees that in the case of an Event of Default (i) Lender shall have the right to pursue all of its rights and remedies in one proceeding, or separately and independently in separate proceedings from time to time, as mortgagee, in its sole and absolute discretion, shall determine from time to time, (ii) Lender is not required to either marshal assets, sell any individual Project Property in any inverse order of alienation, or be subject to any “one action” or “election of remedies” law or rule, (iii) the exercise by Lender of any remedies against any one Project item of Property will not impede Lender from subsequently or simultaneously exercising remedies against any other Project item of Property and (iv) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Projects Properties and all Projects Properties have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Loan.

Cross-Default; Cross-Collateralization. (a) Each Borrower acknowledges Borrowers acknowledge that Lender has made the Loan to Borrowers upon the security of their its collective interest in the Projects Properties and in reliance upon the aggregate of the Projects Properties taken together being of greater value as collateral security than the sum of the Projects Properties taken separately. Each Borrower agrees Borrowers agree that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which secures secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Projects Properties as security for the Note. Each Borrower covenants Borrowers covenant and agrees agree that in the case of an Event of Default (i) Lender shall have the right to pursue all of its rights and remedies in one proceeding, or separately and independently in separate proceedings from time to time, as mortgageeLender, in its sole and absolute discretion, shall determine from time to time, (ii) Lender is not required to either marshal assetsmarsxxxx xxxets, sell the Properties or any individual Project portion thereof in any inverse order of alienation, or be subject to any “"one action” " or “"election of remedies” " law or rule, (iii) the exercise by the Lender of any remedies against any one Project Property or portion thereof will not impede the Lender from subsequently or simultaneously exercising remedies against any other Project Property(ies), and (iv) all liens Liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Projects Properties and all Projects Properties have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Loan.