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

Cross-Default; Cross-Collateralization. This Mortgage shall be cross-defaulted and cross-collateralized with all “Mortgages” (as such term is defined in the Credit Agreement) delivered during the term of the Loan, whether existing as of the date of this Mortgage or subsequently made. A default not cured within any applicable grace or cure period under any of the other Mortgages shall constitute an Event of Default under this Mortgage. An Event of Default under this Mortgage shall constitute an Event of Default under all of the other Mortgages. To the extent not prohibited by applicable law, if Beneficiary, at its option, avails itself of this cross-collateralization/cross-default provision, Beneficiary shall have the option to pursue its remedies in any combinations and against any or all of Beneficiary’s security for the Loan, whether successively, concurrently or otherwise. Mortgagor acknowledges that Beneficiary is unwilling to make the Loan unless Mortgagor agrees that this Mortgage and the other Mortgages are cross-collateralized and cross-defaulted and therefore, since it is in the best interest of Mortgagor that Beneficiary make the Loan, Mortgagor has agreed to cross-collateralize and cross-default the Mortgage and the other Mortgages as set forth hereinabove.

Cross-Default; Cross-Collateralization. This Mortgage Deed of Trust shall be cross-defaulted and cross-collateralized with all “Mortgages” (as such term is defined in the Credit Agreement) delivered during the term of the Loan, whether existing as of the date of this Mortgage Deed of Trust or subsequently made. A default not cured within any applicable grace or cure period under any of the other Mortgages Mortgage shall constitute an Event of Default under this MortgageDeed of Trust. An Event of Default under this Mortgage Deed of Trust shall constitute an Event of Default under all of the other Mortgages. To the extent not prohibited by applicable law, if Beneficiary, at its option, avails itself of this cross-collateralization/cross-default provision, Beneficiary shall have the option to pursue its remedies in any combinations and against any or all of Beneficiary’s security for the Loan, whether successively, concurrently or otherwise. Mortgagor Grantor acknowledges that Beneficiary is unwilling to make the Loan unless Mortgagor Grantor agrees that this Mortgage Deed of Trust and the other Mortgages are cross-collateralized and cross-defaulted and therefore, since it is in the best interest of Mortgagor Grantor that Beneficiary make the Loan, Mortgagor Grantor has agreed to cross-collateralize and cross-default the Mortgage this Deed of Trust and the other Mortgages as set forth hereinabove.