FUTURE ADVANCES; PROTECTION OF PROPERTY. This Deed of Trust shall secure any additional loans as well as any and all present or future advances and re-advances under the Credit Agreement or any other Liabilities made by Beneficiary or any Tranche A Lender to or for the benefit of Grantor, the Company, the other Guarantors or the Property, including, without limitation: (a) principal, interest, late charges, fees and other amounts due under the Credit Agreement, the Other Documents or this Deed of Trust; (b) all advances by Beneficiary to Grantor or any other person to pay costs of erection, construction, alteration, repair, restoration, maintenance and completion of any Improvements; (c) all advances made or costs incurred by Beneficiary for the payment of real estate taxes, assessments or other governmental charges, maintenance charges, insurance premiums, appraisal charges, environmental inspection, audit, testing or compliance costs, and costs incurred by Beneficiary for the enforcement and protection of the Property or the lien of this Deed of Trust; and (d) all legal fees, costs and other expenses incurred by Beneficiary and/or Trustee by reason of any default or otherwise in connection with the Liabilities. Grantor agrees that if, at any time during the term of this Deed of Trust or following a foreclosure hereof (whether before or after the entry of a judgment of foreclosure), Grantor fails to perform or observe any covenant or obligation under this Deed of Trust including, without limitation, payment of any of the foregoing, Trustee may (but shall not be obligated to) take such steps as are reasonably necessary to remedy any such nonperformance or nonobservance and provide payment thereof. All amounts advanced by Trustee or Beneficiary shall be added to the amount secured by this Deed of Trust (and, if advanced after the entry of a judgment of foreclosure, by such judgment of foreclosure), and shall be due and payable on demand, together with interest at the rate borne by the Tranche A Loans, such interest to be calculated from the date of such advance to the date of repayment thereof.
FUTURE ADVANCES; PROTECTION OF PROPERTY. It is the intention of the parties hereto that this Deed of Trust is made and executed to comply with the provisions of North Carolina General Statutes § 45-67, et seq. This Deed of Trust shall secure both (a) existing obligations that are specifically or generally identified, described, or referenced in this Deed of Trust as being secured hereby and all advances made at or prior to the registration of this Deed of Trust, and (b) future advances and/or future obligations that are specifically or generally identified, described, or referenced in this Deed of Trust as being secured hereby that may from time to time be made or incurred, to the fullest extent permitted by applicable law, including, without limitation: (i) principal, interest, late charges, fees and other amounts due under the Obligations or this Deed of Trust; (ii) all advances by Lender to Grantor or any other person to pay costs of erection, alteration, repair, restoration, maintenance and completion of any improvements on the Property or on any other property encumbered by the Loan Documents; (iii) all advances made or costs incurred by Lender for the payment of real estate taxes, assessments or other governmental charges, maintenance charges, insurance premiums, appraisal charges, environmental inspection, audit, testing or compliance costs, and costs incurred by Lender for the enforcement and protection of the Property or the lien of this Deed of Trust or as to any other property encumbered by the Loan Documents; (iv) all legal fees, costs and other expenses incurred by Lender by reason of any default or otherwise in connection with the Obligations; and (v) as otherwise permitted pursuant to Article 7 of Chapter 45 of the North Carolina General Statutes. The maximum principal amount that may be secured by this Deed of Trust at any one time is the lessor of up to: (a) the aggregate principal amount of $3,158,400.00, or (b) 75% of the appraised value of the Collateral (as defined in the Loan Agreement). The time period within which such future Obligations may be incurred, and such future advances may be made and secured by this Deed of Trust shall not extend for more than 30 years from the date of this Deed of Trust. If the maximum amount secured by this Deed of Trust has not been advanced or if any obligation secured hereby is paid or is reduced by partial payment, further advances may be made and additional obligations secured by this Deed of Trust may be incurred from time to time within...
FUTURE ADVANCES; PROTECTION OF PROPERTY. 1.1 This Mortgage shall secure the Liabilities (as defined above), and any and all present or future advances and readvances on account of the Liabilities or any of same, all as made by Lender to or for the benefit of Borrower or the Property within twenty (20) years from the date hereof (whether such advances are obligatory or are made at the option of Bank or otherwise), including, without limitation: (i) principal, interest, late charges, fees and other amounts due on account of the Liabilities or this Mortgage; (ii) all advances by Lender to Borrower or any other person to pay costs of erection, construction, alteration, repair, restoration, maintenance and completion of any improvements on the Property; (iii) all advances made or costs incurred by Lender for the payment of real estate taxes, assessments or other governmental charges, maintenance charges, insurance premiums, environmental inspection, audit, testing or compliance costs, and costs incurred by Lender for the enforcement and protection of the Property or the lien of this Mortgage; and (iv) all legal fees, costs and other expenses incurred by Lender by reason of any default or otherwise in connection with the Liabilities. The total amount of the Liabilities that may be so secured may decrease to a zero amount from time to time, or may increase from time to time, but the total unpaid principal balance secured at any one time shall not exceed U.S. $34,000,000.
FUTURE ADVANCES; PROTECTION OF PROPERTY. This Deed of Trust shall secure the principal sum of $17,500,000.00, together with: (a) interest, late charges, fees and other amounts due under the Note or this Deed of Trust; (b) any and all additional advances made by Lender to protect or preserve the Property or the lien or security interest created hereby on the Property, or for taxes, assessments or insurance premiums as hereinafter provided or for performance of any of Borrower’s obligations hereunder or under the other Loan Documents or for any other purpose provided herein or in the other Loan Documents (whether or not the original Borrower remains the owner of the Property at the time of such advances); (c) all legal fees, costs and other expenses incurred by the Lender by reason of any default or otherwise in connection with the Obligations (defined below); and (d)
FUTURE ADVANCES; PROTECTION OF PROPERTY. This Mortgage shall secure the principal sum of $17,500,000.00, together with: (a) interest, late charges, fees and other amounts due under the Note or this Mortgage; (b) any and all additional advances made by Lender to protect or preserve the Property or the lien or security interest created hereby on the Property, or for taxes, assessments or insurance premiums as hereinafter provided or for performance of any of Borrower’s obligations hereunder or under the other Loan Documents or for any other purpose provided herein or in the other Loan Documents (whether or not the original Borrower remains the owner of the Property at the time of such advances); (c) all legal fees, costs and other expenses incurred by the Lender by reason of any default or otherwise in connection with the Mortgage Debt (defined below); and (d) the Swap Obligations. The Borrower agrees that if, at any time during the term of this Mortgage or following a foreclosure hereof (whether before or after the entry of a judgment of foreclosure), the Borrower fails to perform or observe any covenant or obligation under this Mortgage including, without limitation, payment of any of the foregoing, the Lender may (but shall not be obligated to) take such steps as are reasonably necessary to remedy any such nonperformance or nonobservance and provide payment thereof. All amounts so advanced by the Lender shall be added to the amount secured by this Mortgage and the other Loan Documents (and, if advanced after the entry of a judgment of foreclosure, by such judgment of foreclosure), and shall be due and payable on demand, together with interest at the Default Rate set forth in the Note, such interest to be calculated from the date of such advance to the date of repayment thereof.
FUTURE ADVANCES; PROTECTION OF PROPERTY. It is agreed that this Mortgage shall also secure such future or additional advances as may be made by the Mortgagee at its option to the Mortgagor, or its designated successors in title, for any purpose, provided that all those advances are to be made within twenty years from the date of this Mortgage, or within such lesser period of time as may be provided hereafter by law as a prerequisite for the sufficiency of actual notice or record notice of the optional future or additional advances as against the rights of creditors or subsequent purchasers for valuable consideration. The total amount of indebtedness secured by this Mortgage may decrease or increase from time to time, but the total unpaid balance so secured at any one time shall not exceed a maximum principal amount equal to twice the principal amount of the Note plus interest, and any disbursements made for the payment of taxes, levies or insurance on the Premises with interest on those disbursements. If, pursuant to Florida Statutes, Section 697.04, Mortgagor files a notice specifying the dollar limit beyond which future advances made pursuant to this Mortgage will not be secured by this Mortgage, then Mortgagor shall, within one day of filing such notice, notify Mortgagee and its counsel by certified mail pursuant to Section 10.1 of this Mortgage.
