Common use of Last Dollars Secured Clause in Contracts

Last Dollars Secured. The parties agree that any payments or repayments of the Indebtedness shall be and be deemed to be applied first to the portion of the Indebtedness that is not secured hereby, if any, it being the parties’ intent that the portion of the Indebtedness last remaining unpaid shall be secured hereby.

Appears in 7 contracts

Sources: Mortgage (Millrose Properties, Inc.), Mortgage (Millrose Properties, Inc.), Mortgage (Millrose Properties, Inc.)

Last Dollars Secured. The parties agree that any payments or repayments of the such Indebtedness by Borrower shall be and be deemed to be applied first to the portion of the Indebtedness that is not secured hereby, if any, it being the parties’ ' intent that the portion of the Indebtedness last remaining unpaid shall be secured hereby.

Appears in 1 contract

Sources: Mortgage, Assignment of Rents and Leases, Collateral Assignment of Property Agreements, Security Agreement and Fixture Filing (Glimcher Realty Trust)