Last Dollars Secured. To the extent this Security Instrument secures only a portion of the indebtedness owing or which may become owing by the Individual Borrower to the Lender, the parties agree that any payments or repayments of such indebtedness by the Individual Borrower shall be deemed to apply first to the portion of the indebtedness that is not secured hereby, it being the parties’ intent that the portion of the indebtedness last remaining unpaid shall be deemed secured hereby.
Appears in 2 contracts
Sources: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Griffin Capital Essential Asset REIT II, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing (Griffin Capital Essential Asset REIT, Inc.)