Prior Mortgage. If Bank has consented and agreed, in writing specifically permitted that this Mortgage is to be second and subordinate to a prior recorded mortgage, Grantor expressly covenants and agrees that Grantor shall not borrow any additional sum, nor incur any additional indebtedness or other obligation secured by the prior mortgage.
Prior Mortgage. The rights of Grantee hereunder are subject to rights of the holders of Prior Mortgage. Grantor covenants and agrees to comply with all the terms and provisions of the Prior Mortgage on the part of grantor named therein to be complied with. Any uncured default in the performance of any term or provision contained in the Prior Mortgage (except a default by reason of the execution, delivery and recordation of this Deed of Trust), or any default in the payment of the indebtedness and obligations secured thereby (including, without limitation, payments due upon acceleration of the indebtedness and obligations secured by the Prior Mortgage by reason of the execution, delivery and recordation of this Deed of Trust), whether or not waived, shall constitute an immediate Event of Default under the terms hereof, and in such case Grantee may, but need not, make any payment or perform any act deemed necessary or desirable by Grantee, in its sole discretion, and may, but need not, make full or partial payment of principal or interest or other charge secured by any Prior Mortgage, or purchase, discharge, compromise or settle any Prior Mortgage, or redeem from any sale or forfeiture affecting the Mortgaged Premises. All sums advanced or expended in connection therewith shall be immediately due and payable by Grantor to Grantee, shall bear interest at the Default Rate from the date of payment until paid and shall be added to and become a part of the Obligations. Grantor further covenants and agrees that, to the extent the Grantee pays any installments of principal or interest or any other sums due or which are paid pursuant to the provisions of any Prior Mortgage, Grantee shall become entitled to a lien on the Mortgaged Premises hereunder equal in rank and priority to such Prior Mortgage, and in addition, to the extent necessary to make effective such rank and priority, (i) Grantee shall become subrogated to and receive and enjoy all the rights, liens, powers and privileges granted to the mortgagee under such Prior Mortgage, and (ii) such Prior Mortgage shall remain in existence for the benefit of and to secure further the Obligations.
Prior Mortgage. 3.14.1 The Mortgage is subject and subordinate to the Prior Mortgage in favor of the Prior Mortgagee.
Prior Mortgage. Notwithstanding anything to the contrary contained herein, as long as the Leasehold Mortgage and Security Agreement in favor of Lender dated February 1, 2011 and recorded February 4, 2011 in Book 201102 at Page 002193 (“Prior Mortgage”) remains in full force and effect, this Leasehold Mortgage shall be deemed a second leasehold mortgage junior and subordinate only to such Prior Mortgage.
Prior Mortgage. The parties understand and agree that the Property is subject to a prior mortgage in favor of LMT Finance, LLC, dated May 31, 2012. The Lessor shall remain bound to the term and conditions thereof and shall do and perform all acts and things necessary to maintain the mortgage, including the timely payment of the underlying obligation secured by the mortgage. Y City Recycling, LLC By: /s/ Bxxxx Xxxx Witness Printed: Bxxxx Xxxx Title: President
Prior Mortgage. (a) This Mortgage is subject and subordinate to a certain first mortgage from Mortgagor to Xxxxxxx Bank of Broward County, dated September 13, 1990 (the "Prior Mortgage").
Prior Mortgage. Upon the execution and delivery of this Mortgage by the Mortgagor hereunder, this Mortgage shall supersede all provisions of the Prior Mortgage as of such date. The Mortgagor hereby agrees that, notwithstanding the execution and delivery of this Mortgage, the lien and security interest created and provided for under the Prior Mortgage continue in effect under and pursuant to the terms of this Mortgage for the benefit of all of the Obligations secured hereby. Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Prior Mortgage as to the indebtedness and obligations which would otherwise be secured hereby prior to giving effect to this Mortgage.
Prior Mortgage. With regard to the Prior Mortgage, Xxxxxxxxx hereby agrees to:
Prior Mortgage. With regard to the Prior Mortgage, Mortgagor hereby agrees to:
Prior Mortgage. With regard to the Prior Mortgage, Mortgagor hereby agrees to: (i) Pay promptly, when due, all installments of principal and interest and all other sums and charges made payable by the Prior Mortgage; (ii) Promptly perform and observe all of the terms, covenants and conditions required to be performed and observed by Mortgagor under the Prior Mortgage, within the period provided in said Prior Mortgage; (iii) Promptly notify Mortgagee of any default, or notice claiming any event of default by Mortgagor in the performance or observance of any term, covenant or condition to be performed or observed by Mortgagor under any such Prior Mortgage. (iv) Mortgagor will not request nor will it accept any voluntary future advances under the Prior Mortgage without Mortgagee's prior written consent, which consent shall not be unreasonably withheld.
