Second Mortgage. The terms and conditions set forth herein and the security interest granted hereby shall be subject, in all respects, to the terms of the Intercreditor Agreement.
Second Mortgage. The Durham County School District loan will be in second lien position.
Second Mortgage. Notwithstanding any other provisions of this Mortgage to the contrary, Xxxxxx agrees and acknowledges that this Mortgage is a second mortgage, subsequent in right in lien and payment priority (and in all other respects) to a prior first mortgage that is recorded on the applicable land records with respect to the Property. All provisions of this Mortgage relating to the payment of, or taking reserves for, Taxes, the requirements regarding insurance coverage, the application of insurance or condemnation proceeds, or the rebuilding or repair of the Improvements after a casualty or condemnation with such proceeds, shall be expressly subject to the provisions of such first mortgage and the rights of such first mortgagee to obtain such funds and/or make such decisions. Borrower shall be entitled to refinance the debt secured by such first mortgage; provided Xxxxxxxx first provides Lender with prior written notice of such refinancing and evidence that the amount of such refinancing will not exceed the original principal amount to such first mortgage, in which event Xxxxxx agrees to enter into a customary subordination agreement with any party providing such permitted refinancing on terms consistent with this Section 1.15.
Second Mortgage. 11 Securities.................................. 11
Second Mortgage. Notwithstanding anything herein to the contrary, this Mortgage is a Second Mortgage subject and inferior to the Superior Mortgage. No Default shall exist and no technical breach of the agreements herein shall occur as a result of said Superior Mortgage being of record as a lien upon the Property. Further, if certain rights granted to Mortgagee under this Mortgage conflict with the terms of the Superior Mortgage or the rights granted thereunder, then such rights of Mortgagee shall be deemed waived to the extent of such conflict while the Superior Mortgage remains of record as a lien on the Property.
Second Mortgage. Borrower agrees to use its best efforts to cause GE Credit TN (and all other persons whose consent is required) to consent to the execution and delivery by Horizon Vessels International, Ltd. of the Second Mortgage and the Second Lien Maritime Security Agreement. If such documents are not executed on or prior to the Closing Date, the Borrower shall continue to use its best efforts to obtain such consent, and, if obtained, shall promptly thereafter execute such documents, and undertake such related action as the Agent may reasonably require.
Second Mortgage. “Second Mortgage” shall mean that certain Second Mortgage (With Power of Sale), Security Agreement and Financing Statement, dated March 28, 2013, signed by Borrower for the benefit of Lender and recorded in Book RE12202, Page 1135 in the official records of the Recorder for Oklahoma County, Oklahoma, securing that certain Consolidated, Amended and Restated Promissory Note, dated December 15, 2011, in the principal amount of $12,761,000.00, executed by Borrower in favor of Lender, and encumbering Tract “1” of the Mortgaged Property.
Second Mortgage. In September 2006, APFC NY entered into a second mortgage agreement in the amount of $4,750,000. The loan provides for interest only payments for the first twenty-four months, at the interest rate of 7.05%. After that, the agreement calls for monthly payments of principal and interest of $34,200 through September 2025 and a balloon payment in October 2025 for the remaining balance due. Atlantic Paper & Foil Corp. of NY, Consumer Licensing Corporation, Atlantic Paper & Foil, LLC, Atlantic Paper & Foil of Georgia, LLC, and Atlantic Lakeside Properties, LLC Notes to Combined Financial Statements (continued)
Second Mortgage. Subject to consent by Old National Bank ("ONB") if performing under this Section 9(f) would cause the breach of any covenant in any agreement between Syndicated or any Affiliate and ONB, Syndicated will grant and extend to Beasleys as additional security for the Note a second or mortgage interest in the Real Estate subject and subordinate to the position of ONB under the Subordination Agreement dated February 27,2003.
Second Mortgage. At Closing, Borrower shall execute and deliver to the bank a second-priority mortgage encumbering the Mortgaged Property as collateral for the Notes, up to a maximum of $1,000,000.
