Common use of Second Mortgage Clause in Contracts

Second Mortgage. Notwithstanding any other provisions of this Mortgage to the contrary, ▇▇▇▇▇▇ 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 ▇▇▇▇▇▇▇▇ 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 ▇▇▇▇▇▇ agrees to enter into a customary subordination agreement with any party providing such permitted refinancing on terms consistent with this Section 1.15.