Examples of Second Priority Mortgage in a sentence
Each of the Company and the Second Priority Agent further agrees that each Second Priority Mortgage covering any Collateral shall contain such other language as the First Priority Agent may reasonably request to reflect the subordination of such Second Priority Mortgage to the First Priority Security Document covering such Collateral pursuant to this Agreement.
In the event of a conflict between any provision of this Second Priority Mortgage and any provision of the Intercreditor Agreement, the Intercreditor Agreement shall govern.
In the event of any conflict between the terms of the Intercreditor Agreement and this Second Priority Mortgage, the terms of the Intercreditor Agreement shall govern.
So long as the First Mortgage, or other senior mortgages are, outstanding, Mortgagor shall not be in default hereunder for the failure to comply with any term or provision contained in this Second Priority Mortgage if such compliance would result in a default under the terms and provisions of the First Mortgage or other senior mortgages.
Notwithstanding anything herein to the contrary, the second-priority lien and security interest granted to the Collateral Agent pursuant to this Second Priority Mortgage and the exercise of any right or remedy by the Collateral Agent hereunder are subject to the provisions of the Intercreditor Agreement.