Add to Secured Indebtedness. All obligations so paid or incurred by Administrative Agent shall be reimbursed or paid for by Mortgagor upon demand and prior to the repayment thereof shall be added to the debt secured hereby and shall bear interest at the Default Rate provided for in the Guaranty or the Loan Agreement, and shall be secured hereby equally and ratably. Administrative Agent may also reimburse itself therefor from the income or receipts of the Mortgaged Property or any business conducted thereon, or from the sale of all or any portion of the Mortgaged Property. Administrative Agent may also apply toward any of the Obligations any tax or insurance reserve account, deposit or any sum credited or due from Administrative Agent to Mortgagor without first enforcing any other rights of Administrative Agent against Mortgagor or the against any endorser or guarantor of any of the Obligations or against the Mortgaged Property.
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Sources: Mortgage and Security Agreement (Newkirk Realty Trust, Inc.)
Add to Secured Indebtedness. All obligations so paid or incurred by Administrative Agent shall be reimbursed or paid for by Mortgagor upon demand and prior to the repayment thereof shall be added to the debt secured hereby and shall bear interest at the Default Rate provided for in the Guaranty or the Loan Agreement, and shall be secured hereby equally and ratably. Administrative Agent may also reimburse itself therefor from the income or receipts of the Mortgaged Property or any business conducted thereon, or from the sale of all or any portion of the Mortgaged Property. Administrative Agent may also apply toward any of the Obligations any tax or insurance reserve account, deposit or any sum credited or due from Administrative Agent to Mortgagor without first enforcing any other rights of Administrative Agent against Mortgagor or the against any endorser or other guarantor of any of the Obligations or against the Mortgaged Property.
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