Common use of Additional Mortgages Clause in Contracts

Additional Mortgages. With respect to any Site that is subject to a Mortgage with respect to which a Casualty has occurred, if Borrower or the applicable Credit Party elects to make a Permitted Reinvestment of the Excess Net Proceeds of such Casualty in another Site, Borrower agrees to use its commercially reasonable efforts to obtain landlord or bailee or mortgagee consents (in each case, in form reasonably satisfactory to Agent) to the extent necessary to permit the execution and delivery of a Mortgage with respect to such Site within 150 days after such Casualty and upon receipt of such landlord consent (or if no such landlord consent is required, then promptly upon request by Agent) (i) execute and deliver or cause the applicable Subsidiary Guarantor to execute and deliver a Mortgage securing all of the Obligations in such form as Agent may reasonably require and (ii) upon recordation of the Mortgage, cause the Title Company to issue to Agent an ALTA lender’s title insurance policy with respect to the applicable real property Collateral in such form, in such amounts and with such endorsements as Agent may reasonably require, insuring that the Mortgage is in a first lien position subject only to the Permitted Exceptions.