Additional Security Documents. Mortgagor, from time to time, ----------------------------- within 15 days after request by Mortgagee, shall execute, acknowledge and deliver to Mortgagee, such security agreements or other similar security instruments, in form and substance satisfactory to Mortgagee, covering all property of any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall further, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver any financing statement, renewal affidavit, certificate, continuation statement or other document as Mortgagee may request in order to perfect, preserve, continue, extend or maintain this Mortgage or such security agreement or other security instrument as a first lien against the Mortgaged Property or such other property. Mortgagor further agrees to pay to Mortgagee on demand all reasonable costs and expenses incurred by Mortgagee in connection with the preparation, execution, recording, filing and refiling of any such instrument or document including the charges for examining title and the attorneys' fee for rendering an opinion as to the priority of this Mortgage and of such security agreement or other security instrument as a valid first and subsisting lien. However, neither a request so made by Mortgagee nor the failure of Mortgagee to make such a request shall be construed as a release of the Mortgaged Property, or any part thereof, from the lien of this Mortgage, it being understood and agreed that this covenant and any such security agreement or other security instrument, delivered to Mortgagee, are cumulative and given as additional security.
Appears in 1 contract
Sources: Loan Agreement (Jameson Inns Inc)
Additional Security Documents. Mortgagor(a) Mortgagor has simultaneously herewith executed and delivered to or for the benefit of Mortgagee counterpart originals of this Mortgage to be recorded in each Town in Connecticut where any of the Mortgaged Property is located.
(b) Also, from time certain of the other Borrowers have simultaneously herewith executed and delivered to timeor for the benefit of Mortgagee a certain mortgage and other documents and instruments encumbering or relating to certain property owned by such other Borrowers located in ▇▇▇▇▇▇ County in the State of New Jersey as additional security for the Indebtedness (collectively, ----------------------------- within 15 days after request the “Additional Junior Mortgages”), which Additional Junior Mortgages secure the Loan, as well as the NJ Loan and the NY Loan.
(c) Further, certain of the other Borrowers have simultaneously herewith executed and delivered to or for the benefit of Mortgagee a certain Second Assignment of Leases and Rents with respect to the property in Westchester County, New York encumbered by a mortgage which secures the NY Loan, as additional security for the Loan and the NJ Loan, pursuant to the Loan Agreement. Said Second Assignment of Leases and Rents (the “Junior Assignment”) is subordinate and junior in priority to said mortgage and related documents which secure the NY Loan.
(d) The Additional Junior Mortgages, the Junior Assignment and this Mortgage (and each counterpart thereof) shall each and all constitute security for the Notes, the indebtedness referred to therein and the Indebtedness. If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Junior Mortgages, or the Junior Assignment, such default shall constitute an Event of Default under this Mortgage. The Mortgagee, shall executemay foreclose or otherwise enforce such security under the Additional Junior Mortgages, acknowledge and/or the Junior Assignment, enforce its rights, powers and deliver to Mortgageeremedies with respect to, and realize upon, such security agreements or otherwise enforce its rights, powers and remedies with respect to, and realize upon, such security, either before or concurrently with or after a foreclosure or other similar enforcement of this Mortgage, any other such security instruments, in form and substance satisfactory to Mortgagee, covering all property of or any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall furtherother Loan Documents, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver in any financing statement, renewal affidavit, certificate, continuation statement or other document order as Mortgagee may request choose (whether or not every aspect of any such foreclosure or other enforcement may be commercially reasonable), all without impairing or being deemed to have waived any rights, benefits, liens or security evidenced by or arising under or in connection with this Mortgage, any other such security or any of the other Loan Documents, the Additional Junior Mortgages or the Junior Assignment, and without being deemed to have made an election thereby or to have accepted the benefits of such security (or the proceeds thereof) in full settlement of the Obligations and of its rights with respect thereto. No judgment, order or decree rendered against Mortgagor with respect to perfectany such other security or any of the other Loan Documents, preservewhether rendered in any state in which any collateral is situated or elsewhere, continueshall in any manner affect the security of this Mortgage, extend and any deficiency or maintain other debt represented by any such judgment, order or decree shall, to the extent permitted by law, be secured by this Mortgage to the same extent that the Indebtedness shall have been secured by this Mortgage prior to the rendering of such judgment, order or such security agreement decree. Mortgagor for itself and for any and all persons who may at any time claim through or other security instrument as a first lien against under Mortgagor or who hereafter may otherwise acquire any interest in or title to all or any part of the Mortgaged Property or such any other property. Mortgagor further agrees security for the Obligations, hereby irrevocably waives and releases, to pay to Mortgagee on demand the extent permitted by law, all reasonable costs and expenses incurred by Mortgagee in connection with the preparation, execution, recording, filing and refiling benefit of any such instrument and all laws that would limit or document including prohibit the charges effectiveness of anything set forth in this Section.
(e) As set forth above in the Section entitled “Loan Agreement,” Mortgagor has also executed and delivered to or for examining title the benefit of Mortgagee (i) the Second Mortgage encumbering the Mortgaged Property and securing the attorneys' fee for rendering an opinion as NJ Loan, and (ii) the Third Mortgage encumbering the Mortgaged Property securing the NY Loan, pursuant to the Loan Agreement, which mortgages (the “Junior Mortgage”) are subordinate and junior in priority to this Mortgage. The Junior Mortgage is intended to be recorded immediately following this Mortgage.
(f) Notwithstanding anything contained herein to the contrary, Mortgagee shall be under no duty to Mortgagor or any other person or entity, including, without limitation, any holder of this a Junior Mortgage and of such security agreement or any other junior, senior or subordinate mortgage on the Mortgaged Property or any part thereof or on any other security instrument as a valid held by Mortgagee, to exercise, exhaust or first resort to all or any of the rights, powers and subsisting lien. Howeverremedies available to Mortgagee, neither a request so made by Mortgagee nor whether under this Mortgage, the failure of Mortgagee other Loan Documents, the Additional Junior Mortgages or the Junior Assignment prior to make such a request shall be construed as a release the sale of the Mortgaged Property, Property or any other enforcement of this Mortgage. Furthermore, Mortgagor and such other persons and entities waive all rights relating to marshaling and agree that Mortgagee shall not be compelled to release any part thereof, from of the lien security of this Mortgage, it being understood and agreed that the other Loan Documents, the Additional Junior Mortgages or the Junior Assignment or be prevented from foreclosing or enforcing this covenant and Mortgage, the other Loan Documents, the Additional Junior Mortgages or the Junior Assignment upon all or any part of such security agreement unless the Indebtedness shall have been paid in full and that Mortgagee shall not be compelled to accept or allow any apportionment of the Indebtedness to or among any of the property encumbered by this Mortgage, the other security instrumentLoan Documents, delivered to Mortgageethe Additional Junior Mortgages, are cumulative and given as additional securityor the Junior Assignment.
Appears in 1 contract
Additional Security Documents. Mortgagor(a) Certain of the other Borrowers have simultaneously herewith executed and delivered to or for the benefit of Mortgagee certain other mortgages and other documents and instruments encumbering or relating to certain property owned by such other Borrowers located in the Towns of Orange, from time Milford and Shelton in the State of Connecticut as additional security for the portion of the Indebtedness herein defined as the NJ Loan (collectively, the “Additional Junior Mortgages”), which Additional Junior Mortgages secure the NJ Loan, but which do not secure, and shall be subordinate and junior in priority to, the first mortgage and the loan secured thereby which is held by Mortgagee on each such other property.
(b) Also, certain of the other Borrowers have simultaneously herewith executed and delivered to timeor for the benefit of Mortgagee a certain Second Assignment of Leases and Rents with respect to the property in Westchester County, ----------------------------- within 15 days after request New York encumbered by a mortgage which secures the NY Loan, as additional security for the CT Loan and the NJ Loan, pursuant to the Loan Agreement. Said Second Assignment of Leases and Rents (the “Junior Assignment”) is subordinate and junior in priority to said mortgage and related documents which secure the NY Loan.
(c) The Additional Junior Mortgages, the Junior Assignment and this Mortgage (and each counterpart thereof) shall each and all constitute security for the NJ Loan, with this Mortgage also constituting security for the NY Loan and CT Loan, the applicable Notes, the indebtedness referred to therein and the Indebtedness. If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Junior Mortgages or the Junior Assignment, such default shall constitute an Event of Default under this Mortgage. The Mortgagee, shall executemay foreclose or otherwise enforce such security under the Additional Junior Mortgages and/or the Junior Assignment, acknowledge enforce its rights, powers and deliver to Mortgageeremedies with respect to, and realize upon, such security agreements or otherwise enforce its rights, powers and remedies with respect to, and realize upon, such security, either before or concurrently with or after a foreclosure or other similar enforcement of this Mortgage, any other such security instruments, in form and substance satisfactory to Mortgagee, covering all property of or any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall furtherother Loan Documents, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver in any financing statement, renewal affidavit, certificate, continuation statement or other document order as Mortgagee may request choose (whether or not every aspect of any such foreclosure or other enforcement may be commercially reasonable), all without impairing or being deemed to have waived any rights, benefits, liens or security evidenced by or arising under or in connection with this Mortgage, any other such security or any of the other Loan Documents, the Additional Junior Mortgages or the Junior Assignment, and without being deemed to have made an election thereby or to have accepted the benefits of such security (or the proceeds thereof) in full settlement of the Obligations and of its rights with respect thereto. No judgment, order or decree rendered against Mortgagor with respect to perfectany such other security or any of the other Loan Documents, preservewhether rendered in any state in which any collateral is situated or elsewhere, continueshall in any manner affect the security of this Mortgage, extend and any deficiency or maintain other debt represented by any such judgment, order or decree shall, to the extent permitted by law, be secured by this Mortgage to the same extent that the Indebtedness shall have been secured by this Mortgage prior to the rendering of such judgment, order or such security agreement decree. Mortgagor for itself and for any and all persons who may at any time claim through or other security instrument as a first lien against under Mortgagor or who hereafter may otherwise acquire any interest in or title to all or any part of the Mortgaged Property or such any other property. Mortgagor further agrees security for the Obligations, hereby irrevocably waives and releases, to pay to Mortgagee on demand the extent permitted by law, all reasonable costs and expenses incurred by Mortgagee in connection with the preparation, execution, recording, filing and refiling benefit of any such instrument and all laws that would limit or document including prohibit the charges for examining title and the attorneys' fee for rendering an opinion as effectiveness of anything set forth in this Section.
(d) Notwithstanding anything contained herein to the priority contrary, Mortgagee shall be under no duty to Mortgagor or any other person or entity, including, without limitation, any holder of this Mortgage and of such security agreement a junior, senior or subordinate mortgage on the Mortgaged Property or any part thereof or on any other security instrument as a valid held by Mortgagee, to exercise, exhaust or first resort to all or any of the rights, powers and subsisting lien. Howeverremedies available to Mortgagee, neither a request so made by Mortgagee nor whether under this Mortgage, the failure of Mortgagee other Loan Documents, the Additional Junior Mortgages, or the Junior Assignment prior to make such a request shall be construed as a release the sale of the Mortgaged Property, Property or any other enforcement of this Mortgage. Furthermore, Mortgagor and such other persons and entities waive all rights relating to marshaling and agree that Mortgagee shall not be compelled to release any part thereof, from of the lien security of this Mortgage, it being understood and agreed that the other Loan Documents, the Additional Junior Mortgages, or the Junior Assignment or be prevented from foreclosing or enforcing this covenant and Mortgage, the other Loan Documents, the Additional Junior Mortgages or the Junior Assignment upon all or any part of such security agreement unless the Indebtedness shall have been paid in full and that Mortgagee shall not be compelled to accept or allow any apportionment of the Indebtedness to or among any of the property encumbered by this Mortgage, the other security instrumentLoan Documents, delivered to Mortgagee, are cumulative and given as additional securitythe Additional Junior Mortgages or the Junior Assignment.
Appears in 1 contract
Sources: Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (GTJ REIT, Inc.)
Additional Security Documents. Mortgagor(a) Certain of the Borrowers have simultaneously herewith executed and delivered to or for the benefit of Mortgagee certain other mortgages and other documents and instruments encumbering or relating to certain property owned by such other Borrowers located in ▇▇▇▇▇▇ County in the State of New Jersey the Towns of Orange, from time Milford and Shelton in the State of Connecticut as additional security for the Indebtedness (collectively, the “Additional Junior Mortgages”), which Additional Junior Mortgages each secure the Loan, but which Additional Junior Mortgages in Connecticut do not secure, and shall be subordinate and junior in priority to, the first mortgage and the loan secured thereby which is held by Mortgagee on each such other property.
(b) The Additional Junior Mortgages and this Mortgage (and each counterpart thereof) shall each and all constitute security for the Notes, the indebtedness referred to timetherein and the Indebtedness. If there should be an Event of Default in any of the terms, ----------------------------- within 15 days after request by conditions or obligations of any of the Additional Junior Mortgages, such default shall constitute an Event of Default under this Mortgage. The Mortgagee, shall executemay foreclose or otherwise enforce such security under the Additional Junior Mortgages, acknowledge enforce its rights, powers and deliver to Mortgageeremedies with respect to, and realize upon, such security agreements or otherwise enforce its rights, powers and remedies with respect to, and realize upon, such security, either before or concurrently with or after a foreclosure or other similar enforcement of this Mortgage, any other such security instruments, in form and substance satisfactory to Mortgagee, covering all property of or any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall furtherother Loan Documents, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver in any financing statement, renewal affidavit, certificate, continuation statement or other document order as Mortgagee may request choose (whether or not every aspect of any such foreclosure or other enforcement may be commercially reasonable), all without impairing or being deemed to have waived any rights, benefits, liens or security evidenced by or arising under or in connection with this Mortgage, any other such security or any of the other Loan Documents, and without being deemed to have made an election thereby or to have accepted the benefits of such security (or the proceeds thereof) in full settlement of the Obligations and of its rights with respect thereto. No judgment, order or decree rendered against Mortgagor with respect to perfectany such other security or any of the other Loan Documents, preservewhether rendered in any state in which any collateral is situated or elsewhere, continueshall in any manner affect the security of this Mortgage, extend and any deficiency or maintain other debt represented by any such judgment, order or decree shall, to the extent permitted by law, be secured by this Mortgage to the same extent that the Indebtedness shall have been secured by this Mortgage prior to the rendering of such judgment, order or such security agreement decree. Mortgagor for itself and for any and all persons who may at any time claim through or other security instrument as a first lien against under Mortgagor or who hereafter may otherwise acquire any interest in or title to all or any part of the Mortgaged Property or such any other property. Mortgagor further agrees security for the Obligations, hereby irrevocably waives and releases, to pay to Mortgagee on demand the extent permitted by law, all reasonable costs and expenses incurred by Mortgagee in connection with the preparation, execution, recording, filing and refiling benefit of any such instrument and all laws that would limit or document including prohibit the charges effectiveness of anything set forth in this Section.
(c) Mortgagor has also executed and delivered to or for examining title the benefit of Mortgagee a Second Assignment of Leases and Rents with respect to the Mortgaged Property as additional security for the NJ Loan and the attorneys' fee for rendering an opinion as CT Loan, pursuant to the Loan Agreement, which Second Assignment of Leases and Rents (the “Junior Assignment”) is subordinate and junior in priority of to this Mortgage and the Assignment of such security agreement Leases and Rents. The Junior Assignment is intended to be recorded immediately following this Mortgage and the Assignment of Leases and Rents.
(d) Notwithstanding anything contained herein to the contrary, Mortgagee shall be under no duty to Mortgagor or any other person or entity, including, without limitation, any holder of the Junior Assignment or any junior, senior or subordinate mortgage on the Mortgaged Property or any part thereof or on any other security instrument as a valid held by Mortgagee, to exercise, exhaust or first resort to all or any of the rights, powers and subsisting lien. Howeverremedies available to Mortgagee, neither a request so made by Mortgagee nor whether under this Mortgage, the failure of Mortgagee other Loan Documents or the Additional Junior Mortgages prior to make such a request shall be construed as a release the sale of the Mortgaged Property, Property or any other enforcement of this Mortgage. Furthermore, Mortgagor and such other persons and entities waive all rights relating to marshaling and agree that Mortgagee shall not be compelled to release any part thereof, from of the lien security of this Mortgage, it being understood and agreed that the other Loan Documents or the Additional Junior Mortgages or be prevented from foreclosing or enforcing this covenant and Mortgage, the other Loan Documents or the Additional Junior Mortgages upon all or any part of such security agreement unless the Indebtedness shall have been paid in full and that Mortgagee shall not be compelled to accept or allow any apportionment of the Indebtedness to or among any of the property encumbered by this Mortgage, the other security instrumentLoan Documents, delivered to Mortgagee, are cumulative and given as additional securityor the Additional Junior Mortgages.
Appears in 1 contract
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (GTJ REIT, Inc.)
Additional Security Documents. MortgagorBorrower has heretofore executed and delivered, from time and will hereafter execute and deliver, to timeor for the benefit of Grantee certain other mortgages, ----------------------------- within 15 days after request by Mortgageedeeds of trust, deeds to secure debt and other documents and instruments encumbering or relating to certain other property of Borrower located in other counties in the State of Georgia and/or in various other Counties and States of The United States of America as additional security for the Obligations (collectively, sometimes, the “Additional Mortgages”). The Additional Mortgages and this Security Instrument shall executeeach and all constitute security for the Note, acknowledge the Indebtedness referred to therein and deliver to Mortgageethe Obligations. If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Mortgages, such default shall constitute an Event of Default under this Security Instrument. The Grantee may foreclose or otherwise enforce such security under the Additional Mortgages and in any order as Grantee may choose, enforce its rights, powers and remedies with respect to, and realize upon, such security agreements or otherwise enforce its rights, powers and remedies with respect to, and realize upon, such security, either before or concurrently with or after a foreclosure or other similar enforcement of this Security Instrument, any other such security instruments, in form and substance satisfactory to Mortgagee, covering all property or any of the other Loan Documents (whether or not every aspect of any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall further, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver any financing statement, renewal affidavit, certificate, continuation statement such foreclosure or other document as Mortgagee enforcement may request in order be commercially reasonable), all without impairing or being deemed to perfecthave waived any rights , preservebenefits, continue, extend Liens or maintain this Mortgage security evidenced by or such security agreement arising under or other security instrument as a first lien against the Mortgaged Property or such other property. Mortgagor further agrees to pay to Mortgagee on demand all reasonable costs and expenses incurred by Mortgagee in connection with this Security Instrument, any other such security or any of the preparationother Loan Documents, execution, recording, filing and refiling of any such instrument without being deemed to have made an election thereby or document including to have accepted the charges for examining title and the attorneys' fee for rendering an opinion as to the priority of this Mortgage and benefits of such security agreement (or the proceeds thereof) in full settlement of the Obligations and of its rights with respect thereto. No judgment, order or decree rendered against Borrower with respect to any such other security or any of the other Loan Documents, whether rendered in the State in which the Collateral is situated or elsewhere, shall in any manner affect the security of this Security Instrument, and any deficiency or other security instrument as a valid first debt represented by any such judgment, order or decree shall, to the extent permitted by Law, be secured by this Security Instrument to the same extent that the Obligations shall have been secured by this Security Instrument prior to the rendering of such judgment, order or decree. Borrower for itself and subsisting lien. However, neither a request so made by Mortgagee nor the failure of Mortgagee for any and all Persons who may at any time claim through or under Borrower or who hereafter may otherwise acquire any interest in or title to make such a request shall be construed as a release of the Mortgaged Property, all or any part thereofof the Collateral or any other security for the Obligations, from hereby irrevocably waives and releases, to the lien extent permitted by Law, all benefit of any and all Laws that would limit or prohibit the effectiveness of anything set forth in this Section. Notwithstanding anything contained herein to the contrary, Grantee shall be under no duty to Borrower or any other Person or entity, including, without limitation, any holder of a junior, senior or subordinate deed to secure debt on the Collateral or any part thereof or on any other security held by Grantee, to exercise, exhaust or first resort to all or any of the rights, powers and remedies available to Grantee, whether under this Security Instrument, the other Loan Documents or the Additional Mortgages prior to the sale of the Collateral or any other enforcement of this MortgageSecurity Instrument. Furthermore, it being understood Borrower and agreed such other Persons and entities waive all rights relating to marshaling and agree that Grantee shall not be compelled to release any part of the security of this covenant and Security Instrument, the other Loan Documents or the Additional Mortgages or be prevented from foreclosing or enforcing this Security Instrument, the other Loan Documents or the Additional Mortgages upon all or any part of such security agreement unless the Obligations shall have been paid in full and that Grantee shall not be compelled to accept or allow any apportionment of the Obligations to or among any of the property encumbered by this Security Instrument, the other security instrument, delivered to Mortgagee, are cumulative and given as additional securityLoan Documents or the Additional Mortgages.
Appears in 1 contract
Additional Security Documents. Mortgagor(a) Mortgagor has simultaneously herewith executed and delivered to or for the benefit of Mortgagee certain other mortgages, from time deeds of trust and other documents and instruments encumbering or relating to timecertain other property of Mortgagor located in various other counties and states of The United States of America as additional security for the Notes and the Obligations (collectively, ----------------------------- within 15 days after request by sometimes, the “Additional Mortgages”).
(b) The Additional Mortgages and this Mortgage shall each and all constitute security for the Notes, the indebtedness referred to therein and the Obligations. If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Mortgages, such default shall constitute an Event of Default under this Mortgage. The Mortgagee, shall executewhether acting as a fiduciary or otherwise, acknowledge may foreclose or otherwise enforce such security under the Additional Mortgages, enforce its rights, powers and deliver to Mortgageeremedies with respect to, and realize upon, such security agreements or otherwise enforce its rights, powers and remedies with respect to, and realize upon, such security, either before or concurrently with or after a foreclosure or other similar security instruments, in form and substance satisfactory to Mortgagee, covering all property of any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall further, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver any financing statement, renewal affidavit, certificate, continuation statement or other document as Mortgagee may request in order to perfect, preserve, continue, extend or maintain this Mortgage or such security agreement or other security instrument as a first lien against the Mortgaged Property or such other property. Mortgagor further agrees to pay to Mortgagee on demand all reasonable costs and expenses incurred by Mortgagee in connection with the preparation, execution, recording, filing and refiling of any such instrument or document including the charges for examining title and the attorneys' fee for rendering an opinion as to the priority of this Mortgage and of such security agreement or other security instrument as a valid first and subsisting lien. However, neither a request so made by Mortgagee nor the failure of Mortgagee to make such a request shall be construed as a release of the Mortgaged Property, or any part thereof, from the lien enforcement of this Mortgage, it any other such security or any of the other Loan Documents, and in any order as Mortgagee may choose (whether or not every aspect of any such foreclosure or other enforcement may be commercially reasonable), all without impairing or being understood deemed to have waived any rights, benefits, Liens or security evidenced by or arising under or in connection with this Mortgage, any other such security or any of the other Loan Documents, and agreed that without being deemed to have made an election thereby or to have accepted the benefits of such security (or the proceeds thereof) in full settlement of the Obligations and of its rights with respect thereto. No judgment, order or decree rendered against Mortgagor with respect to any such other security or any of the other Loan Documents, whether rendered in the State in which the Collateral is situated or elsewhere, shall in any manner affect the security of this covenant Mortgage, and any such security agreement deficiency or other debt represented by any such judgment, order or decree shall, to the extent permitted by Law, be secured by this Mortgage to the same extent that the Obligations shall have been secured by this Mortgage prior to the rendering of such judgment, order or decree. Mortgagor for itself and for any and all Persons who may at any time claim through or under Mortgagor or who hereafter may otherwise acquire any interest in or title to all or any part of the Collateral or any other security instrumentfor the Obligations, hereby irrevocably waives and releases, to the extent permitted by Law, all benefit of any and all Laws that would limit or prohibit the effectiveness of anything set forth in this Section.
(c) As set forth above in Section 1, Mortgagor has also executed and delivered to or for the benefit of Mortgagee another mortgage encumbering the Collateral and securing the four other Loans made by the Lenders to the Borrowers pursuant to the Credit Agreement, which mortgage is subordinate and junior in priority to this Mortgage. Such mortgage is intended to be recorded immediately following this Mortgage.
(d) Notwithstanding anything contained herein to the contrary, Mortgagee shall be under no duty to Mortgagor or any other Person or entity, including, without limitation, any holder of a any other junior, senior or subordinate mortgage on the Collateral or any part thereof or on any other security held by Mortgagee, to exercise, exhaust or first resort to all or any of the rights, powers and remedies available to Mortgagee, are cumulative whether under this Mortgage, the other Loan Documents or the Additional Mortgages prior to the sale of the Collateral or any other enforcement of this Mortgage. Furthermore, Mortgagor and given as additional securitysuch other Persons and entities waive all rights relating to marshaling and agree that Mortgagee shall not be compelled to release any part of the security of this Mortgage, the other Loan Documents or the Additional Mortgages or be prevented from foreclosing or enforcing this Mortgage, the other Loan Documents or the Additional Mortgages upon all or any part of such security unless the Obligations shall have been paid in full and that Mortgagee shall not be compelled to accept or allow any apportionment of the Obligations to or among any of the property encumbered by this Mortgage, the other Loan Documents or the Additional Mortgages.
Appears in 1 contract
Additional Security Documents. Mortgagor(a) Mortgagor has simultaneously herewith executed and delivered to or for the benefit of Mortgagee counterpart originals of this Mortgage to be recorded in each Town in Connecticut where any of the Mortgaged Property is located.
(b) Also, from time certain of the other Borrowers have simultaneously herewith executed and delivered to timeor for the benefit of Mortgagee a certain mortgage and other documents and instruments encumbering or relating to certain property owned by such other Borrowers located in Westchester County in the State of New York as additional security for the Indebtedness (collectively, ----------------------------- within 15 days after request the “Additional Mortgage”), which Additional Mortgage secures the Loan.
(c) Also, certain of the other Borrowers have simultaneously herewith executed and delivered to or for the benefit of Mortgagee a certain mortgage and other documents and instruments encumbering or relating to certain property owned by Mortgageesuch other Borrowers located in ▇▇▇▇▇▇ County in the State of New Jersey as additional security for the Indebtedness (collectively, the “Additional NJ Mortgage”), which Additional NJ Mortgage secures the Loan, as well as the CT Loan and the NJ Loan.
(d) The Additional Mortgage, the Additional NJ Mortgage and this Mortgage (and each counterpart thereof) shall executeeach and all constitute security for the Notes, acknowledge the indebtedness referred to therein and deliver to Mortgageethe Indebtedness. If there should be an Event of Default in any of the terms, conditions or obligations of any of the Additional Mortgage, or the Additional NJ Mortgage, such default shall constitute an Event of Default under this Mortgage. The Mortgagee may foreclose or otherwise enforce such security under the Additional Mortgage and/or the Additional NJ Mortgage, enforce its rights, powers and remedies with respect to, and realize upon, such security agreements or otherwise enforce its rights, powers and remedies with respect to, and realize upon, such security, either before or concurrently with or after a foreclosure or other similar enforcement of this Mortgage, any other such security instruments, in form and substance satisfactory to Mortgagee, covering all property of or any kind whatsoever owned by Mortgagor or in which Mortgagor may have any interest which, in the sole opinion of Mortgagee, is reasonably essential to the operation of the Mortgaged Property. Mortgagor shall furtherother Loan Documents, from time to time, within 15 days after request by Mortgagee, execute, acknowledge and deliver in any financing statement, renewal affidavit, certificate, continuation statement or other document order as Mortgagee may request choose (whether or not every aspect of any such foreclosure or other enforcement may be commercially reasonable), all without impairing or being deemed to have waived any rights, benefits, liens or security evidenced by or arising under or in connection with this Mortgage, any other such security or any of the other Loan Documents, the Additional Mortgage or the Additional NJ Mortgage, and without being deemed to have made an election thereby or to have accepted the benefits of such security (or the proceeds thereof) in full settlement of the Obligations and of its rights with respect thereto. No judgment, order or decree rendered against Mortgagor with respect to perfectany such other security or any of the other Loan Documents, preservewhether rendered in any state in which any collateral is situated or elsewhere, continueshall in any manner affect the security of this Mortgage, extend and any deficiency or maintain other debt represented by any such judgment, order or decree shall, to the extent permitted by law, be secured by this Mortgage to the same extent that the Indebtedness shall have been secured by this Mortgage prior to the rendering of such judgment, order or such security agreement decree. Mortgagor for itself and for any and all persons who may at any time claim through or other security instrument as a first lien against under Mortgagor or who hereafter may otherwise acquire any interest in or title to all or any part of the Mortgaged Property or such any other property. Mortgagor further agrees security for the Obligations, hereby irrevocably waives and releases, to pay to Mortgagee on demand the extent permitted by law, all reasonable costs and expenses incurred by Mortgagee in connection with the preparation, execution, recording, filing and refiling benefit of any such instrument and all laws that would limit or document including prohibit the charges effectiveness of anything set forth in this Section.
(e) As set forth above in the Section entitled “Loan Agreement,” Mortgagor has also executed and delivered to or for examining title the benefit of Mortgagee (i) the First Mortgage encumbering the Mortgaged Property and securing the attorneys' fee for rendering an opinion as CT Loan, which First Mortgage is superior and senior in priority to the priority of this Mortgage and (ii) the Second Mortgage encumbering the Mortgaged Property securing the NJ Loan, pursuant to the Loan Agreement, which Second Mortgage is also superior and senior in priority to this Mortgage.
(f) Notwithstanding anything contained herein to the contrary, Mortgagee shall be under no duty to Mortgagor or any other person or entity, including, without limitation, any holder of such security agreement the First Mortgage or the Second Mortgage or any other junior, senior or subordinate mortgage on the Mortgaged Property or any part thereof or on any other security instrument as a valid held by Mortgagee, to exercise, exhaust or first resort to all or any of the rights, powers and subsisting lien. Howeverremedies available to Mortgagee, neither a request so made by Mortgagee nor whether under this Mortgage, the failure of Mortgagee other Loan Documents, the First Mortgage, the Second Mortgage, the Additional Mortgage or the Additional NJ Mortgage prior to make such a request shall be construed as a release the sale of the Mortgaged Property, Property or any other enforcement of this Mortgage. Furthermore, Mortgagor and such other persons and entities waive all rights relating to marshaling and agree that Mortgagee shall not be compelled to release any part thereof, from of the lien security of this Mortgage, it being understood and agreed that the other Loan Documents, the First Mortgage, the Second Mortgage, the Additional Mortgage or the Additional NJ Mortgage or be prevented from foreclosing or enforcing this covenant and Mortgage, the other Loan Documents, the First Mortgage, the Second Mortgage, the Additional Mortgage or the Additional NJ Mortgage upon all or any part of such security agreement unless the Indebtedness shall have been paid in full and that Mortgagee shall not be compelled to accept or allow any apportionment of the Indebtedness to or among any of the property encumbered by this Mortgage, the other security instrumentLoan Documents, delivered to Mortgageethe First Mortgage, are cumulative and given as additional securitythe Second Mortgage, the Additional Mortgage, or the Additional NJ Mortgage.
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