Application of Payments and Repayments. So long as the balance of the Obligations exceeds the Secured Amount, any payments and repayments of the Obligations by Mortgagor shall not be deemed to be applied against, or to reduce, the portion of the Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Obligations as are secured by mortgages encumbering real property located outside the State of Indiana, which mortgages secure the entire Obligations (except to the extent, if any, that specific mortgages in such states contain specific limitations on the amount secured). [Signature and Notary Page Follows]
Appears in 2 contracts
Sources: Mortgage, Security Agreement, Assignment of Leases and Rents and Financing Statement (Gibraltar Packaging Group Inc), Mortgage, Security Agreement, Assignment of Leases and Rents and Financing Statement (Gibraltar Packaging Group Inc)