Common use of Collateral and Security Interest Clause in Contracts

Collateral and Security Interest. Until all of the Senior Obligations have been paid in full, the Junior Lender shall not demand, receive or accept (i) a pledge of any of the Mortgaged Property as security for the Junior Obligations, or (ii) a grant of any security interest or any other right or interest in any of the Mortgaged Property.

Collateral and Security Interest. Until all of the Senior Obligations have been paid in full, the Junior Lender shall not demand, receive or accept (i) a pledge of any of the Mortgaged Property as security for the Junior Obligations, or (ii) except for the Ground Lease, Declaration of Trust/Restrictive Covenants, Regulatory and Operating Agreement and other permitted encumbrances set forth in the Senior Lender’s title policy, a grant of any security interest or any other lien, right or interest in any of the Mortgaged Property.