Common use of Discretion to Encumber Clause in Contracts

Discretion to Encumber. The Parties hereto agree that this Agreement shall not prevent or limit Developer, in any manner, at Developer's sole discretion, from encumbering the P roperty or any portion thereof or any improvements thereon then owned by such person with any mortgage, deed of trust or other security device ("Mortgage") securing financing with respect to the Property or such portion. Any mortgagee or trust deed beneficiary of the Property or any portion thereof or any improvements thereon and its successors and assigns ("Mortgagee") shall be entitled to the following rights and p rivileges. ·

Discretion to Encumber. The Parties hereto agree that this Agreement shall not prevent or limit Developer, in any manner, at Developer's ’s sole discretion, from encumbering the P roperty Property or any portion thereof or any improvements thereon then owned by such person with any mortgage, deed of trust or other security device ("“Mortgage"”) securing financing with respect to the Property or such portion. Any mortgagee or trust deed beneficiary of the Property or any portion thereof or any improvements thereon and its successors and assigns ("“Mortgagee"”) shall be entitled to the following rights and p rivileges. ·privileges.