Common use of FUTURE ASSIGNMENTS Clause in Contracts

FUTURE ASSIGNMENTS. If Mortgagor obtains mortgage financing secured by the Mortgaged Property and the proceeds of such new mortgage financing are applied to repay the Obligations in full, then in place of delivering a discharge, satisfaction, or release of this Mortgage, the Mortgagee shall at Mortgagor's request, deliver to the new lender an assignment of this Mortgage, all in form reasonably satisfactory to Mortgagee. Effective upon Mortgagee's assignment of this Mortgage, the Mortgagee shall be released from any remaining obligations and liabilities under the Indenture and Collateral Agreements.

FUTURE ASSIGNMENTS. If Mortgagor obtains mortgage financing secured by the Mortgaged Property and the proceeds of such new mortgage financing are applied to repay the Obligations in full, then in place of delivering a discharge, satisfaction, ; or release of this Mortgage, the Mortgagee shall at Mortgagor's request, deliver to the new lender an assignment of this Mortgage, all in form reasonably satisfactory to Mortgagee. Effective upon Mortgagee's assignment of this Mortgage, the Mortgagee shall be released from any remaining obligations and liabilities under the Indenture Loan Agreement and Collateral Agreementsother Loan Documents.