Maximum Amount of Indebtedness. Notwithstanding any provision to the contrary contained herein, the principal amount of Indebtedness secured hereby (excluding any amounts advanced by Mortgagee under Section 8.01 hereof) will never exceed $ (the “Maximum Amount”). Notwithstanding anything to the contrary contained herein: (i) the Maximum Amount will be deemed to be the first indebtedness to be advanced and the last indebtedness to be repaid; (ii) the security afforded by this Mortgage for the payment and/or performance of the Indebtedness will not be reduced by any payments or other sums applied to the reduction of the indebtedness so long as the total amount of outstanding principal indebtedness exceeds the Maximum Amount and thereafter will be reduced only to the extent that any such payments and other sums are actually applied by the Mortgagee, in accordance with the Note, any other Loan Document (as hereinafter defined), or any other instruments, documents or agreements executed in connection therewith, to reduce the outstanding principal of the Note or any other Loan Document to an amount less than the Maximum Amount; (iii) if at any time after the reduction of the outstanding principal balance of the Note or any other Loan Document to an amount less than the Maximum Amount, principal Indebtedness is subsequently incurred such that it increases the total outstanding principal indebtedness to an amount equal to or exceeding the Maximum Amount, the security afforded by this Mortgage will thereupon be increased to the Maximum Amount; and (iv) the limitation contained in this Section 2.02 on the Maximum Amount will only pertain to principal of the Note or any other Loan Document and will not be construed as limiting the amount of interest, fees, expenses, indemnified amounts and other Indebtedness secured hereby that are not principal of the Note or any other Loan Document, it being the intention of the parties to this Mortgage that this Mortgage will secure any principal of the Indebtedness remaining unpaid at the time of foreclosure up to the Maximum Amount, plus interest thereon, all costs of collection and all other amounts (except principal indebtedness under the Note or any other Loan Document in excess of the Maximum Amount) included in the Indebtedness. “Loan Documents” means the Note, this Mortgage, and all other documents or instruments now or hereafter executed by Mortgagor and/or others and by or in favor of Mortgagee, which describe the credit relationship among the parties or which may secure or guarantee payment of the Indebtedness.
Appears in 1 contract
Sources: Mortgage and Security Agreement
Maximum Amount of Indebtedness. Notwithstanding any provision to the contrary contained herein, the principal amount of Indebtedness secured hereby (excluding any amounts advanced by Mortgagee under Section 8.01 hereofa) will never exceed $ (the “Maximum Amount”). Notwithstanding anything to the contrary contained herein: in this Mortgage, the maximum principal indebtedness or Secured Obligations which is or under any contingency may be secured by this Mortgage, at the date of the execution and delivery hereof or at any time hereafter, is SIXTY EIGHT MILLION DOLLARS ($68,000,000) provided, however, that the foregoing limitation shall not limit the Lien and security of this Mortgage with respect to (i) interest on said maximum principal indebtedness payable pursuant to the Maximum Amount will Senior Secured Notes, or any premium payable pursuant to the Senior Secured Notes upon prepayment of said maximum principal indebtedness, (ii) repayment to Mortgagee after default of sums advanced or paid for real estate taxes (and payments in lieu thereof), charges or assessments upon the Mortgaged Property, (iii) repayment to Mortgagee after default of sums advanced or paid for premiums for insurance covering the Mortgaged Property, (iv) repayment after default of all reasonable legal costs and expenses of collection of the indebtedness secured by this Mortgage or of the defense or prosecution of the rights, Liens and security interests created by this Mortgage, and (v) repayment to Mortgagee after default of any amount, cost or charge to which Mortgagee becomes subrogated, upon payment, whether under recognized principles of law or equity, or under express statutory authority; and the amounts included under (i) - (v) inclusive above, together with interest thereon, shall be deemed to be Secured Obligations; provided, that the first indebtedness Secured Obligations shall not include interest on any unpaid interest to be advanced and the last indebtedness to be repaid; extent, if any, the same would require the payment of mortgage recording tax with respect thereto, unless such mortgage recording tax is in fact paid.
(iib) The limitation on the security afforded maximum principal amount of the Secured Obligations secured by this Mortgage for pursuant to the payment and/or performance preceding paragraph does not, and shall not be construed to, limit the amount of the Indebtedness will not be reduced by any payments or other sums applied to the reduction of the indebtedness so long as the total amount of outstanding principal indebtedness exceeds the Maximum Amount and thereafter will be reduced only to the extent that any such payments and other sums are actually applied Secured Obligations secured by the Mortgagee, in accordance with the Note, any other Loan Document (as hereinafter defined), Security Agreements or any other instruments, documents or agreements executed in connection therewith, to reduce the outstanding principal of the Note or any other Loan Document to an amount less than the Maximum Amount; (iii) if at any time after the reduction of the outstanding principal balance of the Note or any other Loan Document to an amount less than the Maximum Amount, principal Indebtedness is subsequently incurred such that it increases the total outstanding principal indebtedness to an amount equal to or exceeding the Maximum Amount, the security afforded by this Mortgage will thereupon be increased to the Maximum Amount; and (iv) the limitation contained in this Section 2.02 on the Maximum Amount will only pertain to principal of the Note or any other Loan Document and will not be construed as limiting the amount of interest, fees, expenses, indemnified amounts and other Indebtedness secured hereby that are not principal of the Note or any other Loan Collateral Document, it being the intention of the parties to this Mortgage that this Mortgage will secure any principal of the Indebtedness remaining unpaid at the time of foreclosure up to the Maximum Amount, plus interest thereon, all costs of collection and all other amounts (except principal indebtedness under the Note or any other Loan Document in excess of the Maximum Amount) included in the Indebtedness. “Loan Documents” means the Note, this Mortgage, and all other documents or instruments now or hereafter executed by Mortgagor and/or others and by or in favor of Mortgagee, which describe the credit relationship among the parties or which may secure or guarantee payment of the Indebtedness.
Appears in 1 contract
Sources: Mortgage and Assignment of Rents (Project Orange Capital Corp)
Maximum Amount of Indebtedness. Notwithstanding any provision to the contrary contained herein, the principal (a) The maximum aggregate amount of Indebtedness all indebtedness that is, or under any contingency may be secured hereby (excluding at the date hereof or at any amounts advanced time hereafter by Mortgagee under Section 8.01 hereof) will never exceed this Mortgage is $ 21,125,000.00 (the “Maximum Secured Amount”). Notwithstanding anything , plus, to the contrary contained herein: (i) the Maximum Amount will be deemed to be the first indebtedness to be advanced extent permitted by applicable law and the last indebtedness Loan Agreement, collection costs, sums advanced for the payment of taxes, assessments, maintenance and repair charges, insurance premiums and any other costs incurred to be repaid; (ii) protect the security afforded encumbered hereby or the lien hereof, expenses incurred by the Mortgagee by reason of any default by the Company under the terms hereof, together with interest thereon, all of which amounts shall be secured hereby; provided, however, that the foregoing limitation shall not operate to limit or diminish the extent of Agent’s security interests created pursuant to, or limit the recovery by Agent under, any other security instruments, or limit or diminish Agent’s security interests in any other collateral, all as held by Agent as security for the Secured Obligations or any portion thereof, it being understood and agreed that the limitation on recovery contained in this Section 6.18 shall apply only to the Mortgaged Property and no other collateral or security held by Agent.
(b) Mortgagee shall have the right to obtain an appraisal of the Mortgaged Property, at Mortgagor’s sole cost and expense, at any time following the date of this Mortgage, and in the event that one hundred twenty-five percent (125%) of the fair market value of the Mortgaged Property as established by such appraisal shall be greater than $21,125,000.00, Mortgagor shall, upon Mortgagee’s request, execute and deliver a modification to this Mortgage increasing the maximum aggregate amount of all indebtedness secured by this Mortgage for the payment and/or performance of the Indebtedness will not be reduced by any payments or other sums applied to the reduction of the indebtedness so long as the total amount of outstanding principal indebtedness exceeds the Maximum Amount and thereafter will be reduced only to the extent that any such payments and other sums are actually applied by the Mortgagee, in accordance with the Note, any other Loan Document (as hereinafter defined), or any other instruments, documents or agreements executed in connection therewith, to reduce the outstanding principal of the Note or any other Loan Document to an amount less than the Maximum Amount; (iii) if at any time after the reduction of the outstanding principal balance of the Note or any other Loan Document to an amount less than the Maximum Amount, principal Indebtedness is subsequently incurred such that it increases the total outstanding principal indebtedness to an amount equal to or exceeding the Maximum Amount, the security afforded by this Mortgage will thereupon be increased to the Maximum Amount; and one hundred twenty-five percent (iv125%) the limitation contained in this Section 2.02 on the Maximum Amount will only pertain to principal of the Note or any other Loan Document and will not be construed as limiting the amount of interest, fees, expenses, indemnified amounts and other Indebtedness secured hereby that are not principal fair market value of the Note or any other Loan Document, it being the intention of the parties to this Mortgage that this Mortgage will secure any principal of the Indebtedness remaining unpaid at the time of foreclosure up to the Maximum Amount, plus interest thereon, all costs of collection and all other amounts (except principal indebtedness under the Note or any other Loan Document in excess of the Maximum Amount) included in the Indebtedness. “Loan Documents” means the Note, this MortgageMortgaged Property as established by such appraisal, and all other documents or instruments now or hereafter executed any mortgage taxes due upon the recordation of such mortgage modification shall be payable by Mortgagor and/or others at its sole cost and by or in favor of Mortgagee, which describe the credit relationship among the parties or which may secure or guarantee payment of the Indebtednessexpense.
Appears in 1 contract
Maximum Amount of Indebtedness. Notwithstanding any provision to the contrary contained herein, the principal (a) The maximum aggregate amount of Indebtedness all indebtedness that is, or under any contingency may be secured hereby (excluding at the date hereof or at any amounts advanced time hereafter by Mortgagee under Section 8.01 hereof) will never exceed this Mortgage is $ 21,125,000.00 (the “Maximum Secured Amount”). Notwithstanding anything , plus, to the contrary contained herein: (i) the Maximum Amount will be deemed to be the first indebtedness to be advanced extent permitted by applicable law and the last indebtedness Indenture, collection costs, sums advanced for the payment of taxes, assessments, maintenance and repair charges, insurance premiums and any other costs incurred to be repaid; (ii) protect the security afforded encumbered hereby or the lien hereof, expenses incurred by the Collateral Agent by reason of any default by the Company under the terms hereof, together with interest thereon, all of which amounts shall be secured hereby; provided, however, that the foregoing limitation shall not operate to limit or diminish the extent of the Collateral Agent’s security interests created pursuant to, or limit the recovery by Agent under, any other security instruments, or limit or diminish the Collateral Agent’s security interests in any other collateral, all as held by the Collateral Agent as security for the Secured Obligations or any portion thereof, it being understood and agreed that the limitation on recovery contained in this Section 6.19 shall apply only to the Mortgaged Property and no other collateral or security held by Agent.
(b) The Collateral Agent shall have the right but not the obligation to obtain an appraisal of the Mortgaged Property, at the Company’s sole cost and expense, at any time following the date of this Mortgage, and in the event that one hundred twenty-five percent (125%) of the fair market value of the Mortgaged Property as established by such appraisal shall be greater than $21,125,000.00. The Company shall, upon the Collateral Agent’s request, execute and deliver a modification to this Mortgage increasing the maximum aggregate amount of all indebtedness secured by this Mortgage for the payment and/or performance of the Indebtedness will not be reduced by any payments or other sums applied to the reduction of the indebtedness so long as the total amount of outstanding principal indebtedness exceeds the Maximum Amount and thereafter will be reduced only to the extent that any such payments and other sums are actually applied by the Mortgagee, in accordance with the Note, any other Loan Document (as hereinafter defined), or any other instruments, documents or agreements executed in connection therewith, to reduce the outstanding principal of the Note or any other Loan Document to an amount less than the Maximum Amount; (iii) if at any time after the reduction of the outstanding principal balance of the Note or any other Loan Document to an amount less than the Maximum Amount, principal Indebtedness is subsequently incurred such that it increases the total outstanding principal indebtedness to an amount equal to or exceeding the Maximum Amount, the security afforded by this Mortgage will thereupon be increased to the Maximum Amount; and one hundred twenty-five percent (iv125%) the limitation contained in this Section 2.02 on the Maximum Amount will only pertain to principal of the Note or any other Loan Document and will not be construed as limiting the amount of interest, fees, expenses, indemnified amounts and other Indebtedness secured hereby that are not principal fair market value of the Note or any other Loan Document, it being the intention of the parties to this Mortgage that this Mortgage will secure any principal of the Indebtedness remaining unpaid at the time of foreclosure up to the Maximum Amount, plus interest thereon, all costs of collection and all other amounts (except principal indebtedness under the Note or any other Loan Document in excess of the Maximum Amount) included in the Indebtedness. “Loan Documents” means the Note, this MortgageMortgaged Property as established by such appraisal, and all other documents or instruments now or hereafter executed any mortgage taxes due upon the recordation of such mortgage modification shall be payable by Mortgagor and/or others the Company at its sole cost and by or in favor of Mortgagee, which describe the credit relationship among the parties or which may secure or guarantee payment of the Indebtednessexpense. [Signature Page Follows.]
Appears in 1 contract
Maximum Amount of Indebtedness. Notwithstanding any provision to the contrary contained herein, the principal amount of Indebtedness secured hereby (excluding any amounts advanced by Mortgagee under Section 8.01 hereof) will never exceed $ (the “Maximum Amount”). Notwithstanding anything to the contrary contained herein: in the Mortgage, the maximum aggregate principal amount of indebtedness that is, or under any contingency may be, secured by the Mortgage (i) the Maximum Amount including Mortgagor’s obligation to reimburse advances made by Mortgagee), either at execution or at any time thereafter, including future advances which will be deemed advanced from time to be time from and after the first indebtedness to be advanced date hereof and may include readvances of amounts repaid (the last indebtedness to be repaid; (ii) “Secured Loan Amount”), shall not exceed in the security afforded by this Mortgage for aggregate at any one time the payment and/or performance of the Indebtedness will not be reduced by any payments or other sums applied to the reduction of the indebtedness so long as the total outstanding amount of outstanding principal indebtedness exceeds the Maximum Amount and thereafter will be reduced only EIGHTY-EIGHT MILLION AND 00/100 DOLLARS ($88,000,000.00), plus amounts that Mortgagee expends after occurrence of an Event of Default to the extent that any such payments amounts shall constitute payment of (a) taxes, charges or assessments that may be imposed by law upon the Mortgaged Property; (b) premiums on insurance policies covering the Mortgaged Property; (c) expenses incurred in upholding the lien of the Mortgage, including the expenses of any litigation to prosecute or defend the rights and other sums are actually applied lien created by the MortgageeMortgage; or (d) any amount, in accordance with the Notecost or charge to which Mortgagee becomes subrogated, any other Loan Document (as hereinafter defined)upon payment, whether under recognized principles of law or equity, or under express statutory authority; then in such event, such amounts or costs, together with interest thereon, shall be added to the indebtedness secured hereby and shall be secured by the Mortgage. All persons and entities with any other instruments, documents interest in the Mortgaged Property or agreements executed in connection therewith, about to reduce acquire any such interest should be aware that the outstanding Mortgage secures more than the stated principal amount of the Note or any other Loan Document to an amount less than the Maximum Amount; (iii) if at any time after the reduction of the outstanding principal balance of the Note or any other Loan Document to an amount less than the Maximum Amount, principal Indebtedness is subsequently incurred such that it increases the total outstanding principal indebtedness to an amount equal to or exceeding the Maximum Amount, the security afforded by this Mortgage will thereupon be increased to the Maximum Amount; and (iv) the limitation contained in this Section 2.02 on the Maximum Amount will only pertain to principal of the Note or any other Loan Document and will not be construed as limiting the amount of interest, fees, expenses, indemnified amounts and other Indebtedness secured hereby that are not principal of the Note or any other Loan Document, it being the intention of the parties to this Mortgage that this Mortgage will secure any principal of the Indebtedness remaining unpaid at the time of foreclosure up to the Maximum Amount, plus interest thereon, all costs of collection ; the Mortgage secures any and all other amounts (except principal indebtedness which may become due under the Note or other document or instrument evidencing, securing or otherwise affecting the indebtedness, including, without imitation, any other Loan Document in excess and all amounts expended by Mortgagee upon an Event of Default to operate, manage or maintain the Mortgaged Property or to otherwise protect the Mortgaged Property or the lien of the Maximum Amount) included in the IndebtednessMortgage.”
4. “Loan Documents” means the Note, this Mortgage, and all other documents or instruments now or hereafter executed by Mortgagor and/or others and by or in favor of Mortgagee, which describe the credit relationship among the parties or which may secure or guarantee payment Section 9.2 of the Indebtedness.Mortgage is hereby deleted in its entirety and the following is inserted in lieu thereof:
Appears in 1 contract
Sources: Construction Mortgage Deed (Alexion Pharmaceuticals Inc)
Maximum Amount of Indebtedness. Notwithstanding any provision to the contrary contained herein, the principal amount of Indebtedness secured hereby (excluding any amounts advanced by Mortgagee under Section 8.01 hereof) will never exceed $ (the “Maximum Amount”). Notwithstanding anything to the contrary contained herein: (i) in this Mortgage, the Maximum Amount will be deemed to be the first maximum aggregate principal amount of indebtedness to be advanced and the last indebtedness to be repaid; (ii) the security afforded that is, or under any contingency may be, secured by this Mortgage for (including Mortgagor’s obligation to reimburse advances made by ▇▇▇▇▇▇▇▇▇), either at execution or at any time thereafter, including future advances which will be advanced from time to time from and after the payment and/or performance date hereof and may include readvances of amounts repaid (the Indebtedness will “Secured Loan Amount”), shall not be reduced by exceed in the aggregate at any payments or other sums applied to one time the reduction of the indebtedness so long as the total outstanding amount of outstanding principal indebtedness exceeds the Maximum Amount and thereafter will be reduced only [$52,000,000.00], plus amounts that Mortgagee expends after occurrence of an Event of Default to the extent that any such payments amounts shall constitute payment of (a) taxes, charges or assessments that may be imposed by law upon the Mortgaged Property; (b) premiums on insurance policies covering the Mortgaged Property; (c) expenses incurred in upholding the lien of this Mortgage, including the expenses of any litigation to prosecute or defend the rights and other sums are actually applied lien created by the Mortgageethis Mortgage; or (d) any amount, in accordance with the Notecost or charge to which Mortgagee becomes subrogated, any other Loan Document (as hereinafter defined)upon payment, whether under recognized principles of law or equity, or under express statutory authority; then in such event, such amounts or costs, together with interest thereon, shall be added to the indebtedness secured hereby and shall be secured by this Mortgage. All persons and entities with any other instruments, documents interest in the Mortgaged Property or agreements executed in connection therewith, about to reduce acquire any such interest should be aware that this Mortgage secures more than the outstanding stated principal amount of the Note or any other Loan Document to an amount less than the Maximum Amountand interest thereon; (iii) if at any time after the reduction of the outstanding principal balance of the Note or any other Loan Document to an amount less than the Maximum Amount, principal Indebtedness is subsequently incurred such that it increases the total outstanding principal indebtedness to an amount equal to or exceeding the Maximum Amount, the security afforded by this Mortgage will thereupon be increased to the Maximum Amount; and (iv) the limitation contained in this Section 2.02 on the Maximum Amount will only pertain to principal of the Note or secures any other Loan Document and will not be construed as limiting the amount of interest, fees, expenses, indemnified amounts and other Indebtedness secured hereby that are not principal of the Note or any other Loan Document, it being the intention of the parties to this Mortgage that this Mortgage will secure any principal of the Indebtedness remaining unpaid at the time of foreclosure up to the Maximum Amount, plus interest thereon, all costs of collection and all other amounts (except principal indebtedness which may become due under the Note or other document or instrument evidencing, securing or otherwise affecting the indebtedness, including, without imitation, any other Loan Document in excess and all amounts expended by Mortgagee upon an Event of Default to operate, manage or maintain the Maximum Amount) included in Mortgaged Property or to otherwise protect the Indebtedness. “Loan Documents” means Mortgaged Property or the Note, lien of this Mortgage, and all other documents or instruments now or hereafter executed by Mortgagor and/or others and by or in favor of Mortgagee, which describe the credit relationship among the parties or which may secure or guarantee payment of the Indebtedness.
Appears in 1 contract