Common use of Mortgage Note Clause in Contracts

Mortgage Note. The obligation of Borrower to repay the full Loan Amount, together with interest thereon, and Yield Maintenance Payments, Defeasance Deposits and other charges, if any, related thereto, shall be evidenced by that certain Mortgage Note made by Borrower as of the Closing Date to the order of Lender (the "MORTGAGE NOTE"), substantially in the form of EXHIBIT B attached hereto and incorporated herein, in the original principal amount of One Hundred Thirty-Six Million One Hundred Thousand and No/100 Dollars ($136,100,000). The Borrower hereby irrevocably appoints the Lender and its successors and assigns, with full power of substitution, as its attorney-in-fact, solely for the purpose, from time to time in connection with a foreclosure on any Mortgaged Property following an Event of Default and/or acceleration of the maturity of the Loan, of executing two or more promissory notes (each, a "NEW NOTE") substantially in the form of EXHIBIT B, with an aggregate face principal balance equal to the principal amount then outstanding under the Mortgage Note (with a notation on each such New Note as to the outstanding principal amount of the Loan allocated to each such New Note) and marking each promissory note that is to be replaced with such New Notes (whether the original Mortgage Note or any Defeased Note or Undefeased Note) "SUBSTITUTED." Such power of attorney is a limited power of attorney coupled with an interest.

Appears in 1 contract

Sources: Loan Agreement (Arden Realty Inc)

Mortgage Note. The obligation of Borrower to repay the full Loan Amount, together with interest thereon, and Yield Maintenance Payments, Defeasance Deposits and other charges, if any, related thereto, shall be evidenced by that certain Mortgage Note made by Borrower as of the Closing Date to the order of Lender (the "MORTGAGE NOTE"), substantially in the form of EXHIBIT B attached hereto and incorporated herein, in the original principal amount of One Hundred Thirty-Million Six Million One Hundred Thousand and No/100 Dollars ($136,100,000100,600,000). The Borrower hereby irrevocably appoints the Lender and its successors and assigns, with full power of substitution, as its attorney-in-fact, solely for the purpose, from time to time in connection with a foreclosure on any Mortgaged Property following an Event of Default and/or acceleration of the maturity of the Loan, of executing two or more promissory notes (each, a "NEW NOTE") substantially in the form of EXHIBIT B, with an aggregate face principal balance equal to the principal amount then outstanding under the Mortgage Note (with a notation on each such New Note as to the outstanding principal amount of the Loan allocated to each such New Note) and marking each promissory note that is to be replaced with such New Notes (whether the original Mortgage Note or any Defeased Note or Undefeased Note) "SUBSTITUTED." Such power of attorney is a limited power of attorney coupled with an interest.

Appears in 1 contract

Sources: Loan Agreement (Arden Realty Inc)

Mortgage Note. The obligation of Borrower to repay the full Loan Amount, together with interest thereon, and Yield Maintenance Payments, Defeasance Deposits and other charges, if any, related thereto, shall be evidenced by that certain Mortgage Note made by Borrower as of the Closing Date to the order of the Lender (the "MORTGAGE NOTEMortgage Note"), substantially in the form of EXHIBIT B Exhibit A attached hereto --------- and incorporated herein, in the original principal amount of One Three Hundred ThirtyTwenty-Six Five Million One Hundred Thousand and No/100 Dollars ($136,100,000325,000,000). The Borrower hereby irrevocably appoints the Lender and its successors and assigns, with full power of substitution, as its attorney-in-in- fact, solely for the purpose, from time to time in connection with a foreclosure on any Mortgaged Property following an Event of Default and/or acceleration of the maturity of the Loan, of executing two or more promissory notes (each, a "NEW NOTENew Note") substantially in the form of EXHIBIT BExhibit A, with an aggregate face --------- principal balance equal to the principal amount then outstanding under the Mortgage Note (with a notation on each such New Note as to the outstanding principal amount of the Loan allocated to each such New Note) and marking each promissory note that is to be replaced with such New Notes (whether the original Mortgage Note or any Defeased Note or Undefeased Note) "SUBSTITUTEDREPLACED" or "SUPERSEDED." Such power of attorney is a limited power of attorney coupled with an interest.

Appears in 1 contract

Sources: Loan Agreement (Courtyard by Marriott Limited Partnership)