Common use of Prior Encumbrances Clause in Contracts

Prior Encumbrances. The Mortgagee may, but shall not be obliged to, pay the amount of any encumbrance, lien or charge, statutory or otherwise, now or hereafter existing or to arise or be claimed upon the Mortgaged Premises, having priority over this Mortgage, including any arrears of Taxes on the Mortgaged Premises, and may also pay all costs, charges and expenses that may be incurred in taking, recovering and keeping possession of the Mortgaged Premises and all solicitor's charges or commissions for or in respect of the collection of any overdue interest, principal, insurance premiums, repair costs or any other monies whatsoever payable by the Mortgagor under this Mortgage, as between solicitor and its client, whether any action or other judicial proceeding to enforce such payment has been taken or not; and the amounts so paid shall be added to the principal amount secured by this Mortgage and bear interest at the Mortgage Interest Rate and be a charge on the Mortgaged Premises, and shall forthwith be payable by the Mortgagor to the Mortgagee and the non-payment of such amount shall entitle the Mortgagee to exercise the powers exercisable for breach of covenant herein contained. In the event of the Mortgagee paying the amount of any such encumbrance, lien or charge, or Taxes, either out of the monies advanced on the security of this Mortgage or otherwise, it shall be entitled to all the rights, equities and securities of the person or persons, company, corporation or government so paid off.

Prior Encumbrances. The Mortgagee mayTo the extent applicable, but Grantor shall fully and timely perform any and all of its obligations under any prior Encumbrances affecting the Collateral. Without limiting the foregoing, Grantor shall not be obliged to, pay commit or permit to exist any breach of or default under any such prior Encumbrances. Grantor shall further promptly notify Lender in writing upon the amount occurrence of any encumbranceevent or circumstances that would, lien or chargethat might, statutory result In a breach of or default under any such prior Encumbrance. Grantor shall further not modify or extend any of the terms of any prior Encumbrance or any indebtedness secured thereby, or request or obtain any additional loans or other extensions of credit from any third party creditor or creditors whenever such additional loan advances or other extensions of credit may be directly or Indirectly secured, whether by cross-collateralization or otherwise, now by the Collateral, or hereafter existing any part or parts thereof, with possible preference and priority over Lender's security Interest. Grantor additionally agrees to arise obtain, upon request by Lender, and in form and substance as may then be satisfactory to Lender, appropriate waivers and/or subordinations of any lessors liens or privileges, vendor's liens or privileges, purchase money security interests, and any other encumbrances that may affect the Collateral at any time. Future Encumbrances. Grantor shall not, without the prior written consent of Lender, grant any Encumbrance that may affect the collateral, or any part or parts thereof, nor shall Grantor permit or consent to any Encumbrance attaching to or being filed against any of the Collateral in favor of anyone other then Lender. Grantor shall further promptly pay when due all statements and charges of mechanics, materialmen, laborers and others incurred in connection with the alteration, improvement, repair and maintenance of the Collateral, or otherwise furnish appropriate security or bond, so that no future Encumbrance may ever attach to or be claimed filed against any Collateral. Grantor additionally agrees to obtain. upon request by Lender, and in form and substance as may then be satisfactory to Lender. appropriate waivers and/or subordinations of any lessor's liens or privileges, vendor's liens or privileges, purchase money security Interests, and any other Encumbrances that may affect the Collateral at any time. Notice of Encumbrances. Grantor shall Immediately notify Lender in writing upon the Mortgaged PremisesFiling of any attachment, having priority over this Mortgagelien, including judicial process, claim, or other Encumbrance. Grantor additionally agrees to notify Lender Immediately in writing upon the occurrence of any arrears default, or event that with the passage of Taxes on the Mortgaged Premisestime, and may also pay all costsfailure to cure, charges and expenses or giving of notice, might result in a default under any of Grantor's obligations that may be incurred in takingsecured by any presently existing or future Encumbrance, recovering and keeping possession or that might result In an Encumbrance affecting the Collateral, or should any of the Mortgaged Premises and all solicitor's charges Collateral be seized or commissions for attached or in respect of the collection of levied upon. or threatened by seizure or Attachment or levy, by any overdue interest, principal, insurance premiums, repair costs or any person other monies whatsoever payable by the Mortgagor under this Mortgage, as between solicitor and its client, whether any action or other judicial proceeding to enforce such payment has been taken or not; and the amounts so paid shall be added to the principal amount secured by this Mortgage and bear interest at the Mortgage Interest Rate and be a charge on the Mortgaged Premises, and shall forthwith be payable by the Mortgagor to the Mortgagee and the non-payment of such amount shall entitle the Mortgagee to exercise the powers exercisable for breach of covenant herein contained. In the event of the Mortgagee paying the amount of any such encumbrance, lien or charge, or Taxes, either out of the monies advanced on the security of this Mortgage or otherwise, it shall be entitled to all the rights, equities and securities of the person or persons, company, corporation or government so paid offthan Lender.

Prior Encumbrances. The Mortgagee may, but shall not be obliged to, pay the amount of any encumbrance, lien or charge, statutory or otherwise, charge now or hereafter existing or to arise or be claimed upon the Mortgaged Premises, having priority over this Mortgage, including any arrears of Taxes on the Mortgaged Premises, and may also pay all costs, charges and expenses expenses, that may be incurred in taking, recovering and keeping possession of the Mortgaged Premises and all solicitor's charges or commissions for or in respect of the collection of any overdue interest, principal, insurance premiums, repair costs or any other monies whatsoever payable by the Mortgagor under this Mortgage, as between solicitor and its client, whether any action or other judicial proceeding to enforce such payment has been taken or not; and the amounts so paid shall be added to the principal amount secured by this Mortgage and bear interest at the Mortgage Interest Rate and be a charge on the Mortgaged Premises, and shall forthwith be payable by the Mortgagor to the Mortgagee and the non-payment of such amount shall entitle the Mortgagee to exercise the powers exercisable for breach of covenant herein contained. In the event of the Mortgagee paying the amount of any such encumbrance, lien or charge, or Taxes, either out of the monies advanced on the security of this Mortgage or otherwise, it shall be entitled to all the rights, equities and securities of the person or persons, company, corporation or government so paid off.