Reduction of Secured Amount. The Secured Amount shall be reduced only by the last and final sums that Borrower repays with respect to the Obligations and shall not be reduced by any intervening repayments of the Obligations. So long as the balance of the Obligations exceeds the Secured Amount, any payments and repayments of the Obligations shall not be deemed to be applied against, or to reduce, the portion of the Obligations secured by this Deed of Trust. Such payments shall instead be deemed to reduce only such portions of the Obligations as are secured by other collateral located outside of the State of Tennessee.
Appears in 2 contracts
Sources: Deed of Trust, Security Agreement, Assignment of Rents and Leases (LEM America, Inc), Deed of Trust, Security Agreement, Assignment of Rents and Leases (LEM America, Inc)