Reduction of Secured Amount. The Secured Amount shall be reduced only by the last and final sums that the Mortgagor repays with respect to the Obligations and shall not be reduced by any intervening repayments of any of the Obligations by the Mortgagor. As of the date hereof, the total amount of the Obligations exceeds the Secured Amount, so that the Secured Amount represents only a portion of the Obligations actually outstanding and due Mortgagee.
Appears in 3 contracts
Sources: Mortgage, Security Agreement, Assignment of Leases and Rents and Financing Statement (Gibraltar Packaging Group Inc), Mortgage, Security Agreement, Assignment of Leases and Rents and Financing Statement (Gibraltar Packaging Group Inc), Deed of Trust (Gibraltar Packaging Group Inc)