Common use of Security and Guaranty Clause in Contracts

Security and Guaranty. The Company’s and the Operating Subsidiary’s obligations under this Note and the other Agreements are secured by Mortgaged Property (as defined in the Mortgage) pursuant to the terms of the Mortgage (or the Escrow Funds (as defined in the Purchase Agreement), if the Mortgage is defeased pursuant to Section 7.2(c) of the Purchase Agreement) and the obligations under this Note are guaranteed by the Operating Subsidiary pursuant to the Subsidiary Guaranty.