Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender at Borrower’s request and Lender shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 24 contracts
Samples: Loan Agreement (City Office REIT, Inc.), Mortgage, Security Agreement and Fixture Filing (Industrial Income Trust Inc.), Mortgage, Security Agreement and Fixture Filing (Acadia Realty Trust)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Mortgagee at Borrower’s Mortgagor's request and Lender Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 5 contracts
Samples: Mortgage and Security Agreement (Merry Land Properties Inc), Promissory Note Clarification Agreement (Showboat Inc), Mortgage and Security Agreement (Usa Detergents Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Grantee at Borrower’s Grantor's request and Lender Grantee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 5 contracts
Samples: Record And (Merry Land Properties Inc), Record And (Merry Land Capital Trust), Record And (Merry Land Properties Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Mortgaged Property, such proceeds have been advanced by Lender Mortgagee at Borrower’s Mortgagor's request and Lender Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 4 contracts
Samples: Mortgage and Security Agreement (First Union Real Estate Equity & Mortgage Investments), Mortgage and Security Agreement (One Price Clothing Stores Inc), Mortgage and Security Agreement (General Host Corp)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Trust Property, such proceeds have been advanced by Lender Beneficiary at Borrower’s Grantor's request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 3 contracts
Samples: Trust and Security Agreement (Cornerstone Realty Income Trust Inc), Trust, Security Agreement and Fixture Filing (Apple Suites Inc), Trust and Security Agreement (Cornerstone Realty Income Trust Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Beneficiary at Borrower’s Grantor's request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 3 contracts
Samples: Security Agreement and Fixture Filing (Cornerstone Growth & Income REIT, Inc.), Deed of Trust and Security Agreement (Inland Diversified Real Estate Trust, Inc.), Trust and Security Agreement (Westcoast Hospitality Corp)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Lxxxxx at Borrower’s request and Lender Lxxxxx shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 2 contracts
Samples: And Security Agreement (Gladstone Commercial Corp), And Security Agreement (Gladstone Commercial Corp)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Mortgaged Property, such proceeds have been advanced by Lender Mortgagee at BorrowerMortgagor’s request and Lender Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Apple Hospitality Two Inc), Mortgage and Security Agreement (Apple Hospitality Two Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Lxxxxx at Borrower’s request and Lender shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Security Agreement and Fixture (NNN Apartment REIT, Inc.)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Mortgagee at BorrowerXxxxxxxxx’s request and Lender Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Mortgage and Security Agreement (Industrial Income Trust Inc.)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Mortgaged Property, such proceeds have been advanced by Lender Beneficiary at Borrower’s Trustor's request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Innkeepers Usa Trust/Fl
Application of the Proceeds of the Note. To the extent that proceeds --------------------------------------- of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Beneficiary at Borrower’s Grantor's request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Nei Webworld Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Beneficiary at BorrowerGrantor’s request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Grubb & Ellis Healthcare REIT II, Inc.)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the any Individual Property, such proceeds have been advanced by Lender at Borrower’s Borrowers’ request and Lender shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lienLien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender at Borrower’s 's request and Lender shall be subrogated to any and all rights, security interests and liens Liens owned by any owner or holder of such outstanding liensLiens, security interests, charges or encumbrances, irrespective of whether said liensLiens, security interests, charges or encumbrances are released.
Appears in 1 contract
Application of the Proceeds of the Note. To the extent that --------------------------------------- proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Trust Property, such proceeds have been advanced by Lender Beneficiary at Borrower’s Grantor's request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Deed of Trust and Security Agreement (Cornerstone Realty Income Trust Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Mortgagee at BorrowerMortgagor’s request and Lender Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Leasehold Mortgage, Security Agreement (Taubman Centers Inc)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against any of the PropertyProperties, such proceeds have been advanced by Lender at Borrower’s 's request and Lender shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Mortgagee at BorrowerMortgagor’s request and Lender Mortgagee shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released, including without limitation, the First Lien Holder.
Appears in 1 contract
Samples: Talon Real Estate Holding Corp.
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lienLien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender at Borrower’s request and Lender shall be subrogated to any and all rights, security interests and liens Liens owned by any owner or holder of such outstanding liensLiens, security interests, charges or encumbrances, irrespective of whether said liensLiens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: And Security Agreement (Strategic Student & Senior Housing Trust, Inc.)
Application of the Proceeds of the Note. To the extent that proceeds of the Note are used to pay indebtedness secured by any outstanding lien, security interest, charge or prior encumbrance against the Property, such proceeds have been advanced by Lender Beneficiary at BorrowerTrustor’s request and Lender Beneficiary shall be subrogated to any and all rights, security interests and liens owned by any owner or holder of such outstanding liens, security interests, charges or encumbrances, irrespective of whether said liens, security interests, charges or encumbrances are released.
Appears in 1 contract
Samples: Indemnity and Guaranty Agreement (Catellus Development Corp)
