Cross-Collateralization; Waiver of Marshalling of Assets. (a) Borrower acknowledges that Lenders have made the Loan to Borrower upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) upon the occurrence of any Event of Default, an event of default shall be deemed to have occurred under each of the Mortgages regardless of whether the event constituting such Event of Default related to any particular Individual Property; (ii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iii) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.
Cross-Collateralization; Waiver of Marshalling of Assets. (a) The Borrowers acknowledge that the Lenders have made the Loans to the Borrowers upon, among other things, the security of their collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Property taken separately. Accordingly, each Borrower agrees that the Mortgage Documents, in the Administrative Agent’s sole discretion, may be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgage Documents shall constitute an Event of Default under each of the other Mortgage Documents; (ii) an Event of Default under this Agreement shall constitute an Event of Default under each Mortgage Document; (iii) each Mortgage Document shall constitute security for each Note and all Obligations as described therein; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.
Cross-Collateralization; Waiver of Marshalling of Assets. (a) Each Borrower acknowledges that Lender has made the Loan to Borrowers upon the security of their collective interests in the Properties and in reliance upon the aggregate of all of the Properties taken together being of greater value as collateral security than the sum of each individual Property taken separately.
Cross-Collateralization; Waiver of Marshalling of Assets. (a) Each Borrower agrees that any Mortgages will be cross-collateralized and cross-defaulted with each other so that (i) upon the occurrence and during the continuance of any Event of Default, an event of default shall be deemed to have occurred under each of the Mortgages regardless of whether the event constituting such Event of Default related to any particular Financed Property or Financed Single Plat Development or any particular Borrower; (ii) each Mortgage shall constitute security for each promissory note issued pursuant to Section 2.01(g) and all Obligations as if a single blanket lien were placed on all of the Financed Properties and Financed Single Plat Developments as security for such notes and Obligations; and (iii) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.
Cross-Collateralization; Waiver of Marshalling of Assets. (a) Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Mortgaged Properties and in reliance upon the aggregate of the Mortgaged Properties taken together being of greater value as collateral security than the sum of the Mortgaged Properties taken separately. Borrower agrees that each Mortgage creates a single blanket Lien encumbering all of the Mortgaged Properties so that (i) an Event of Default under any one Mortgage with respect to any Mortgaged Property constitutes an Event of Default under the Mortgages with respect to all of the Mortgaged Properties and (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage.
