Cross-Default; Cross-Collateralization. (a) Borrower acknowledges that Lender has 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 each of the Loan Documents (including, without limitation, the Security Instruments) are and will be cross collateralized and cross defaulted with each other so that (i) an Event of Default under any of Loan Documents shall constitute an Event of Default under each of the other Loan Documents; (ii) an Event of Default hereunder shall constitute an Event of Default under each Security Instrument; (iii) each Security Instrument 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 (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance and Borrower waives any claims related thereto.
Cross-Default; Cross-Collateralization. Each Borrower acknowledges that Lender has made the Loan to Borrowers 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 the Properties taken separately. Each Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) 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.
Cross-Default; Cross-Collateralization. Borrower hereby acknowledges that, as consideration for Lender making the Loan to Borrower, the Loan shall be cross-defaulted and cross-collateralized with the loans set forth on Schedule 11.22 attached hereto. Borrower further acknowledges that Lender would be unwilling to make the Loan if Borrower did not agree to cooperate with Lender in executing any and all documents that Lender requests that Borrower execute in order to evidence such cross-defaults and cross-collateralization, including, without limitation, one or more modification agreements in the form attached hereto as Exhibit E, or any additional mortgages or deeds of trust to be recorded against the Property. Notwithstanding anything to the contrary contained in any of the Loan Documents, any and all costs incurred by Lender with respect to the foregoing shall be reimbursed by Borrower to Lender, including, without limitation, the costs of any amendments or endorsements to Lender’s policy of title insurance.
Cross-Default; Cross-Collateralization. The Note is secured by, among other things, this Deed of Trust and those certain other Mortgages, Deeds of Trust, and/or Deeds to Secure Debt of even date herewith, executed by the mortgagor, trustor or grantor, as the case may be, in favor of Beneficiary and covering certain real property and improvements and personal property thereon as described therein and located as described on Schedule I hereof (the “Other Mortgages”). The existence of a Default under this Deed of Trust (after the expiration of any applicable notice and cure periods) shall be deemed and shall constitute an Automatic Default under the Other Mortgages (without any further notice and cure by Beneficiary to Trustor which is hereby specifically waived by Trustor for all purposes), and a Default under any of the Other Mortgages (after the expiration of any applicable notice and cure periods), shall be deemed and shall constitute an Automatic Default under this Deed of Trust and the remaining Other Mortgages (without any further notice and cure by Beneficiary to Trustor which is hereby specifically waived by Trustor for all purposes)
Cross-Default; Cross-Collateralization. As additional security for the Loan, the terms of the Security Instruments shall provide for the cross-collateralization and cross-default of the Pooled Loans. The Security Instruments provide, without limitation, that upon the occurrence of an event of default under the terms and conditions of any of the Pooled Loans, Lender shall be entitled to exercise any and all remedies under any Security Instrument and/or mortgages, deeds to secure debt, or deeds of trust securing the Pooled Loans, including but not limited to, accelerating each of the Pooled Notes and conducting a foreclosure sale on any one or more of the Pooled Properties. Lender has elected to structure such cross-collateralization and cross default in the following manner:
Cross-Default; Cross-Collateralization. The Pledgors acknowledges and agrees that any default under the terms of this Agreement shall constitute a default by the Company under the Notes, and that any event of default (following expiration of any applicable cure period) under the Notes shall constitute a default under this Agreement.
Cross-Default; Cross-Collateralization. Each Pledgor and the Company each acknowledge and agree that any default under the terms of this Agreement shall constitute a default by the Company under the Debenture. The security interests, liens and other rights and interests in and relative to any of the personal property of any Pledgor now or hereafter granted to the Pledgee by any Pledgor pursuant to any agreement, document or instrument, including, but not limited to, this Agreement, the Purchase Agreement or the Debenture, shall serve as security for any and all of the Obligations, and, for the repayment thereof, Pledgee may resort to any such collateral in such order and manner as Pledgee may elect.
Cross-Default; Cross-Collateralization. The Pledgor acknowledges and agrees that any default under the terms of this Agreement shall constitute a default by the Company under the Debentures, and that any event of default (following expiration of any applicable cure period) under the Debentures shall constitute a default under this Agreement. The security interests, liens and other rights and interests in and relative to any of the real or personal property of the Pledgor now or hereafter granted to the Pledgee by the Pledgor pursuant to any agreement, document or instrument, including, but not limited to, this Agreement or the Debentures shall serve as security for any and all of the Obligations, and, for the repayment thereof, Pledgee may resort to any such collateral in such order and manner as they may elect.
Cross-Default; Cross-Collateralization. (a) Each Borrower acknowledges that Lender has made the Loan to Borrowers upon the security of their collective interest in the Projects and in reliance upon the aggregate of the Projects taken together being of greater value as collateral security than the sum of the Projects taken separately. Each Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under the other Mortgages which secures the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Projects as security for the Note. Each Borrower covenants and agrees that in the case of an Event of Default (i) Lender shall have the right to pursue all of its rights and remedies in one proceeding, or separately and independently in separate proceedings from time to time, as mortgagee, in its sole and absolute discretion, shall determine from time to time, (ii) Lender is not required to either marshal assets, sell any individual Project in any inverse order of alienation, or be subject to any “one action” or “election of remedies” law or rule, (iii) the exercise by Lender of any remedies against any one Project will not impede Lender from subsequently or simultaneously exercising remedies against any other Project and (iv) all liens and other rights, remedies or privileges provided to Lender shall remain in full force and effect until Lender has exhausted all of its remedies against the Projects and all Projects have been foreclosed, sold and/or otherwise realized upon in satisfaction of the Loan.
Cross-Default; Cross-Collateralization. This Mortgage shall be cross-defaulted and cross-collateralized with all “Mortgages” (as such term is defined in the Credit Agreement) delivered during the term of the Loan, whether existing as of the date of this Mortgage or subsequently made. A default not cured within any applicable grace or cure period under any of the other Mortgages shall constitute an Event of Default under this Mortgage. An Event of Default under this Mortgage shall constitute an Event of Default under all of the other Mortgages. To the extent not prohibited by applicable law, if Beneficiary, at its option, avails itself of this cross-collateralization/cross-default provision, Beneficiary shall have the option to pursue its remedies in any combinations and against any or all of Beneficiary’s security for the Loan, whether successively, concurrently or otherwise. Mortgagor acknowledges that Beneficiary is unwilling to make the Loan unless Mortgagor agrees that this Mortgage and the other Mortgages are cross-collateralized and cross-defaulted and therefore, since it is in the best interest of Mortgagor that Beneficiary make the Loan, Mortgagor has agreed to cross-collateralize and cross-default the Mortgage and the other Mortgages as set forth hereinabove.
