Future Advance. In connection with this Amendment, Lender is making a Future Advance to Borrower in the amount of $53,439,000.
Future Advance. The parties agree and acknowledge that the Secured Party, although under no obligation, may advance the Debtor additional funds from time to time. The future advances shall become secured pursuant to the terms and conditions as contained herein.
Future Advance. Borrower hereby requests, and Lender hereby agrees to make, on or about the date of this Second Amendment, a Future Advance in the amount of $32,978,000. In connection with the Future Advance, Borrower has amended all of the existing Security Instruments (except for the Security Instruments encumbering existing Mortgaged Properties located in New York), has added three Additional Mortgaged Properties to the Collateral Pool by granting Security Instruments encumbering the Additional Mortgaged Properties to WMF, and has executed certain additional documents, and taken certain additional actions, in connection therewith. To reflect the foregoing, Exhibit A to the Master Agreement is hereby replaced in its entirety by the Exhibit A attached to this Agreement.
Future Advance. If the Advance Request is to obtain a Future Advance, such Advance Request shall be in the minimum amount of $5,000,000. If all conditions precedent contained in Section 5.03 and the General Conditions contained in Section 5.01 are satisfied, Lender shall make the requested Future Advance, at a closing to be held at offices reasonably designated by Lender on a Closing Date reasonably selected by Lender, which date shall be not more than three (3) Business Days after Borrower’s receipt from Lender of the confirmed Rate Form (or on such other date as Borrower and Lender may agree).
Future Advance. This Note is given to evidence the Additional Advance contemplated in Paragraph 6 of the Letter Agreement and the amounts secured by this Note and the XXXX Phase II Note shall be deemed the Phase II Advance as referenced in the Mortgage. * * * * * [Signature Page Follows]
Future Advance. Subject to Lender’s consent to the making of a Future Advance pursuant to the terms of Section 1.10 and Section 2.05, Borrower may submit an Advance Request for a Future Advance in the minimum amount of $5,000,000. If all conditions precedent contained in Section 5.03 and Section 3.02 (if such Future Advance is being made in connection with an addition of Mortgaged Property) and the General Conditions contained in Section 5.01 are satisfied, and Lender has approved an increase in the Commitment pursuant to Section 1.10 and Section 2.05, Lender shall make the Future Advance, at a closing to be held at offices reasonably designated by Lender on a Closing Date reasonably agreed to by Lender and Borrower, which date shall not be more than three (3) Business Days after Borrower’s receipt from Lender of the confirmed Rate Form (or on such other date as Borrower and Lender may agree).
Future Advance. This Agreement evidences an additional advance made by Mortgagee pursuant to the future advance provision of the Mortgage referred to hereinabove. This additional advance is evidenced by the Note of even date herewith. It is agreed that the indebtedness evidenced by the Note shall be equally secured with and have the same priority as the original indebtedness and is subject to all of the terms and provisions of the Mortgage and other Loan Documents as expressly modified herein. The undersigned Mortgagor promises to pay the indebtedness evidenced by the Note in accordance with the terms and conditions including the rate of interest and other terms of repayment set forth in the Note.
Future Advance. This Agreement evidences an additional advance made by Lender pursuant to the future advance provision of the Security Instruments. It is agreed that this additional advance, as evidenced by the Third Future Advance Promissory Note in the principal amount of ONE MILLION AND NO/100 DOLLARS ($1,000,000.00) (the "Third Future Advance Note"), a copy of which is attached hereto as Exhibit "A" and made a part hereof, shall be equally secured with and have the same priority as the original indebtedness and is subject to all the terms and provisions of the Security Instruments. The undersigned Borrower promises to pay the indebtedness evidenced by the Third Future Advance Note in accordance with the terms and conditions, including the rate of interest and other terms of repayment, as set forth in the Third Future Advance Note.
Future Advance. 6 Section 1.06
Future Advance. This Mortgage is a "Future Advance Mortgage" under Act No. 348 of Public Acts of Michigan of 1990, as amended (MCLA 565.901 ET SEQ.) All future advances under this Mortgage or under all other agreements at any time made between Mortgagor and Mortgagee shall have the same priority as if the future advance was made on the date that this Mortgage was recorded. This Mortgage shall secure all indebtedness of Mortgagor, its successors and assigns, under this Mortgage, whenever incurred. Notice is hereby given that the Indebtedness secured hereby may INCREASE as a result of any defaults hereunder by Mortgagor due to, for example, and without limitation, unpaid interest or late charges, unpaid taxes or insurance premiums which Mortgagee elects to advance, defaults under leases that Mortgagee elects to cure, attorneys' fees or costs incurred in enforcing the loan documents or other expenses incurred by Mortgagee in protecting the Mortgaged Property, the security of this Mortgage or Mortgagee's rights and interests.
