Common use of Future Advances Secured Clause in Contracts

Future Advances Secured. This Mortgage is given to secure not only existing Obligations, but also future advances made within 20 years of the date of this Mortgage to the same extent as if such future advances were made on the date of the execution of this Mortgage. The principal amount that may be so secured may decrease or increase from time to time, but the total amount so secured at any one time shall not exceed $44,000,000.00 (if the foregoing blank space is incomplete, then the maximum total amount shall be twice the principal amount of the Loan), plus all interest, costs, reimbursements, fees and expenses due under this Mortgage and secured hereby. Mortgagor shall not execute any document that impairs or otherwise impacts the priority of any existing or future Obligations secured by this Mortgage. Nothing herein obligates Mortgagee to provide credit in excess of the amount of the Loan.