Common use of Mortgage Lien Clause in Contracts

Mortgage Lien. The Obligations shall be secured by, inter alia, (i) a perfected first priority mortgage lien on the Project, (ii) a perfected first absolute assignment of rentals and leases concerning the Project, and (iii) a first perfected priority security interest in all Collateral, whether now owned or hereafter acquired, pursuant to the terms of Section 14.00 of this Agreement and the Security Documents to which the Borrower is a party. The Obligations shall also be guaranteed pursuant to the terms of the Guaranty. This security interest is in addition to, and not in substitution of, a security interest of even date granted from Borrower to Lender, pursuant to an Open-End Construction Mortgage and the definition of "Collateral" therein shall be incorporated herein by reference as if originally stated herein. Any conflict between this Agreement and the Mortgage and Security Agreement shall be resolved in each instance, in the sole discretion of the Lender.

Mortgage Lien. The Obligations shall be secured by, inter alia, (i) a perfected first priority mortgage lien on the Project, (ii) a perfected first absolute assignment of rentals and leases concerning the Project, and (iii) a first perfected priority security interest in all Collateral, whether now owned or hereafter acquired, pursuant to the terms of Section 14.00 of this Agreement and the Security Documents to which the Borrower is a party. The Obligations shall also be guaranteed pursuant to the terms of the Guaranty. This security interest is in addition to, and not in substitution of, a security interest of even date granted from Borrower to Lender, pursuant to an Open-End Construction Mortgage and the definition of "“Collateral" ” therein shall be incorporated herein by reference as if originally stated herein. Any conflict between this Agreement and the Mortgage and Security Agreement shall be resolved in each instance, in the sole discretion of the Lender.

Mortgage Lien. The Obligations shall be secured by, inter alia, (i) a perfected first priority mortgage lien on the ProjectMortgaged Premises, (ii) a perfected first absolute assignment of rentals and leases concerning the ProjectMortgaged Premises, and (iii) a first perfected priority security interest in all Collateral, whether now owned or hereafter acquired, pursuant to the terms of Section 14.00 12.00 of this Agreement and the Security Documents to which the Borrower is a party. The Obligations shall also be guaranteed pursuant to the terms of the Guaranty. This security interest is in addition to, and not in substitution of, a security interest of even date granted from Borrower to Lender, pursuant to an Open-End Construction Lender in the Mortgage and the definition of "Collateral" therein shall be incorporated herein by reference as if originally stated herein. Any conflict between this Agreement and the Mortgage and Security Agreement shall be resolved in each instance, in the sole discretion of the Lender.