Common use of Mortgage Reserve Funds Clause in Contracts

Mortgage Reserve Funds. (a) Borrowers shall cause Mortgage Borrowers to deposit and maintain each of the Mortgage Reserve Funds as required pursuant to the terms of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto. (b) Each Borrower grants to Lender a security interest in such Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Loan Reserve Fund as additional security for payment of the Debt to the extent such Borrower has an interest in same. Subject to the qualifications regarding Borrowers’ interest in the Mortgage Reserve Funds, if any, until expended or applied in accordance with the Mortgage Loan Documents or the Loan Documents, Borrowers’ interest in the Mortgage Reserve Funds shall constitute additional security for the Debt and upon the occurrence of an Event of Default, Lender may, in addition to any and all other remedies available to Lender, but subject to the prior rights of Mortgage Lender thereto, apply any sums then present in any or all of the Mortgage Reserve Funds to the payment of the Debt in any order in its sole discretion.

Mortgage Reserve Funds. (a) Borrowers Borrower shall cause Mortgage Borrowers Borrower to deposit and maintain each of the Mortgage Reserve Funds as required pursuant to the terms more particularly set forth in Article VI of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto. (b) Each . Borrower grants to Lender a first-priority perfected security interest in such Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Loan Reserve Fund as additional security for payment of the Debt to the extent such Borrower has an interest in same. Subject to the qualifications regarding Borrowers’ Borrower’s interest in the Mortgage Reserve Funds, if any, until expended or applied in accordance with the Mortgage Loan Documents or the Loan Documents, Borrowers’ Borrower’s interest in the Mortgage Reserve Funds shall constitute additional security for the Debt and upon the occurrence of an Event of Default, Lender may, in addition to any and all other remedies available to Lender, but subject to the prior rights of Mortgage Lender thereto, apply any sums then present in any or all of the Mortgage Reserve Funds to the payment of the Debt in any order in its sole discretion.

Mortgage Reserve Funds. (a1) Borrowers shall cause Mortgage Borrowers to deposit and maintain each of the Mortgage Reserve Funds as required pursuant to the terms of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto. (ba) Each Borrower grants to Lender a security interest in such Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Loan Reserve Fund as additional security for payment of the Debt to the extent such Borrower has an interest in same. Subject to the qualifications regarding Borrowers’ interest in the Mortgage Reserve Funds, if any, until expended or applied in accordance with the Mortgage Loan Documents or the Loan Documents, Borrowers’ interest in the Mortgage Reserve Funds shall constitute additional security for the Debt and upon the occurrence of an Event of Default, Lender may, in addition to any and all other remedies available to Lender, but subject to the prior rights of Mortgage Lender thereto, apply any sums then present in any or all of the Mortgage Reserve Funds to the payment of the Debt in any order in its sole discretion.

Mortgage Reserve Funds. (a) Borrowers Borrower shall cause Mortgage Borrowers Borrower to deposit and maintain each of the Mortgage Reserve Funds as required pursuant to the terms more particularly set forth in Article VII of the Mortgage Loan Agreement and to perform and comply with all the terms and provisions relating thereto. (b) Each . Borrower grants to Lender a first-priority perfected security interest in such Borrower’s interest in each of the Mortgage Reserve Funds, if any, subject to the prior rights of Mortgage Lender, and any and all monies now or hereafter deposited in each Mortgage Loan Reserve Fund as additional security for payment of the Debt to the extent such Borrower has an interest in same. Subject to the qualifications regarding Borrowers’ Borrower’s interest in the Mortgage Reserve Funds, if any, until expended or applied in accordance with the Mortgage Loan Documents or the Loan Documents, Borrowers’ Borrower’s interest in the Mortgage Reserve Funds shall constitute additional security for the Debt and upon the occurrence of an Event of Default, Lender may, in addition to any and all other remedies available to Lender, but subject to the prior rights of Mortgage Lender thereto, apply any sums then present in any or all of the Mortgage Reserve Funds to the payment of the Debt in any order in its sole discretion.