Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Section 18 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 18, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 and holders of junior Mortgages have provided written notice to the Agency under Section 18.4. No failure by the senior Mortgagee to exercise its rights under this Section 18 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or Mortgagee’s rights under this Section 18. For purposes of this Section 18.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San Francisco, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.
Multiple Mortgages. Whenever in this Agreement, the term Leasehold Mortgagee is used, such term shall be limited to any Leasehold Mortgagee designated by StadCo as a Leasehold Mortgagee in a notice to the Authority. The Parties agree that regardless of the actual number of Leasehold Mortgagees, only one of such Leasehold Mortgagees (acting either on its own behalf or as agent or nominee for all Leasehold Mortgagees) may be designated by StadCo as the point of contact for all Leasehold Mortgagees in any individual notice and, as such, be entitled to exercise on behalf of all Leasehold Mortgagees, and to invoke on behalf of all Leasehold Mortgagees the benefits of, a Leasehold Mortgagee under this Agreement.
Multiple Mortgages. If at any time there shall be more than one Mortgage, the holder of the Mortgage prior in lien shall be vested with the rights under Sections 15.3 and 15.8 to the exclusion of the holder of any junior Mortgage; provided, however, that if the holder of a Mortgage prior in lien to any other Mortgage shall fail or refuse to exercise the rights set forth in said Sections, each holder of a Mortgage in the order of the priority of their respective liens shall have the right to exercise such rights; and provided further, however, that with respect to the right of the holder of a Mortgage under Section 15.8 to request a new Lease, such right may, notwithstanding the limitation of time set forth in said Section, be exercised by the holder of any junior Mortgage, in the event the holder of a prior Mortgage shall not have exercised such right, more than 120 days but not more than 140 days after the giving of notice by Landlord of the termination of this Lease as in said Section provided.
Multiple Mortgages. This Security Instrument is intended to be senior and prior in lien to the Building Loan Security Instrument securing repayment of “Advances” (as such term is defined in the Building Loan Agreement) made pursuant to the Building Loan Agreement, all of which such “Advances” may be disbursed and advanced from time to time after the execution and delivery of such Building Loan Security Instrument.
Multiple Mortgages. Mortgagee hereby acknowledges that this Security Instrument is being executed concurrently with other deeds to secure debt, mortgages and deeds of trust which also secure the Obligations by encumbering separate real property located both within the State of Florida and outside the State of Florida. Mxxxxxxxx hereby agrees that this Security Instrument and the other instruments (collectively, the “Instruments”) may be foreclosed in any order and that to the extent permitted by applicable law, Mortgagee shall be under no obligation to confirm any sale under any one of the Instruments before proceeding with foreclosure or the exercise of other remedies under any other Instruments.
Multiple Mortgages. This Mortgage is intended to be subordinate and junior in lien to that certain Senior Loan Gap Mortgage dated as of the date hereof, which grants Mortgagee a first place lien on the Property encumbered thereby.
Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien with respect to such portion or interest of the Mortgagee prior in time to all others on that portion or interest shall be vested with the rights under this Article 10 to the exclusion of the holder of any other Mortgage with respect to such portion or interest; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Article 10, each holder of a junior Mortgage shall succeed to the rights set forth in this Article 10 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Article 10 and holders of junior Mortgages have provided written notice to the City under Section 10.3. No failure by the senior Mortgagee to exercise its rights under this Article 10 and no delay in the response of any Mortgagee to any notice by the City shall extend any cure period or Developer’s or any Mortgagee’s rights under this Article 10. For purposes of this Section 10.8, in the absence of an order of a court of competent jurisdiction that is served on the City, a title report prepared by a reputable title company licensed to do business in the State and having an office in the City, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the City as conclusive evidence of priority.
Multiple Mortgages. Borrowers acknowledge that the Mortgages, Assignment of Rents and other Loan Documents create liens on collateral located in multiple counties and states. Borrowers agree that the Bank may proceed, at the same time or at different times, to foreclose any or all liens against such collateral (or sell such collateral under power of sale) by any proceeds appropriate in the county and state where such collateral lies, and that no event of enforcement taking place in any county or sate where such collateral lies, and that no event of enforcement taking place in any county or state pursuant to any of the mortgages or other Loan Documents shall preclude or bar enforcement in any other county or state. Any foreclosure or other appropriate remedy brought in any county or state in which collateral is located may be brought and prosecuted as to any part of such Collateral without regard to the fact that foreclosure proceedings or other appropriate remedies have or have not been instituted elsewhere on any other part of the Collateral for the Loan.
Multiple Mortgages. If at any time there shall be more than one Leasehold Mortgage, the holder of the Leasehold Mortgage prior in line shall be vested with the rights under this Article 18 (other than the provisions for receipt of notices as provided herein and the right to request a New Lease as provided below) to the exclusion of the holder of any junior Leasehold Mortgage; provided, however, that if the holder of a first lien Leasehold Mortgage shall fail or refuse to exercise the rights set forth in this Article 18, each holder of a Leasehold Mortgage in the order of the priority of their respective liens shall have the right to exercise such rights and provided further, however, that with respect to the right of the holder of the Leasehold Mortgage under Section 18.6 hereof to request a New Lease, such right may be exercised by the holder of any junior Leasehold Mortgage within the thirty (30) day period specified in Section 18.6 and conditioned only on the holder of a prior Leasehold Mortgage failing to exercise such right within such thirty (30) day period.
Multiple Mortgages. If at any time there is more than one Leasehold Mortgagee who has provided notice of its Leasehold Mortgage to the Authority in accordance with the terms hereof, the senior-most Leasehold Mortgagee (or any other Leasehold Mortgagee designated in writing to the Authority by such senior-most Leasehold Mortgage) shall be vested with the rights under this Section 17.2 to the exclusion of the holder of any other Leasehold Mortgagee; provided, however, that if the holder of the senior-most Leasehold Mortgagee (or such designated Leasehold Mortgagee) fails to exercise the rights set forth in this Section 17.2, each holder of a junior Leasehold Mortgage shall succeed to the rights set forth in this Section 17.2 (in sequential order). No failure by any Leasehold Mortgagee to exercise its rights under this Section 17.2, and no delay in the response of any Leasehold Mortgagee to any notice by the Authority, shall extend any cure period or any Leasehold Mortgagee’s rights under this Section 17.2. The foregoing shall not be deemed to limit the Authority’s obligations pursuant to this Agreement to deliver copies of Notices to all Leasehold Mortgagees which have provided notice to the Authority of its Leasehold Mortgage.
