Obligatory Advances Sample Clauses
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Obligatory Advances. It is specifically understood and agreed that all funds which are advanced by Mortgagee or the Lenders and employed in the performance of the obligations of Mortgagor and the other Borrowers under this Mortgage or the Loan Documents in the exercise of Mortgagee's judgment are necessary to protect Mortgagee's security and shall, because of economic necessity and compulsion, be deemed advanced by Mortgagee or the Lenders under an obligation to do so regardless of the identity of the person or persons to whom such funds are furnished and shall be added to the Indebtedness and shall be equally secured by this Mortgage and shall have the same priority as all amounts, if any, advanced as of the date of recordation of this Mortgage.
Obligatory Advances. If the Loan Documents provide that any advances ("Mortgagee Advances") of Loan proceeds shall be made upon completion by Mortgagor of certain performance obligations under the Loan Documents (including, without limitation, compliance with the terms of the Loan Documents such that no Event of Default shall have occurred), such Mortgagee Advances shall be and be deemed "obligatory advances" solely for the purpose of the application of the obligatory advance doctrine to confirm the lien priority of Mortgagee Advances actually made by Mortgagee whether such Mortgagee Advances are initially either (1) advanced by Mortgagee into an escrow subject to Mortgagee's control or (2) retained by Mortgagee. Mortgagee may further condition Mortgagee Advances upon receipt by Mortgagee of a declaratory judgment, opinion of counsel, or title endorsement satisfactory to Mortgagee confirming that Mortgagee Advances shall have the same lien priority as the earliest lien priority of the Mortgage, if Mortgagee has received notice of either (1) a lien or encumbrance on the Mortgaged Estate which is subordinate to the lien of the Mortgage, or (2) labor performed or to be performed or materials furnished or to be furnished for any part of the Mortgaged Estate, or (3) Mortgagor's limitation of the loan amount.
Obligatory Advances. You will make all Loan advances subject to this Agreement's terms and conditions.
Obligatory Advances. Lender will make all Advances under and subject to this Agreement’s terms and conditions.
Obligatory Advances. It is specifically understood and agreed that all funds which are advanced by Mortgagee or the Lenders and employed in the performance of the obligations of Mortgagor and the other Borrowers under this Mortgage or the Loan Documents in the exercise of Mortgagee's judgment are necessary to protect Mortgagee's security and shall, because of economic necessity and compulsion, be deemed advanced by Mortgagee or the Lenders under an obligation to do so regardless of the identity of the person or persons to whom such funds are furnished and shall be added to the Indebtedness and shall be equally secured by this Mortgage and shall have the same priority as all amounts, if any, advanced as of the date of recordation of this Mortgage.