Common use of Open-End Mortgage Clause in Contracts

Open-End Mortgage. This is an “OPEN-END MORTGAGE” made pursuant to and subject to all of the terms and provisions of Section 49-2(c) of the Connecticut General Statutes and the holder hereof shall have all of the rights, powers and protection to which the holder of an OPEN-END MORTGAGE DEED is entitled under Connecticut law. Upon request the Mortgagee may, in its discretion, make future advances to Mortgagor pursuant to the Note, notwithstanding any repayments or prepayments of the outstanding principal balance of the Note. Any such future advance and the interest payable thereon shall be secured by this Mortgage, equally with, and with the same priority over other claims as the original debt secured hereby when evidenced by promissory notes stating that the notes are secured hereby. At no time shall the principal amount of the debt secured by this Mortgage exceed the original loan authorized, nor shall the maturity of any future advance secured hereby extend beyond the maturity of the original mortgage debt as stated in the Note.

Open-End Mortgage. This is an “OPENOpen-END MORTGAGEEnd Mortgage” made pursuant to and subject to all of the terms and provisions of Section 49-2(c) of the Connecticut General Statutes and the holder hereof shall have all of the rights, powers and protection to which the holder of an OPENany Open-END MORTGAGE DEED End Mortgage is entitled under Connecticut law. Upon request the Mortgagee may, in its discretion, make future advances to or for the benefit of Mortgagor pursuant to or the Note, notwithstanding any repayments or prepayments of the outstanding principal balance of the NoteMortgaged Property. Any such future advance advance, and the interest payable thereon thereon, shall be secured by this Mortgage, equally with, and with the same priority over other claims Mortgage as the original debt secured hereby when evidenced by promissory notes stating that the notes are secured herebyNote. At no time shall the principal amount of the debt Indebtedness secured by this Mortgage exceed the original loan authorizedprincipal amount of the Note, nor shall the maturity of any future advance secured hereby extend beyond the maturity of date the original mortgage debt as stated in final principal payment is due on the Note. Mortgagor hereby waives, for itself or any of its assigns who assume this Mortgage, any right it may have under Connecticut General Statutes Section 49-2(c)(7), as amended, or otherwise to terminate Mortgagee’s right to make optional future advances, including advances by Mortgagee pursuant to this Mortgage and the Loan Documents.