Common use of Open-End Mortgage Clause in Contracts

Open-End Mortgage. As stated in the recitals of this Mortgage, the Obligations include both loans now existing under the Loan Agreement and future loans that may be advanced thereunder and Mortgagor’s obligations pursuant to the Security Agreement. Pursuant to Maine’s Open-End Mortgage statute, Title 33 § 505 of the Maine Revised Statutes of 1964, as amended (herein called the “Open-End Mortgage Statute”), the aggregate principal amount of all debts or obligations secured hereby and remaining unpaid including “future advances” but not including “contingent obligations” or “protective advances” as such terms are defined in the Open-End Mortgage Statute, shall not at any time exceed $116,700,000, and the Mortgagor’s obligations under the Security Agreement shall be “contingent obligations” as defined in the Open-End Mortgage Statute and the maximum amount of such contingent obligations shall not at any time exceed $116,700,000 (collectively, the “Maximum Amounts”); provided, further, that nothing herein contained shall limit the amount secured by this Mortgage if such amount is increased by “protective advances” as defined in the Open-End Mortgage Statute. All of the Obligations that are “future advances,” “contingent obligations” or “protective advances” as such terms are defined in the Open-End Mortgage Statute shall be secured by this Mortgage with the record priority set forth in the Open-End Mortgage Statute. The Maximum Amounts shall only pertain to the record priority of the amount secured hereby pursuant to the Open-End Mortgage Statute and do not otherwise limit the amount of total obligations of Mortgagor secured hereby or limit the liability of Mortgagor to the Mortgagee or the Secured Parties for such total obligations.

Open-End Mortgage. As stated This Security Instrument is given to secure the payment of the initial advance, with interest as provided in the recitals Note of this Mortgageeven date, the Obligations include both loans now existing under the Loan Agreement and future loans that may be advanced thereunder and Mortgagor’s obligations pursuant to the Security Agreementwith additional advances as hereinafter specified. Pursuant to Maine’s Open-End Mortgage statute, Title 33 § 505 Upon request of the Maine Revised Statutes of 1964, as amended (herein called Borrowers the “Open-End Mortgage Statute”), the aggregate principal amount of all debts or obligations secured hereby and remaining unpaid including “future advances” but not including “contingent obligations” or “protective advances” as such terms are defined in the Open-End Mortgage Statute, shall not Lender may hereafter at any time exceed $116,700,000, and the Mortgagor’s obligations under after the Security Agreement shall be “contingent obligations” as defined in Instrument is recorded and before the Open-End Mortgage Statute release and cancellation of this Security Instrument, make further advances to the Borrowers to the extent that the total unpaid loan indebtedness, exclusive of interest thereon, does not exceed the maximum amount of «123» which may be outstanding; and any such contingent obligations further advances, with interest, shall be secured by this Security Instrument and shall be evidenced by the Note. Provided, however, that the amount of principal secured by this Security Instrument and remaining unpaid shall not at the time of and including any time such advance exceed $116,700,000 (collectively, the “Maximum Amounts”); providedoriginal principal sum secured hereby. Provided, further, that nothing herein contained stipulated shall limit the amount secured by this Mortgage if such amount is increased by “protective advances” as defined in the Open-End Mortgage Statute. All of the Obligations amounts that are “future advances,” “contingent obligations” or “protective advances” as such terms are defined in the Open-End Mortgage Statute shall be secured by hereby when advanced to protect the security or in accordance with covenants contained in this Mortgage Security Instrument. The Borrowers individually covenant with the record priority set forth in Lender to repay all such advances aforesaid, with interest, and to apply all other covenants and conditions of this Security Instrument to such future advances. XXXXXXXX’S TRANSFER TO LENDER OF RIGHTS IN THE PROPERTY I mortgage, grant and convey the Open-End Mortgage Statute. The Maximum Amounts shall only pertain Property to Xxxxxx, with mortgage covenants, subject to the record priority terms of this Security Instrument, to have and to hold all of the amount secured hereby pursuant Property to the Open-End Lender, and to its successors and assigns, forever. This means that, by signing this Security Instrument, I am giving Lender those rights that are stated in this Security Instrument and also those rights that Applicable Law gives to Lenders who hold mortgages on real property. Those rights that Applicable Law gives to Lenders who hold mortgages on real property include those rights known as “Mortgage Statute and do not otherwise limit the amount of total obligations of Mortgagor secured hereby or limit the liability of Mortgagor Covenants.” I am giving Lender these rights to the Mortgagee or the Secured Parties for such total obligations.protect Lender from possible losses that might result if: