Common use of PRIOR LOAN DOCUMENTS Clause in Contracts

PRIOR LOAN DOCUMENTS. (a) Borrower is indebted to the Issuer pursuant to the Financing Agreement. The Bond Mortgage secures (i) the obligations under the Financing Agreement, (ii) the obligations under the Bond Mortgage, and (iii) payment of all other indebtedness relating to the Mortgaged Property owing by Borrower to the Issuer. (b) Borrower shall comply with all of the terms and conditions of the Bond Documents to which Borrower is a party or which require performance or observance by Borrower and make all payments as and when due of all indebtedness secured thereby. Any sums disbursed or advanced by Lender to cure a default under the Bond Documents will constitute an advance to protect Xxxxxx’s security under Section 12, and will be payable in accordance with Section 12. (c) Borrower shall neither request nor accept any extension, postponement, indulgence, amendment, modification or forgiveness of the Financing Agreement or the indebtedness evidenced thereby or of any of the Bond Documents without the prior written consent of Lender. (d) Upon receipt by Borrower of any notice of default or claim of default (whether oral or written) given by the holder of the Financing Agreement pursuant thereto or pursuant to the Bond Documents or otherwise, Borrower shall immediately send Lender a copy of same by overnight courier and telecopy or, in the case of an oral claim of default or notice of default, shall immediately send to Lender a summary of the claimed default and the date made by the holder of the Financing Agreement. (e) To the extent that Lender advances funds for the purpose of paying all or any part of the indebtedness secured by the Bond Documents or curing a default thereunder, Lender will be subrogated to any and all rights, superior titles, liens, and equities owned or claimed by the owner of the Bond Documents.

PRIOR LOAN DOCUMENTS. (a) Borrower is indebted to the Issuer pursuant to the Financing Agreement. The Bond Mortgage secures (i) the obligations under the Financing Agreement, (ii) the obligations under the Bond Mortgage, and (iii) payment of all other indebtedness relating to the Mortgaged Property owing by Borrower to the Issuer. (b) Borrower shall comply with all of the terms and conditions of the Bond Documents to which Borrower is a party or which require performance or observance by Borrower and make all payments as and when due of all indebtedness secured thereby. Any sums disbursed or advanced by Lender to cure a default under the Bond Documents will constitute an advance to protect XxxxxxLender’s security under Section 12, and will be payable in accordance with Section 12. (c) Borrower shall neither request nor accept any extension, postponement, indulgence, amendment, modification or forgiveness of the Financing Agreement or the indebtedness evidenced thereby or of any of the Bond Documents without the prior written consent of Lender. (d) Upon receipt by Borrower of any notice of default or claim of default (whether oral or written) given by the holder of the Financing Agreement pursuant thereto or pursuant to the Bond Documents or otherwise, Borrower shall immediately send Lender a copy of same by overnight courier and telecopy or, in the case of an oral claim of default or notice of default, shall immediately send to Lender a summary of the claimed default and the date made by the holder of the Financing Agreement. (e) To the extent that Lender advances funds for the purpose of paying all or any part of the indebtedness secured by the Bond Documents or curing a default thereunder, Lender will be subrogated to any and all rights, superior titles, liens, and equities owned or claimed by the owner of the Bond Documents.