PRIOR MORTGAGES. In the event any mortgages are outstanding on closing the discharge of which is the Vendor's obligation, the Purchaser agrees to accept the Vendor's solicitor's undertaking to obtain and register the discharge of the same within a reasonable period of time after closing in full satisfaction of the Vendor's obligation in that regard.
PRIOR MORTGAGES. If this Mortgage, by its terms, is now, or at any time hereafter, becomes subject or subordinate to a prior mortgage, the Borrower shall fully perform its obligations under such prior mortgage and shall not, without the consent of the Bank, agree to the modification, amendment or extension of the terms or conditions of such prior mortgage. Nothing contained in this Section 3.10 is intended, nor shall it be deemed, to constitute consent by the Bank to a subordination of the lien of this Mortgage.
PRIOR MORTGAGES. To perform all of Mortgagor’s obligations and duties under any mortgage or security agreement with a lien which has priority over this Mortgage and any obligation to pay secured by such a mortgage or security agreement, except to the extent such obligation is being contested in good faith by appropriate proceedings;
PRIOR MORTGAGES. If any of the Property is subject or becomes ---------------- subject to a lien prior to the lien of this Mortgage, the following provisions shall apply: [i] Mortgagor shall pay when due all amounts required to be paid under any obligation secured by a prior lien and shall otherwise perform all of the obligations of Mortgagor thereunder. [ii] Mortgagor shall not request, accept, or permit payment to Mortgagor of any loan amount or disbursement the repayment of which is secured by any prior mortgage without prior express written consent from Mortgagee. [iii] Mortgagor shall be in compliance with 3.3 and 3.4 if Mortgagor pays the Impositions and maintains the insurance coverage required under any prior mortgage to which Mortgagee has expressly consented. [iv] A default in any prior mortgage shall be a default under this Mortgage. [v] Mortgagee may cure any defaults of Mortgagor under any prior mortgage or pay, in whole or in part, any prior lien, and, to the extent of such payments, Mortgagee shall be subrogated to the rights and lien of the prior lien; however, any prior lien rights to which Mortgagee may become subrogated shall not merge with the lien of this Mortgage.
PRIOR MORTGAGES. If this Deed of Trust is subordinate to any other mortgage(s) or similar security document(s) on all or part of the Collateral, the following modifications shall apply hereto:
1. The following definition is added hereto:
PRIOR MORTGAGES. In the event any mortgages are outstanding on closing the discharge of which is the Vendor's obligation, the Purchaser agrees to accept the Vendor's solicitor's undertaking to obtain and register the discharge of the same within a reasonable period of time after closing in full satisfaction of the Vendor's obligation in that regard. Until closing, the Purchaser hereby acknowledges the full priority of any mortgage or construction financing arranged by the Vendor and/or secured by the Property over his interest as Purchaser for the full amount of the said mortgage or construction financing, notwithstanding any law or statute to the contrary and agrees to execute any acknowledgements or postponements required to give full effect thereto.
PRIOR MORTGAGES. This Lease is and shall be subject and subordinate to that certain Mortgage and Security Agreement, dated as of _______ __, 199_, by Lessor in favor of the Trustee encumbering the Leased Property, and to all rights of the Trustee thereunder, and to all renewals, modifications, consolidations, amendments, increases, replacements and extensions thereof ("Mortgage"). Lessee agrees to perform all of the obligations of Lessor (in its capacity as grantor) set forth in the Mortgage, insofar as such obligations relate, directly or indirectly, to the Leased Property, whether or not such obligations are more onerous than the obligations imposed upon Lessee by this Lease. Whenever any provision of this Lease requires any consent, approval or agreement of the Lessor, such requirement shall be deemed to include the consent, approval or agreement of the Trustee, so long as the Mortgage shall not have been discharged.
PRIOR MORTGAGES. If any of the Property is subject or becomes subject to a lien prior to the lien of this Mortgage, the following provisions shall apply: [i] Tenant shall pay when due all amounts required to be paid under any obligation secured by a prior lien and shall otherwise perform all of the obligations of Tenant hereunder. [ii] Tenant shall not request, accept, or permit payment to Tenant of any loan amount or disbursement the repayment of which is secured by any prior mortgage without prior express written consent from Lender. [iii] Tenant shall be in compliance with Section 3.3 and 3.4 if Tenant pays the Impositions and maintains the insurance coverage required under any prior mortgage to which Lender has expressly consented. [v] Lender may cure any defaults of Tenant under any prior Mortgage or pay, in whole or in part, any prior lien. To the extent of such payments, Lender shall be subrogated to the rights and lien of the prior lien; however, any prior lien rights to which Lender may become subrogated shall not merge with the lien of this Mortgage.
PRIOR MORTGAGES. If this Mortgage, by its terms, is now, or at any time hereafter, becomes subject or subordinate to a prior Mortgage or mortgage, Mortgagor shall fully perform its obligations under such prior Mortgage or mortgage and shall not, without the consent of Mortgagee, agree to the modification, amendment or extension of the terms or conditions of such prior Mortgage or mortgage. Nothing contained in this Section 2.8 is intended, nor shall it be deemed, to constitute consent by Mortgagee to a subordination of the lien of this Mortgage.
PRIOR MORTGAGES. The parties acknowledge that the mortgage liens and security interests granted by GBP to UNITIL Power Corp., a New Hampshire corporation ("UNITIL"), as set forth in that certain Second Mortgage and Security Agreement by and between GBP and UNITIL and that certain Third Mortgage and Security Agreement by and between GBP and UNITIL, both dated as of December 22, 1993, and recorded, respectively, at the Rockingham County (N.H.) Registry of Deeds at Book 3041, Page 809, and Book 3041, Page 837 (collectively, the "Senior Liens"), are prior in right and time to this Mortgage.
