Priority of Mortgages. The lien securing each Mortgage Investment will not be junior to more than two other encumbrances (a first and, in some cases a second deed of trust) on the real property (the "security property") which is to be used as security for the loan. Although the Partnership may also make wrap-around (or "all-inclusive") Mortgage Investment, those wrap-around Mortgage Investments will include no more than two (2) underlying obligations (See "CERTAIN LEGAL ASPECTS OF Mortgage Investments - Special Considerations in Connection with Junior Encumbrances"). The General Partners anticipate that the Partnership's Mortgage Investments will be diversified as to priority approximately as follows: first mortgages - thirty-five percent (35%); second mortgages - sixty percent (60%); third mortgages - five percent (5%). As of June 30, 1996, of the Partnership's outstanding Mortgage Investment portfolio, forty-two percent (42%) were secured by first mortgages, fifty-six percent (56%) by second mortgages and two percent (2%) by third mortgages.
Priority of Mortgages. 41 Geographic Area Of Lending Activity......................................... 41
Priority of Mortgages. This Lease and any assignment or sublet undertaken pursuant to Section 18 hereof shall be and remain subject and subordinate to any existing mortgage and any mortgage or mortgages that may hereafter be placed against the Leased Premises provided the mortgagee provides a subordination, non-disturbance and attornment agreement to the Tenant on commercially reasonable terms and specifically providing that the mortgagee agrees to the release of insurance proceeds in accordance with the terms of Section 19 hereof, and to all renewals, modifications, consolidations, replacements and extensions thereof. Tenant will execute estoppel certificates and Subordination and Non-Disturbance Agreements in such reasonable form as may be requested in connection with such mortgages.
Priority of Mortgages. The Mortgages constitute a valid first lien against Borrower's and Lessee's respective interests in the real and personal property described therein, prior to all other liens or encumbrances, including those which may hereafter accrue, excepting only Permitted Liens and except as set forth on SCHEDULE 5.9 hereto, none of which Permitted Liens or other Liens materially interfere with the security intended to be provided by the Mortgages or the current use of the Property and the Improvements.
Priority of Mortgages. For purposes of exercising any remedy of a Mortgagee pursuant to this Article IX, or for becoming a Transferee in the manner specified in Article X below, the applicable Laws of the State of California shall govern the rights, remedies and priorities of each Mortgagee, absent a written agreement between Mortgagees otherwise providing.
Priority of Mortgages. The Borrower shall at all times maintain and preserve the first and best priority of the Mortgages with respect to each of the Mortgaged Properties, and shall not at any time create or suffer to be created any other Lien or security interest in any of the Collateral, excepting only Liens securing the payment of current and non-delinquent taxes and assessments, both general and special, the effect of building, land use and zoning laws, Permitted Encumbrances and other matters affecting title to the Mortgaged Properties or any of the other Collateral as may be approved or accepted by the Administrative Agent.
Priority of Mortgages. Notwithstanding (a) the time, place, order of execution or recordation of the First Mortgage Loan Documents or the Subordinate Mortgage Loan Documents, or the method of creation, attachment or perfection of the respective liens granted pursuant thereto or the invalidity, unenforceability, avoidability or recharacterization of the liens granted pursuant thereto, (b) any terms or provisions of the First Mortgage Loan Documents or the Subordinate Mortgage Loan Documents to the contrary, or (c) any law, rule or regulation of any applicable governmental body to the contrary, the First Mortgagee, the Subordinate Mortgageee and Borrower hereby confirm and agree that: (i) the lien of the Subordinate Mortgage Loan Documents (including, without limitation, any Protective Advances made thereunder and any post-petition interest accrued upon a Bankruptcy Event (as hereinafter defined) is hereby expressly made subject and subordinate in priority to the lien of the First Mortgage Loan Documents (including, without limitation, all liens securing any Protective Advances made thereunder); (ii) the Subordinate Mortgage Indebtedness shall be subject and subordinate in payment to the First Mortgage Indebtedness; and (iii) the terms and provisions of the Subordinate Mortgage and the Subordinate Mortgage Loan Documents are expressly hereby made subject and subordinate to the terms and provisions of the First Mortgage and the First Mortgage Loan Documents. Without limiting the foregoing, the Subordinate Mortgagee agrees that all rights of the Subordinate Mortgagee to the Subordinate Mortgage Indebtedness and under the Subordinate Mortgage Loan Documents shall be expressly subject and subordinate: (x) to the rights of the First Mortgagee to the First Mortgage Indebtedness and under the First Mortgage Loan Documents; and (y) to any and all Protective Advances made and other expenses incurred under the First Mortgage Loan Documents.
Priority of Mortgages. Where there are more mortgages than one registered in respect of the same ship registered under this Act, the mortgagees are, notwithstanding any express, implied, or constructive notice, entitled in priority one over the other, according to the date and time at which each mortgage is produced to the Registrar and not according to the date of each mortgage itself.
Priority of Mortgages. This Lease Agreement shall automatically and without further act or deed be and remain subject and subordinate to any existing mortgage and any mortgage or mortgages that may hereafter be placed against the Leased Premises, and to all renewals, modifications, consolidations, replacements and extensions thereof. Tenant will execute any estoppel certificates and Subordination and Non-Disturbance Agreements which Landlord may request, provided that the same are in reasonable form.
Priority of Mortgages. This Lease shall be subject and subordinated to the lien of all mortgages and deeds of trust at all times in any amount or amounts whatsoever that may now exist or hereafter be placed on or against the Building or Property, or on or against Landlord's interest or estate therein, all without the necessity of having further instruments executed on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, in the event of a foreclosure of any such mortgage or deed of trust or of any other action or proceeding for the enforcement thereof or of any sale thereunder, this lease will not be barred, terminated, cut off, or foreclosed, nor will the rights or possession of Tenant hereunder be disturbed, if Tenant shall not then be in default in the payment of rent or other sums or be otherwise in default under this lease, and Tenant shall attorn to the purchaser at such foreclosure, sale, or other action or proceeding. Tenant agrees to execute, March 11, 1996 26 acknowledge, and deliver upon demand such further instruments evidencing such subordination of this lease to the lien of any such mortgages or deeds of trust as may reasonably be required by Landlord. Provided, however, that Tenant's covenant to subordinate this Lease to mortgages or deeds of trust hereafter executed is conditioned upon each such senior instrument containing the commitments specified in the preceding sentence. The Landlord represents to Tenant that as of the date this lease is signed, there are currently no mortgages or other liens or interests that would take priority over this lease, and/or would require a third party consent.
