Common use of Reduction of Secured Amount Clause in Contracts

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor [or Borrower] repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage [insert only if mortgage is less than the Indebtedness, then the amount secured capped: The Secured Amount shall be reduced only by the last and final sums that Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged PropertyIndebtedness. So long as the balance of the Indebtedness exceeds the amount securedSecured Amount, any payments and repayments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecuredState of [STATE].

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the IndebtednessObligations, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor [or Borrower] repays with respect to the Indebtedness Obligations and shall not be reduced by any intervening repayments of the Indebtedness Obligations unless arising from the Mortgaged Property. So long as the balance of the Indebtedness Obligations exceeds the amount secured, any payments of the Indebtedness Obligations shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness Obligations as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtednessaggregate Indebtedness evidenced by the Mortgage Notes, then the amount secured shall be reduced only by the last and final sums that Mortgagor or Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged PropertyIndebtedness. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage this Security Instrument is less than the Indebtednessaggregate Indebtedness evidenced by the Indenture, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor or Issuer or any Guarantor repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged PropertyIndebtedness. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageSecurity Instrument. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the this Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor [or Borrower] repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtednessaggregate Secured Obligations evidenced by the Secured Obligation Agreements, then the amount secured shall be reduced only by the last and final sums that Mortgagor or Borrower repays with respect to the Indebtedness Secured Obligations and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged PropertySecured Obligations. So long as the balance of the Indebtedness Secured Obligations exceeds the amount secured, any payments of the Indebtedness Secured Obligations shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness Secured Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness Secured Obligations as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage Security Deed is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Grantor repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageSecurity Deed. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the this Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage [insert only if mortgage is less than the Indebtedness, then the amount secured capped: The Secured Amount shall be reduced only by the last and final sums that Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged PropertyIndebtedness. So long as the balance of the Indebtedness exceeds the amount securedSecured Amount, any payments and repayments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecuredState of [ ].

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the IndebtednessSecured Obligations, then the amount secured shall be reduced only by the last and final sums that Borrower repays the Borrowers repay (or are repaid on behalf of the Borrowers) with respect to the Indebtedness Secured Obligations and shall not be reduced by any intervening repayments of the Indebtedness Secured Obligations unless arising from the Mortgaged Property. So long as the balance of the Indebtedness Secured Obligations exceeds the amount secured, any payments of the Indebtedness Secured Obligations shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness Secured Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness Secured Obligations as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage this Deed of Trust is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Grantor or Company repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageDeed of Trust. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage Deed of Trust is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Trustor or the Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageDeed of Trust. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage Deed is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Grantor or the Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageDeed. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower repays with respect to the Indebtedness and shall not be reduced reaucea by any intervening repayments of the Indebtedness or me meenteaness unless arising from the ansmg nom me Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtednessaggregate Indebtedness evidenced by the Mortgage Notes, then the amount secured shall be reduced only by the last and final sums that Mortgagor or Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged PropertyIndebtedness. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageMortgagor. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the IndebtednessObligations, then the amount secured shall be reduced only by the last and final sums that Borrower repays the Borrowers repay (or are repaid on behalf of the Borrowers) with respect to the Indebtedness Obligations and shall not be reduced by any intervening repayments of the Indebtedness Obligations unless arising from the Mortgaged Property. So long as the balance of the Indebtedness Obligations exceeds the amount secured, any payments of the Indebtedness Obligations shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness Obligations as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Mortgagor or the Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments portents of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that one Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Mortgagor or the Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the this Mortgage is less than the IndebtednessSecured Obligations, then the amount secured shall be reduced only by the last and final sums that Borrower repays the Borrowers repay with respect to the Indebtedness Secured Obligations and shall not be reduced by any intervening repayments of the Indebtedness Secured Obligations unless arising from the Mortgaged PropertyPremises. So long as the balance of the Indebtedness Secured Obligations exceeds the amount secured, any payments of the Indebtedness Secured Obligations shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness Secured Obligations secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness Secured Obligations as are secured by other collateral located outside of the state in which the Mortgaged Property Premises is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage Deed of Trust is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Grantor or the Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Collateral Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this MortgageDeed of Trust. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Collateral Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower repays repaid with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the this Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor or Company repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor [or Borrowers] repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor [or Company] repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage Deed of Trust is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Grantor or the Borrower repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Trust Property. So long as the balance of the the. Indebtedness exceeds the amount secured, any payments of the Indebtedness shall not be deemed to be applied against, against or to reduce, the portion of the Indebtedness secured by this MortgageDeed of Trust. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Trust Property is located or as are unsecured.

Reduction of Secured Amount. In the event that the amount secured by the Mortgage is less than the Indebtedness, then the amount secured shall be reduced only by the last and final sums that Borrower Mortgagor repays with respect to the Indebtedness and shall not be reduced by any intervening repayments of the Indebtedness unless arising from the Mortgaged Property. So long as the balance of the Indebtedness exceeds the amount securedsecured hereby, any payments of the Indebtedness shall not be deemed to be applied against, or to reduce, the portion of the Indebtedness secured by this Mortgage. Such payments shall instead be deemed to reduce only such portions of the Indebtedness as are secured by other collateral located outside of the state in which the Mortgaged Property is located or as are unsecured.