Common use of Reduction of Secured Amount Clause in Contracts

Reduction of Secured Amount. In the event the maximum principal amount secured by this Mortgage is less than the aggregate Obligations, then the amount secured hereby shall be reduced only by the last and final sums that Mortgagor or any other Loan Party repays with respect to the Obligations and shall not be reduced by any intervening repayments of the Obligations. So long as the balance of the Obligations exceeds the amount secured hereby, any payments of the Obligations shall not be deemed to be applied against, or reduce, the portion of the Obligations secured by this Mortgage.

Reduction of Secured Amount. In the event that the maximum principal amount secured by this Mortgage is less than the aggregate of the Secured Obligations, then the amount secured hereby shall be reduced only by the last and final sums that the Mortgagor or any other Loan Party repays with respect to the Secured Obligations and shall not be reduced by any intervening repayments of the Secured Obligations. So long as the balance of the Secured Obligations exceeds the amount secured hereby, any payments of the Secured Obligations shall not be deemed to be applied against, or to reduce, the portion of the Secured Obligations secured by this Mortgage.

Reduction of Secured Amount. In the event the maximum principal amount secured by this Mortgage is less than the aggregate First Lien Obligations, then the amount secured hereby shall be reduced only by the last and final sums that Mortgagor or any other Loan Party repays with respect to the First Lien Obligations and shall not be reduced by any intervening repayments of the First Lien Obligations. So long as the balance of the First Lien Obligations exceeds the amount secured hereby, any payments of the First Lien Obligations shall not be deemed to be applied against, or reduce, the portion of the First Lien Obligations secured by this Mortgage.

Reduction of Secured Amount. In the event that the maximum principal amount secured by this Mortgage Secured Amount is less than the aggregate ObligationsObligations outstanding at any time, then the amount secured hereby shall be reduced only by the last and final sums that the Mortgagor or any other Loan Party repays with respect to the Obligations and shall not be reduced by any intervening repayments of the Obligations. So long as the balance of the Obligations exceeds the amount secured hereby, any payments of the Obligations shall not be deemed to be applied against, or to reduce, the portion of the Obligations secured by this Mortgage.

Reduction of Secured Amount. In the event that the maximum principal amount secured by this Mortgage is less than the aggregate Obligations, Secured Obligations then the amount secured hereby shall be reduced only by the last and final sums that Mortgagor or any other Loan Credit Party repays with respect to the Secured Obligations and shall not be reduced by any intervening repayments of the Secured Obligations. So long as the balance of the Secured Obligations exceeds the amount secured hereby, any payments of the Secured Obligations shall not be deemed to be applied against, or to reduce, the portion of the Secured Obligations secured by this Mortgage.. 

Reduction of Secured Amount. In the event that the maximum principal amount secured by this Mortgage is less than the aggregate Obligations, Secured Obligations then the amount secured hereby shall be reduced only by the last and final sums that Mortgagor or any other Loan Credit Party repays with respect to the Secured Obligations and shall not be reduced by any intervening repayments of the Secured Obligations. So long as the balance of the Secured Obligations exceeds the amount secured hereby, any payments of the Secured Obligations shall not be deemed to be applied against, or to reduce, the portion of the Secured Obligations secured by this Mortgage.