Second Mortgage. The terms and conditions set forth herein and the security interest granted hereby shall be subject, in all respects, to the terms of the Intercreditor Agreement.
Second Mortgage. Notwithstanding any other provisions of this Mortgage to the contrary, Xxxxxx agrees and acknowledges that this Mortgage is a second mortgage, subsequent in right in lien and payment priority (and in all other respects) to a prior first mortgage that is recorded on the applicable land records with respect to the Property. All provisions of this Mortgage relating to the payment of, or taking reserves for, Taxes, the requirements regarding insurance coverage, the application of insurance or condemnation proceeds, or the rebuilding or repair of the Improvements after a casualty or condemnation with such proceeds, shall be expressly subject to the provisions of such first mortgage and the rights of such first mortgagee to obtain such funds and/or make such decisions. Borrower shall be entitled to refinance the debt secured by such first mortgage; provided Xxxxxxxx first provides Lender with prior written notice of such refinancing and evidence that the amount of such refinancing will not exceed the original principal amount to such first mortgage, in which event Xxxxxx agrees to enter into a customary subordination agreement with any party providing such permitted refinancing on terms consistent with this Section 1.15.
Second Mortgage. The Durham County School District loan will be in second lien position.
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Second Mortgage. The mortgage on the property will be a second mortgage in the amount of $[AMOUNT] at an interest rate of [PERCENTAGE]% per annum in accordance with this Addendum.
Second Mortgage. (a) This Mortgage is subject and subordinate to that certain Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of the date hereof, in the original principal amount of $4,375,000.00 made by the Mortgagor in favor of the Mortgagee (the “Senior Mortgage”). The Mortgagor shall make all payments required pursuant to the terms of the Senior Mortgage and the credit agreement secured thereby not later than the date that a default would occur as a result of non payment and shall keep, observe and perform all of the other terms, covenants, conditions and agreements contained therein by not later than the date that a default would occur as a result of such failure to keep, observe and/or perform the same.
Second Mortgage. (i) The Administrative Agent or its counsel shall have reviewed (a) the Second Mortgage duly executed on behalf of Williams Technology Center, LLC, a Delaware limited liability companx ("XXX"), in favor of the Administrative Agent and such Second Mortgage shall be in form and substance satisfactory to the Administrative Agent and its counsel and (b) a UCC-1 fixture filing, a lender's policy of title insurance, a survey with respect to the applicable mortgaged real property, an opinion of Gable & Gotwals, counsel to WTC, as to the enforceability and perfecxxxx of xxx Xxxond Mortgage, all of the foregoing set forth in this clause (b) to be in form and substance reasonably satisfactory to the Administrative Agent and its counsel; and (ii) all of the documents referred to in clause (i) above shall have been delivered to The Bank of New York as escrow agent under the Escrow Agreement pursuant to, and in accordance with, the terms thereof.
Second Mortgage. A Mortgage (substantially in the form of other --------------- then existing Mortgages) shall constitute a valid second mortgage lien on the fee simple title to (or on a Borrower's Leasehold Estate in a valid and subsisting Qualified Ground Lease of) the proposed Collateral Property, which shall secure all of the obligations of such Borrower under its Guaranty, subject only to such Liens as are acceptable to Lender; and such Borrower shall have delivered UCC-1 financing statements covering fixtures owned or to be owned by such mortgagor and affixed to, or used in connection with, such proposed Collateral Property, in each case appropriately completed and duly executed and delivered to Lender for filing in the appropriate county and state offices. Notwithstanding the foregoing, with respect to any Jurisdictionally Capped Second Mortgage, such Mortgage shall secure a maximum principal amount equal to the amount by which the Allocated Title Amount of the Collateral Property in question exceeds the principal amount secured by the first Mortgage on such Collateral Property.
Second Mortgage. At Closing, Borrower shall execute and deliver to the bank a second-priority mortgage encumbering the Mortgaged Property as collateral for the Notes, up to a maximum of $1,000,000.
Second Mortgage. Borrower agrees to use its best efforts to cause GE Credit TN (and all other persons whose consent is required) to consent to the execution and delivery by Horizon Vessels International, Ltd. of the Second Mortgage and the Second Lien Maritime Security Agreement. If such documents are not executed on or prior to the Closing Date, the Borrower shall continue to use its best efforts to obtain such consent, and, if obtained, shall promptly thereafter execute such documents, and undertake such related action as the Agent may reasonably require.
