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 i. The term “Second Mortgage(s)” means that document (or those documents) identified on Exhibit B hereto as a “Second Mortgage” or a “Second Deed of Trust” executed by Borrower and encumbering the real property legally described in Exhibit C hereto.
Second Mortgage. The outstanding principal balance as of the Closing Date of the second mortgage loan (the "Second Mortgage Loan") made by PIDA in the original principal amount of TWO MILLION ($2,000,000.00) DOLLARS secured by a second mortgage lien against the Premises.
Second Mortgage. Subject to consent by Old National Bank ("ONB") if performing under this Section 9(f) would cause the breach of any covenant in any agreement between Syndicated or any Affiliate and ONB, Syndicated will grant and extend to Beasleys as additional security for the Note a second or mortgage interest in the Real Estate subject and subordinate to the position of ONB under the Subordination Agreement dated February 27,2003.
Second Mortgage. The Lender reserves the right to be granted a second mortgage over either mv “Oregon” or mv “Mystic” during the Waiver Period. Should neither of these vessels be available for such purpose at the time of any such request by the Lender, or if consent of the first mortgagor is not obtained, an alternative acceptable vessel is to be provided.
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.
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.
