Common use of Secondary Financing Clause in Contracts

Secondary Financing. Borrower will not, without the prior written consent of Standard Federal, mortgage or pledge the Project or any part thereof as security for any other loan or obligation of Borrower. If any such mortgage or pledge is entered into without the prior written consent of Standard Federal, the entire indebtedness secured hereby, may, at the option of Standard Federal, be declared immediately due and payable without notice. Further, Borrower also shall pay any and all other obligations, liabilities or debts which may become liens, security interests, or encumbrances upon or charges against the Project for any repairs or improvements that are now or may hereafter be made thereon, and shall not, without Standard Federal's prior written consent, permit any lien, security interest, encumbrance or charge of any kind to accrue and remain outstanding against the Project or any part thereof, or any improvements thereon, irrespective of whether such lien, security interest, encumbrance or charge is junior to the lien of this Mortgage. Notwithstanding the foregoing, if any personal property by way of additions, replacements or substitutions is hereafter purchased and installed, affixed or placed by Borrower on the Project under a security agreement, the lien or title of which is superior to the lien created by this Mortgage, all the right, title and interest of Borrower in and to any and all such personal property, together with the benefit of any deposits or payments made thereon by Borrower, shall nevertheless be and are hereby assigned to Standard Federal and are covered by the lien of this Mortgage.

Secondary Financing. Borrower Grantor will not, without the prior written consent of Standard Federalthe Lender, mortgage or pledge the Project Property or any part thereof as security for any other loan or obligation of BorrowerGrantor. If any such mortgage or pledge is entered into without the prior written consent of Standard Federalthe Lender, the entire indebtedness secured herebyLiabilities, may, at the option of Standard Federalthe Lender, be declared immediately due and payable without notice. Further, Borrower Grantor also shall pay any and all other obligations, liabilities or debts which may become liens, security interests, or encumbrances upon or charges against the Project Property for any repairs or improvements that are now or may hereafter be made thereon, and shall not, without Standard Federalthe Lender's prior written consent, permit any lien, security interest, encumbrance or charge of any kind to accrue and remain outstanding against the Project Property or any part thereof, or any improvements thereon, irrespective of whether such lien, security interest, encumbrance or charge is junior to the lien of this Mortgage. Notwithstanding the foregoing, if any personal property by way of additions, replacements or substitutions is hereafter purchased and installed, affixed or placed by Borrower Grantor on the Project Property under a security agreement, the lien or title of which is superior to the lien created by this Mortgage, all the right, title and interest of Borrower Grantor in and to any and all such personal property, together with the benefit of any deposits or payments made thereon by BorrowerGrantor, shall nevertheless be and are hereby assigned to Standard Federal the Lender and are covered by the lien of this Mortgage.