Security for Debt. Each Letter of Credit delivered under this Security Instrument shall be additional security for the payment of the Debt. Upon the occurrence of an Event of Default, Lender shall have the right, at its option, to draw on any Letter of Credit and to apply all or any part thereof the payment of the items for which such Letter of Credit was established or to apply each such Letter of Credit to payment of the Debt in such order, proportion or priority as Lender may determine or to hold such proceeds as security for the Debt.
Appears in 4 contracts
Samples: And Spreader Agreement and Security Agreement, Mortgage and Security Agreement (Sun Communities Inc), Extension and Spreader Agreement and Security Agreement (Sun Communities Inc)
