SPLITTING OF MORTGAGE. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Lender, be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Borrower, upon written request of Lender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of this Security Instrument, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be required by Lender.
SPLITTING OF MORTGAGE. The provisions of Section 9.7 of the Loan Agreement are hereby incorporated by reference herein.
SPLITTING OF MORTGAGE. 11 Section 5.5 REPLACEMENT DOCUMENTS.................................................................11
SPLITTING OF MORTGAGE. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Mortgagee, be split or divided into two or more Notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, subject to the provisions of the Loan Agreement, Mortgagor, upon written request of Mortgagee, shall at no cost to Mortgagor or ESBC execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Mortgagee and/or its designee or designees substitute Notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of the Note, and containing terms, provisions and clauses similar to those contained herein and in the Note, provided that such substitute Notes and security instruments shall not increase Mortgagor’s obligations or increase the amount of interest due thereunder, and such other documents and instruments as may be reasonably required by Mortgagee.
SPLITTING OF MORTGAGE. This Security Instrument and the Senior Loan Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Mortgagee, be split or divided into two or more Senior Loan Notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, subject to the terms of the Senior Loan Agreement, Mortgagor, upon written request of Mortgagee, shall execute, acknowledge and deliver to Mortgagee and/or its designee or designees substitute Senior Loan Notes and security instruments provided that (i) the aggregate principal amount of the substitute Senior Loan Notes is not more than the then unpaid principal amount of the Senior Loan Note, and (ii) the weighted average interest rate of all such component notes on the date created shall equal the interest rate which was applicable to the Loan immediately prior to the creation of the component notes and (iv) the other terms, provisions and clauses of each of the component notes shall be identical in substance and substantially similar in form to those contained herein and in the Senior Loan Note, and such other documents and instruments as may be reasonably required by Mortgagee; provided, however, that such modification, new notes or new provisions, when considered in the aggregate with all other Loan Documents, shall result in no economic change and no more than a de minimis adverse change to Mortgagor with respect to any other provision of the Loan or increase Mortgagor’s obligations or liabilities (to more than a de minimis extent) or decrease Mortgagor’s rights (to more than a de minimis extent) or expand Mortgagor’s representations or warranties under the Loan Documents (to more than a de minimis extent). Upon execution and delivery by Mortgagor of component Notes, Mortgagee agrees to deliver the original Senior Loan Note to Mortgagor.
SPLITTING OF MORTGAGE. Section 5.5
SPLITTING OF MORTGAGE. This Mortgage and the Note may, at any time until the same shall be fully paid and satisfied, at the sole election of Lender, be split or divided into two or more notes and two or more mortgages, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Borrower, upon written request of Lender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and mortgages in such principal amounts, aggregating not more than the then unpaid principal amount of the Note, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be required by Lender.
SPLITTING OF MORTGAGE. 17 Section 5.5 REPLACEMENT DOCUMENTS....................................... 17 Article 6 - DUE ON SALE/ENCUMBRANCE
SPLITTING OF MORTGAGE. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election and cost of Lender, be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Borrower, upon written request of Lender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of the Note, and containing terms, provisions and clauses identical to those contained herein and in the Note, and such other documents and instruments as may be required by Lender; provided that the interest rate set forth in any notes shall be the same as the interest rate provided in the Note, the economic terms and Maturity Date of the notes are identical to those in the Note, the obligations of Borrower under the Loan Documents shall not be increased and Borrower's rights under the Loan Documents shall not be decreased.
SPLITTING OF MORTGAGE. This Security Instrument and the Note shall, at any time until the same shall be fully paid and satisfied, at the sole election of Lender (subject to the terms and conditions of the Loan Agreement), be split or divided into two or more notes and two or more security instruments, each of which shall cover all or a portion of the Property to be more particularly described therein. To that end, Borrower, upon written request of Lender, shall execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered by the then owner of the Property, to Lender and/or its designee or designees substitute notes and security instruments in such principal amounts, aggregating not more than the then unpaid principal amount of the Note, and containing terms, provisions and clauses similar to those contained herein and in the Note, and such other documents and instruments as may be required by Lender, in each case, however, subject to the terms and conditions of the Loan Agreement.
