Common use of Subordinate Financing Clause in Contracts

Subordinate Financing. If Mortgagor, without the prior written consent of Mortgagee, executes or delivers any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property (hereinafter called “Unauthorized Subordinate Mortgage”), Mortgagee may, at Mortgagee’s option, which option may be exercised at any time following such pledge, security agreement, mortgage or deed of trust, without demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any other action, all of which are hereby waived by Mortgagor and all other parties obligated in any manner on the Obligation, declare the Obligation to be immediately due and payable. In the event of consent by Mortgagee to the granting of a subordinate mortgage, or in the event the above-described right of Mortgagee to declare the Obligation to be immediately due and payable upon the granting of a Unauthorized Subordinate Mortgage without the prior written consent of Mortgagee is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Mortgagor will not execute or deliver any subordinate mortgage unless (i) it shall contain express covenants to the effect: (a) that the subordinate mortgage is in all respects unconditionally subject and subordinate to the lien and security interest evidenced by this Mortgage and each term and provision hereof; (b) that if any action or proceeding shall be instituted to foreclose the subordinate mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property without the prior consent of Mortgagee; (c) that the rents and profits, if collected through a receiver or by the holder of the subordinate mortgage, shall be applied first to the obligations secured by this Mortgage, including principal and interest due and owing on or to become due and owing under the Loan Agreement and the other indebtedness secured hereby, and then to the payment of maintenance, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation and maintenance of the Property; and (d) that if any action or proceeding shall be brought to foreclose the subordinate mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), notice of the commencement thereof will be given to Mortgagee contemporaneously with the commencement of such action or proceeding; and (ii) a copy thereof shall have been delivered to Mortgagee not less than ten (10) days prior to the date of the execution of such subordinate mortgage. Notwithstanding anything contained herein to the contrary, this provisions shall only be enforceable to the extent permitted under the laws of the State. For purposes of this Section, “Unauthorized Subordinate Mortgage shall not mean any mortgage covering all or any portion of the Property given by Mortgagee in connection with that certain loan in the combined amount of up to Twenty Five Million ($25,000,000) Dollars to Xxxxxxxxx International Bank and Resorts Funding Group, LLC both of whom are current stockholders and investors of the Mortgagor; provided, however, that any such loan to Xxxxxxxxx International Bank and Resorts Funding Group, LLC and the mortgage given in connection therewith shall be subordinate to the Loan.

Subordinate Financing. If Mortgagor, without the prior written consent of Mortgagee, executes or delivers any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property (hereinafter called “Unauthorized Subordinate Mortgage”), Mortgagee may, at Mortgagee’s option, which option may be exercised at any time following such pledge, security agreement, mortgage or deed of trust, without demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any other action, all of which are hereby waived by Mortgagor and all other parties obligated in any manner on the Obligation, declare the Obligation to be immediately due and payable. In the event of consent by Mortgagee to the granting of a subordinate mortgage, or in the event the above-described right of Mortgagee to declare the Obligation to be immediately due and payable upon the granting of a Unauthorized Subordinate Mortgage without the prior written consent of Mortgagee is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Mortgagor will not execute or deliver any subordinate mortgage unless (i) it shall contain express covenants to the effect: (a) that the subordinate mortgage is in all respects unconditionally subject and subordinate to the lien and security interest evidenced by this Mortgage and each term and provision hereof; (b) that if any action or proceeding shall be instituted to foreclose the subordinate mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property without the prior consent of Mortgagee; (c) that the rents and profits, if collected through a receiver or by the holder of the subordinate mortgage, shall be applied first to the obligations secured by this Mortgage, including principal and interest due and owing on or to become due and owing under the Loan Agreement and the other indebtedness secured hereby, and then to the payment of maintenance, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation and maintenance of the Property; and (d) that if any action or proceeding shall be brought to foreclose the subordinate mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), notice of the commencement thereof will be given to Mortgagee contemporaneously with the commencement of such action or proceeding; and (ii) a copy thereof shall have been delivered to Mortgagee not less than ten (10) days prior to the date of the execution of such subordinate mortgage. Notwithstanding anything contained herein to the contrary, this provisions shall only be enforceable to the extent permitted under the laws of the State. For purposes of this Section, “Unauthorized Subordinate Mortgage shall not mean any mortgage covering all or any portion of the Property given by Mortgagee in connection with that certain loan in the combined amount of up to Twenty Five Million ($25,000,000) Dollars to Xxxxxxxxx International Bank and Resorts Funding Group, LLC both of whom are current stockholders and investors of the Mortgagor; provided, however, that any such loan to Xxxxxxxxx International Bank and Resorts Funding Group, LLC and the mortgage given in connection therewith shall be subordinate to the Loan. Section 5.5 Intentionally Deleted.

Subordinate Financing. If MortgagorGrantor, without the prior written consent of MortgageeBeneficiary, executes or delivers any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property (hereinafter called “Unauthorized Subordinate Mortgage”), Mortgagee Beneficiary may, at MortgageeBeneficiary’s option, which option may be exercised at any time following such pledge, security agreement, mortgage or deed of trust, without demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any other action, all of which are hereby waived by Mortgagor Grantor and all other parties obligated in any manner on the Obligation, declare the Obligation to be immediately due and payable. In the event of consent by Mortgagee Beneficiary to the granting of a subordinate mortgageSubordinate Mortgage, or in the event the above-described right of Mortgagee Beneficiary to declare the Obligation to be immediately due and payable upon the granting of a Unauthorized Subordinate Mortgage without the prior written consent of Mortgagee Beneficiary is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Mortgagor Grantor will not execute or deliver any subordinate mortgage Subordinate Mortgage unless (i) it shall contain express covenants to the effect: (a) that the subordinate mortgage Subordinate Mortgage is in all respects unconditionally subject and subordinate to the lien liens and security interest interests evidenced by this Mortgage Deed of Trust and each term and provision hereof, including, without limitation, the Assignment of Leases and Rents; (b) that if any action or proceeding shall be instituted to foreclose the subordinate mortgage Subordinate Mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property Lease without the prior written consent of MortgageeBeneficiary; (c) that the rents and profitsRents, if collected through a receiver or by the holder of the subordinate mortgageSubordinate Mortgage, shall be applied first to the obligations secured by this MortgageObligation, including principal and interest due and owing on or to become due and owing under on the Loan Agreement Note and the other indebtedness secured hereby, and then to the payment of maintenance, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation and maintenance of the Property; and (d) that if any action or proceeding shall be brought to foreclose the subordinate mortgage Subordinate Mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), written notice of the commencement thereof will be given to Mortgagee Beneficiary contemporaneously with the commencement of such action or proceeding; and (ii) a copy thereof shall have been delivered to Mortgagee Beneficiary not less than ten (10) days prior to the date of the execution of such subordinate mortgage. Notwithstanding anything contained herein to the contrary, this provisions shall only be enforceable to the extent permitted under the laws of the State. For purposes of this Section, “Unauthorized Subordinate Mortgage shall not mean any mortgage covering all or any portion of the Property given by Mortgagee in connection with that certain loan in the combined amount of up to Twenty Five Million ($25,000,000) Dollars to Xxxxxxxxx International Bank and Resorts Funding Group, LLC both of whom are current stockholders and investors of the Mortgagor; provided, however, that any such loan to Xxxxxxxxx International Bank and Resorts Funding Group, LLC and the mortgage given in connection therewith shall be subordinate to the LoanMortgage.

Subordinate Financing. If MortgagorGrantor, without the prior written consent of MortgageeBeneficiary, executes or delivers any pledge, security agreement, mortgage or deed of trust covering all or any portion of the Property (hereinafter called “Unauthorized Subordinate Mortgage”), Mortgagee Beneficiary may, at MortgageeBeneficiary’s option, which option may be exercised at any time following such pledge, security agreement, mortgage or deed of trust, without demand, presentment, protest, notice of protest, notice of intent to accelerate, notice of acceleration or other notice, or any other action, all of which are hereby waived by Mortgagor Grantor and all other parties obligated in any manner on the Obligation, declare the Obligation to be immediately due and payable. In the event of consent by Mortgagee Beneficiary to the granting of a subordinate mortgageSubordinate Mortgage, or in the event the above-described right of Mortgagee Beneficiary to declare the Obligation to be immediately due and payable upon the granting of a Unauthorized Subordinate Mortgage without the prior written consent of Mortgagee Beneficiary is determined by a court of competent jurisdiction to be unenforceable under the provisions of any applicable law, Mortgagor Grantor will not execute or deliver any subordinate mortgage Subordinate Mortgage unless (i) it shall contain express covenants to the effect: (a) that the subordinate mortgage Subordinate Mortgage is in all respects unconditionally subject and subordinate to the lien and security interest evidenced by this Mortgage Deed of Trust and each term and provision hereof; (b) that if any action or proceeding shall be instituted to foreclose the subordinate mortgage Subordinate Mortgage DEED OF TRUST (LONG FORM) 22 Rev. July 2000 (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), no tenant of any portion of the Property will be named as a party defendant, nor will any action be taken with respect to the Property which would terminate any occupancy or tenancy of the Property without the prior written consent of MortgageeBeneficiary; (c) that the rents and profits, if collected through a receiver or by the holder of the subordinate mortgageSubordinate Mortgage, shall be applied first to the obligations secured by this MortgageDeed of Trust, including principal and interest due and owing on or to become due and owing under on the Loan Agreement Note and the other indebtedness secured hereby, and then to the payment of maintenance, operating charges, taxes, assessments, and disbursements incurred in connection with the ownership, operation and maintenance of the Property; and (d) that if any action or proceeding shall be brought to foreclose the subordinate mortgage Subordinate Mortgage (regardless of whether the same is a judicial proceeding or pursuant to a power of sale contained therein), written notice of the commencement thereof will be given to Mortgagee Beneficiary contemporaneously with the commencement of such action or proceeding; and (ii) a copy thereof shall have been delivered to Mortgagee Beneficiary not less than ten (10) days prior to the date of the execution of such subordinate mortgage. Notwithstanding anything contained herein to the contrary, this provisions shall only be enforceable to the extent permitted under the laws of the State. For purposes of this Section, “Unauthorized Subordinate Mortgage shall not mean any mortgage covering all or any portion of the Property given by Mortgagee in connection with that certain loan in the combined amount of up to Twenty Five Million ($25,000,000) Dollars to Xxxxxxxxx International Bank and Resorts Funding Group, LLC both of whom are current stockholders and investors of the Mortgagor; provided, however, that any such loan to Xxxxxxxxx International Bank and Resorts Funding Group, LLC and the mortgage given in connection therewith shall be subordinate to the LoanMortgage.