Subordinate Liens. Other than the First Mortgage, executed contemporaneously herewith by Mortgagor for the benefit of Mortgagee and subject to the terms of Section 3.4 of the Loan Agreement, without the prior written consent of Mortgagee, Mortgagor shall not create or cause or permit to exist any lien on or security interest in the Mortgaged Property or any part thereof, and Mortgagor shall not otherwise incur any indebtedness for money borrowed to improve the Mortgaged Property or any part thereof, other than the indebtedness secured hereby and the obligations secured by the First Mortgage. Any violation of the foregoing limitation, at the option of Mortgagee, shall be deemed an Event of Default hereunder for which no notice or cure period shall apply.
Appears in 4 contracts
Samples: Second Mortgage and Security Agreement (Industrial Income Trust Inc.), Second Mortgage and Security Agreement (Industrial Income Trust Inc.), Second Mortgage and Security Agreement (Industrial Income Trust Inc.)
