Future advance mortgage means a mortgage that secures a future advance and is recorded either prior to or after the effective date of this act. If a recorded mortgage is amended to secure, expressly and not by implication, a future advance arising after the amendment, the mortgage becomes a future advance mortgage at the time the amendment is recorded.
Future advance mortgage means a mortgage that secures a future advance and is recorded either prior to or after the effective date of this act . . . .
Future advance mortgage of even date with this Note recorded or to be recorded in the appropriate Public Records of Macomb County, Michigan from Cooker to Payee conveying and encumbering as security for this Note improved real estate commonly known as Cooker Store No. 151, located at 14420 Xxxxxxxx Xxxxxx, Xxxxxxxx Xxxxxxx, Xxxxxxxx, 00000 (xxreinafter the "Michigan Mortgage"). The Ohio Mortgage, Michigan Mortgage and Loan Agreement shall hereinafter be collectively referred to as the "Security Instruments". The Ohio Mortgage and Michigan Mortgage shall hereinafter be singularly and collectively refereed to as the "Mortgage" unless the context expressly requires otherwise. All of the agreements, conditions, covenants, warranties, representations, provisions and stipulations made by or imposed upon the Maker in the Security Instruments are hereby made a part of this Note to the same extent, and with the same force and effect, as if they were fully recited herein. If the Maker breaches or defaults under any provision contained in any of the Security Instruments, or should any condition, covenant, warranty or representation contained in any of the Security Instruments be breached or proven untrue in any material respect, and the Maker fails to cure any such breach or default after such notice and within the cure period, if any, provided in the Security Instruments, then the Payee, or holder, shall have the right and option to declare the entire unpaid principal balance of this Note at once due and payable without further demand or presentment for payment to the Maker and proceed to foreclose all liens and security interests securing the payment of same and to invoke all other rights, remedies and recourses relating thereto provided in the Security Instruments, if any. Failure of the Payee or holder to exercise the option contained in this paragraph shall not constitute a waiver of the right to exercise the same in the event of any subsequent default. DEFAULT RATE In the event of any default hereunder (which shall not be deemed to have occurred until the expiration of the applicable notice and cure period provided in the Security Instruments, if any), the entire unpaid principal balance of this Note together with any costs of collecting paid by Payee or holder and any sums advanced by Payee or holder to perform Maker's obligations pursuant to the Security Instruments shall bear interest at the "Default Rate" (heretofore so-called) of Eighteen Percent (18%) per annum in effect until a...
More Definitions of Future advance mortgage
Future advance mortgage means that certain Mortgage, in form and substance substantially similar to the form attached hereto as Exhibit H, or, in the case of a Mortgage Assignment Property, an amended and restated mortgage in form and substance substantially similar to the form attached hereto as Exhibit H with such modifications as are required to effect the amendment and restatement of the prior mortgage encumbering such Individual Property, in each case to be made by the applicable Future Advance Property Guarantor to Administrative Agent for the benefit of the Lenders and to be delivered in accordance with the provisions of Section 2.1(1)(b)(iv).
Future advance mortgage under Act No. 348 of Public Acts of Michigan 1990. It is the intention of the parties hereto that the Mortgaged Property shall secure all of the Obligations presently or hereafter owed, and that the priority of the security interest created by this Mortgage for all such Obligations shall be controlled by the time of proper recording of this Mortgage. In addition, this Mortgage shall also secure unpaid balances of advances made with respect to the Mortgaged Property for the payment of taxes, assessments, insurance premiums, costs or any other advances incurred for the protection of the Mortgaged Property, together with interest thereon until paid at the rate provided for in Section 2.15 hereof, all as contemplated in this Mortgage, all of which shall constitute a part of the Obligations. This paragraph shall serve as notice to all persons who may seek or obtain a lien on the Mortgaged Property subsequent to the date of recording of this Mortgage, that until this Mortgage is released, any debt owed Mortgagee by Debtor, including advances made subsequent to the recording of this Mortgage, shall be secured with the priority afforded this Mortgage as recorded. IT IS HEREBY COVENANTED, DECLARED AND AGREED that the Note and the other Loan Documents are to be executed, delivered and secured and that the Mortgaged Property is to be held and disposed of by Mortgagee, upon and subject to the provisions of this Mortgage.
Future advance mortgage that certain Mortgage, in form and substance substantially similar to the form attached hereto as Exhibit H, to be made by the applicable Future Advance Borrower to Administrative Agent for the benefit of the Lenders and to be delivered in accordance with the provisions of Section 2.1(1)(b)(iv).
Future advance mortgage. This Mortgage is a "Future Advance Mortgage" under Public Act 348 of Michigan Public Acts of 1990. All future advances under the Loan Documents shall have the same priority as if the future advance was made on the date that this Mortgage was recorded. This Mortgage shall secure all indebtedness of the Mortgagor, its successors and assigns under the Loan Documents, whenever incurred, such indebtedness to be due at the times provided in the Loan Documents. Notice is hereby given that the indebtedness secured hereby may increase as a result of any defaults hereunder by Mortgagor due to, for example, and without limitation, unpaid interest or late charges, unpaid taxes or insurance premiums which Bank elects to advance, defaults under leases that Bank elects to cure, attorney fees or costs incurred in enforcing the Loan Documents or other expenses incurred by Bank in protecting the premises, the security of this Mortgage or Bank's rights and interests.
Future advance mortgage means a Mortgage, Assignment and Security Agreement in the amount of the Future Advance Amount from Borrower to Administrative Agent in substantially the same form as the Initial Advance Mortgage, to be executed and delivered as a condition to the Future Advance, securing repayment of the Indebtedness (excluding the Initial Advance) and Borrower’s performance of its other obligations to Administrative Agent and Lenders under the Loan Documents, as amended, modified, supplemented, restated and replaced from time to time.