Other Security Instrument definition
Examples of Other Security Instrument in a sentence
The occurrence of a monetary or other material default (and the expiration of any applicable notice and cure period) under any Other Security Instrument.
Borrower hereby irrevocably waives and releases, to the extent permitted by law, and whether now or hereafter in force, any right to have the Property or the Other Collateral marshaled upon any foreclosure of this Security Instrument or any Other Security Instrument.
In the event of an Event of Default under the Master Agreement or any Other Security Instrument with respect to any one of the Mortgaged Properties, the Lender shall have the right, in its sole and absolute discretion, to exercise and perfect any and all rights in and under the Borrower Documents with regard to any or all of the other Mortgaged Properties.
No notice, except as may be required by the respective Other Security Instrument, shall be required to be given to the Borrower in connection with the Lender’s exercise of any and all of its rights after an Event of Default has occurred.
Borrower hereby agrees and consents that if an Event of Default occurs under the Master Agreement or any Other Security Instrument securing one of the Mortgaged Properties (as defined in the Master Agreement), then an Event of Default shall exist under this Instrument and the Other Security Instruments with respect to the other Mortgaged Properties and the Master Agreement.
Each of the other Reimbursement Mortgages and each of the Subject Bond Mortgages is hereinafter referred to individually as an "Other Security Instrument," and collectively as the "Other Security Instruments".