INTERCREDITOR AGREEMENT.
IN THE EVENT OF ANY CONFLICT
BETWEEN THE TERMS OF THE INTERCREDITOR AGREEMENT AND THIS MORTGAGE, THE TERMS OF
THE INTERCREDITOR AGREEMENT SHALL GOVERN AND CONTROL.
SECTION 3.09.
REDUCTION OF SECURED AMOUNT.
IN THE EVENT THE MAXIMUM PRINCIPAL
AMOUNT SECURED BY THIS MORTGAGE IS LESS THAN THE AGGREGATE OBLIGATIONS, THEN THE
AMOUNT SECURED HEREBY SHALL BE REDUCED ONLY BY THE LAST AND FINAL SUMS THAT
MORTGAGOR OR ANY OTHER LOAN PARTY REPAYS WITH RESPECT TO THE OBLIGATIONS AND
SHALL NOT BE REDUCED BY ANY INTERVENING REPAYMENTS OF THE OBLIGATIONS.
SO LONG
AS THE BALANCE OF THE OBLIGATIONS EXCEEDS THE AMOUNT SECURED HEREBY, ANY
PAYMENTS OF THE OBLIGATIONS SHALL NOT BE DEEMED TO BE APPLIED AGAINST, OR
REDUCE, THE PORTION OF THE OBLIGATIONS SECURED BY THIS MORTGAGE.
SECTION 3.10.
FUTURE ADVANCES.
THIS MORTGAGE IS GIVEN TO SECURE THE
OBLIGATIONS UNDER, OR IN RESPECT OF, THE LOAN DOCUMENTS, QUALIFIED SECURED CASH
MANAGEMENT AGREEMENTS AND THE QUALIFIED SECURED HEDGING AGREEMENTS AND SHALL
SECURE NOT ONLY OBLIGATIONS WITH RESPECT TO PRESENTLY EXISTING INDEBTEDNESS
UNDER THE FOREGOING DOCUMENTS AND AGREEMENTS BUT ALSO ANY AND ALL OTHER
OBLIGATIONS WHICH MAY HEREAFTER BE OWING TO THE SECURED PARTIES UNDER THE LOAN
DOCUMENTS, QUALIFIED SECURED CASH MANAGEMENT AGREEMENTS AND THE QUALIFIED
SECURED HEDGING AGREEMENTS, HOWEVER INCURRED, WHETHER INTEREST, DISCOUNT OR
OTHERWISE, AND WHETHER THE SAME SHALL BE DEFERRED, ACCRUED OR CAPITALIZED,
INCLUDING FUTURE ADVANCES AND RE-ADVANCES AND OTHER OBLIGATIONS, PURSUANT TO THE
CREDIT AGREEMENT OR THE OTHER LOAN DOCUMENTS, OR PURSUANT TO QUALIFIED SECURED
CASH MANAGEMENT AGREEMENTS OR QUALIFIED SECURED HEDGING AGREEMENTS, WHETHER SUCH
ADVANCES OR OBLIGATIONS ARE OBLIGATORY OR TO BE MADE AT THE OPTION OF THE
SECURED PARTIES, OR OTHERWISE, TO THE SAME EXTENT AS IF SUCH FUTURE ADVANCES OR
OBLIGATIONS WERE MADE ON THE DATE OF THE EXECUTION OF THIS MORTGAGE.
THE LIEN
OF THIS MORTGAGE SHALL BE VALID AS TO ALL OBLIGATIONS SECURED HEREBY, INCLUDING
FUTURE ADVANCES AND OBLIGATIONS, FROM THE TIME OF ITS FILING FOR
18
RECORD IN THE RECORDER'S OFFICE OF THE COUNTY IN WHICH THE MORTGAGED PROPERTY IS
LOCATED.
THIS MORTGAGE IS INTENDED TO AND SHALL BE VALID AND HAVE PRIORITY OVER
ALL SUBSEQUENT LIENS AND ENCUMBRANCES, INCLUDING STATUTORY LIENS, EXCEPTING
SOLELY TAXES AND ASSESSMENTS LEVIED ON THE REAL ESTATE, TO THE EXTENT OF THE
MAXIMUM AMOUNT SECURED HEREBY AND PERMITTED LIENS RELATED THERETO.
ALTHOUGH
THIS MORTGAGE IS GIVEN TO SECURE ALL FUTURE ADVANCES AND OBLIGATIONS MADE BY
MORTGAGEE AND/OR THE OTHER SECURED PARTIES TO OR FOR THE BENEFIT OF THE
BORROWER, MORTGAGOR AND/OR THE MORTGAGED PROPERTY, WHETHER OBLIGATORY OR
OPTIONAL, MORTGAGOR AND MORTGAGEE HEREBY ACKNOWLEDGE AND AGREE THAT MORTGAGEE
AND THE OTHER SECURED PARTIES ARE OBLIGATED BY THE TERMS OF THE LOAN DOCUMENTS
TO MAKE CERTAIN FUTURE ADVANCES OR OBLIGATIONS, INCLUDING ADVANCES OF A
REVOLVING NATURE, SUBJECT TO THE FULFILLMENT OF THE RELEVANT CONDITIONS SET
FORTH IN THE LOAN DOCUMENTS.
ARTICLE IV
PARTICULAR PROVISIONS
This Mortgage is subject to the following provisions relating to the particular
laws of the state wherein the Premises are located:
SECTION 4.01.