MORTGAGE RELATING TO THIS MORTGAGE SHALL BE SUPERIOR TO THE RIGHTS OF
THE HOLDER OF ANY INTERVENING OR SUBORDINATE MORTGAGE, LIEN OR ENCUMBRANCE.
SECTION 3.08.
INTERCREDITOR AGREEMENT.
NOTWITHSTANDING ANYTHING HEREIN TO THE
CONTRARY, THE LIENS GRANTED TO THE MORTGAGEE UNDER THIS MORTGAGE AND THE
EXERCISE OF THE RIGHTS AND REMEDIES OF THE MORTGAGEE HEREUNDER ARE SUBJECT TO
THE PROVISIONS OF THE 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 SECURED DEBT 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
SECURED DEBT 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
SECURED DEBT 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
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OBLIGATIONS, FROM THE TIME OF ITS FILING FOR 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 BORROWERS, 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 SECURED DEBT AGREEMENTS 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 SECURED DEBT AGREEMENTS.
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