Due on Sale Clause. Reference is hereby made to Article 6 of the Loan Agreement between Mortgagor and its affiliates, as borrower, and Mortgagee, as lender, dated June 17, 2011 and that certain First Amendment to Loan Agreement dated of even date herewith (together, the “Loan Agreement”) for the restrictions on transferring any interest in Mortgagor or the Mortgaged Property.
Due on Sale Clause. Landlord/Optionor hereby acknowledges that his/her lienholder on the Property may have a "due on sale" clause, as that term is defined by the applicable lien documents. In the event that Landlord/Optionor has any inquiries regarding the scope of said "due on sale" clause, Landlord/Optionor shall contact his/her mortgage lender or mortgage servicer.
Due on Sale Clause. The Mortgagor shall not sell, convey or otherwise transfer any interest in the Property (whether voluntarily or by operation of law), or agree to do so, without the Mortgagee's prior written consent, including (a) any sale, conveyance, assignment, or other transfer of (including installment land sale contracts), or the grant of a security interest in, all or any part of the legal or equitable title to the Property, except as otherwise permitted hereunder; (b) any lease of all or any portion of the Property; or (c) any sale, conveyance, assignment, or other transfer of, or the grant of a security interest in, any share of stock of the Mortgagor, except as otherwise permitted by the Loan Documents. Any default under this Section shall cause an immediate acceleration of the Obligations without any demand by the Mortgagee.
Due on Sale Clause. Mortgagor shall not sell, convey or otherwise transfer any interest in the Premises (whether voluntarily or by operation of law), or agree to do so, without Mortgagee’s prior written consent, including (a) any sale, conveyance, encumbrance, assignment, or other transfer of (including installment land sale contracts), or the grant of a security interest in, all or any part of the legal or equitable title to the Premises, except as otherwise permitted hereunder; (b) any lease of all or any portion of the Premises (in which case Mortgagee’s consent shall not be unreasonably withheld or delayed); or (c) any sale, conveyance, encumbrance, assignment, or other transfer of, or the grant of a security interest in, any share of stock of Mortgagor, if a corporation or any partnership interest in Mortgagor, if a partnership, or any membership interest, if a limited liability entity, except in favor of Mortgagee. Any default under this Section shall cause an immediate acceleration of the Indebtedness without any demand by Mortgagee.
Due on Sale Clause. Mortgagor shall not sell, convey or otherwise transfer any interest in the Property (whether voluntarily or by operation of law), or agree to do so, without Mortgagee’s prior written consent, including (a) any sale, conveyance, assignment, or other transfer of (including installment land sale contracts), or the grant of a security interest in, all or any part of the legal or equitable title to the Property, except as otherwise permitted hereunder; or (b) any lease of all or any portion of the Property. Any default under this Section shall cause an immediate acceleration of the Obligations without any demand by Mortgagee.
Due on Sale Clause. The Mortgagor shall not sell, convey or otherwise transfer any interest in the Property (whether voluntarily or by operation of law), or agree to do so, without the Mortgagee’s prior written consent, including (a) any sale, conveyance, assignment, or other transfer of (including installment land sale contracts), or the grant of a security interest in, all or any part of the legal or equitable title to the Property; (b) any lease of all of the Property; or (c) any sale, conveyance, encumbrance, assignment, or other transfer of, or the grant of a security interest in, any share of stock of the Mortgagor, if a corporation or any partnership interest in the Mortgagor, if a partnership, or any membership interest, if a limited liability entity, except in favor of the Mortgagee. Any default under this Section shall cause an immediate acceleration of the Obligations without any demand by the Mortgagee.
Due on Sale Clause. The Mortgagor shall not sell, convey or otherwise transfer any interest in the Property (whether voluntarily or by operation of law), or agree to do so, without the Mortgagee's prior written consent, including (a) any sale, conveyance, encumbrance, assignment, or other transfer of (including installment land sale contracts), or the grant of a security interest in, all or any part of the legal or equitable title to the Property, except as otherwise permitted hereunder; (b) any lease of all or any portion of the Property; or (c) any sale, conveyance, encumbrance, assignment, or other transfer of, or the grant of a security interest in, any share of stock of the Mortgagor, if a corporation or any partnership interest in the Mortgagor, if a partnership, or any membership interest, if a limited liability entity, except in favor of the Mortgagee. Any default under this Section shall cause an immediate acceleration of the Obligations without any demand by the Mortgagee.
Due on Sale Clause. Reference is hereby made to Article 6 of the Loan Agreement between Grantor and its affiliates, as borrower, and Beneficiary, as lender, dated of even date herewith (as amended, restated or supplemented from time to time, the “Loan Agreement”) for the restrictions on transferring any interest in Grantor, or the Mortgaged Property.
Due on Sale Clause. In the event that there is a change in control of ---------------------- YPNT as defined by the United States Securities and Exchange Commission or the Internal Revenue Services of the United Stares of YPNT of the entire company now know as YPNT, Telco Billing or the majority ot YPNT's assets are sold, (excluding a factoring arrangement which is defined herein as a financing agreement) than 30% of the balance of this contract or 12 months worth of fees, whichever is greater becomes immediately due and payable by YPNT to Company. Further that all debts by Company to YPNT would be forgiven and any liability by YPNT to Company for any tax payments due Company for previous grants hereunder are also due.
Due on Sale Clause. If all, or any part of the Location or any interest in it is sold or transferred (or if a beneficial interest in BUYER is sold or transferred and BUYER is not a natural person) without SELLER’s prior written consent, SELLER may, at its option, elect to extend the term of the Supply Agreement for a period equivalent to that which expired since its commencement and enforce such extended Supply Agreement against the BUYER and the transferee/assignee of the Location. This recourse shall be in addition to and not in lieu of any other remedies the SELLER may possess under the Agreement, or at law or in equity.
