Equitable Mortgage Sample Clauses

Equitable Mortgage. An equitable mortgage has been defined "as one which although lacking in some formality, or form or words, or other requisites demanded by a statute, nevertheless reveals the intention of the parties to charge real property as security for a debt, and contains nothing impossible or contrary to law."[10] The instances in which a contract of sale is presumed to be an equitable mortgage are enumerated in Article 1602 of the Civil Code as follows: "Art. 1602. The contract shall be presumed to be an equitable mortgage, in any of the following cases:
Sample 1
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Equitable Mortgage. To secure Your payment of the Price and other obligations set out in this Agreement, You agree to grant Us, immediately upon request, a mortgage (within the meaning of the Property Law Act 2007) over Your land which contains the Site, or where You do not own the Site, then any other land that You own, selected by Us (Land). You acknowledge that as soon as a request is made, We will acquire an equitable mortgage over the Land in respect of which We may lodge a caveat, with such equitable mortgage to contain the covenants, conditions, provisions and powers as are usually inserted in an all obligations Auckland District Law Society mortgage.
Sample 1
Equitable Mortgage. An Equitable Mortgage (Equitable Mortgages) is not registrable in BC (but that is not the case elsewhere) with the exception of a 2nd mortgage: A 2nd mortgage (which is the mortgage of the mortgagor’s right of redemption on previous mortgage) is registered as a charge on title An equitable mortgage creates a charge over property, but is not sufficient to pass a legal estate Only passes a beneficial interest in property. Can be enforced (same remedies as for legal are available); but priorities may be a problem bc can’t register (except 2nd mortgage)… so other registered charges may defeat [Why use it then? Sometimes its all you can get! Eg, something wrong with title of your land and you can’t get legal mortgage] Fundamental differences of equitable mortgage from legal mortgage: Not registered (except 2nd mortgages) Its not a conveyance: no transfer of estate Formed differently: legal mortgage is formed via a K; equitable may not be formal (see below 3 ways): An equitable mortgage can arise in 3 ways: Sell a future interest in the land. 2nd mortgage – mortgaging the right of redemption which is an equitable interest b/c mortgagor is no longer the unencumbered owner of the land—the only thing they can give the 2nd mortgagee is what they have left, which is the right to redeem the first one By an instrument that is not sufficient to convey a legal estate. Ex. an agreement that “I promise to execute a legal mtg at a later time if I haven’t yet paid you back”. Lender has an unsecured interest – not registered and no conveyance of land. The deposit or giving to lender the document of a duplicate certificate of title. (orange doc) Xxxx is evidence of who owner is and what status of title is. Can only be issued by registered owner (on request). This has incredible power over our property b/c if it is issued nothing can happen to title (LTOffice won’t register a transfer or mortgage, etc while its outstanding). So if it’s issued and you lose it, you’re SCREWED. Giving the bank a dupe as security for a loan (in exchange for money) can be seen as the granting of an equitable mortgage (but no presumption anymore: RBC v. Mesa—need some other indicia of intent). The bank will put it in a safety deposit box and say pay up before you do anything. It effectively freezes the title. Every equitable mortgage can be enforced in the same way as a legal mortgage, so you can foreclose on it, the only hitch being there’s a priority list and an equitable mortgagee is not secured. ...
Sample 1

Related to Equitable Mortgage

  • Leasehold Mortgages A. Notwithstanding any other provision hereof to the contrary, Tenant shall have the right, from time to time, to convey or encumber by mortgage, deed to secure debt, deed of trust, or similar financing instrument, Tenant’s leasehold estate and interest in and to the Demised Premises or any part thereof (each such leasehold mortgage, deed to secure debt, deed of trust, or other financing instrument being hereinafter referred to as a “Leasehold Mortgage” and the holder thereof as a “Leasehold Mortgagee”) provided that the rights acquired under such mortgage shall be subject to each and all of the covenants, conditions, and restrictions set forth in this Lease and to all rights and interest of Landlord herein, none of which covenants, conditions or restrictions is or shall be waived by Landlord by reason of the right given to so mortgage such interest in this Lease, except as expressly provided herein. The execution and delivery of a Leasehold Mortgage shall not, in and of itself, be deemed to constitute an assignment or transfer of this Lease nor shall the Leasehold Mortgagee, as such, be deemed an assignee or transferee of this Lease so as to require such Leasehold Mortgagee to assume the performance of any of the covenants or agreements on the part of Tenant to be performed hereunder. Tenant shall also have the right from time to time to obtain financing by a “sale and leaseback” of Tenant’s leasehold interest hereunder (i.e., an assignment of Tenant’s leasehold estate under this Lease simultaneously with or subsequent to the making of a sublease of all of the Demised Premises to Tenant). If Tenant shall enter into any such financing arrangement, it shall deliver to Landlord true and complete copies of the instruments effecting such transaction within thirty (30) days of their execution. Simultaneously with the delivery to the Landlord of the aforesaid instruments effecting such transaction, Tenant shall also give Landlord notice of the name and address of the party providing such financing.

  • Mortgage Lessee does hereby agree to make reasonable modifications of this Lease requested by any Mortgagee of record from time to time, provided such modifications are not substantial and do not increase any of the Rents or obligations of Lessee under this Lease or substantially modify any of the business elements of this Lease.

  • Pledge, Mortgage or Charge as Collateral for a Loan You may pledge, mortgage or charge your escrow securities to a financial institution as collateral for a loan, provided that no escrow securities or any share certificates or other evidence of escrow securities will be transferred or delivered by the Escrow Agent to the financial institution for this purpose. The loan agreement must provide that the escrow securities will remain in escrow if the lender realizes on the escrow securities to satisfy the loan.

  • RIGHT TO MORTGAGE Landlord reserves the right to mortgage or otherwise place a lien on the Property and Tenant agrees to accept the Property subject and subordinate to any such mortgage or lien. Tenant hereby grants power of attorney to Landlord for the sole and limited purpose of executing and delivering any document required in the name of Tenant for any such mortgage or lien.

  • Forbearances of the Seller From the date hereof until the Closing, without the prior written consent of the Purchaser, the Seller will not:

  • Housing Assignments The University assigns Licensee to a bed space and does not guarantee specific room types, buildings, communities, or roommates. The University shall have the right to reassign the Licensee to a different bed space without the Licensee’s consent prior to or during the term of the Agreement.

  • MORTGAGE BOND If the sale is subject to the Purchaser obtaining a mortgage bond as per clause 12 of the terms and conditions: Mortgage bond amount R Institution If not completed, sale is unconditional and clause 12 of the terms and conditions does not apply. Purchaser specifically acknowledges this clause

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • LESSOR'S MORTGAGEE 10.1 Identification of Lessor's mortgagee 10.2 Disclosure of mortgagees, nondisturbance 10.3 Mortgagee right to cure defaults 10.4 Attornment

  • Financing Statement To the extent permitted by applicable law, a carbon, photographic or other reproduction of this Agreement or any financing statement covering the Collateral shall be sufficient as a financing statement.

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