Existing Mortgage. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated in paragraph 3(b) above:
Existing Mortgage. Seller, as a condition of the settlement of the Option to Purchase, shall not possess a mortgage on the Premises in an amount greater than the Purchase Price or other consideration as agreed to between the Seller and Buyer.
Existing Mortgage. The outstanding principal balance secured by the Existing Mortgage as of February 1, 2015, is $49,700,137.
Existing Mortgage. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated in paragraph 3(b) above: The Premises shall be conveyed subject to the continuing lien of the existing mortgage, which is presently payable, with interest at the rate of percent per annum, in monthly installments of $ which include principal, interest and escrow amounts, if any, and with any balance of principal being due and payable on To the extent that any required payments are made on the existing mortgage between the date hereof and Closing which reduce the unpaid principal amount thereof below the amount shown in paragraph 3(b), then the balance of the price payable at Closing under paragraph 3(d) shall be increased by the amount of the
Existing Mortgage. (Delete if inapplicable) If this sale is subject to an existing mortgage as indicated in paragraph 3(b) above: (a) The Premises shall be conveyed subject to the continuing lien of the existing mortgage, which is presently payable, with interest at the rate of __________ percent per annum, in monthly installments of $_________ which include principal, interest and escrow amounts, if any, and with any balance of principal being due and payable on: (set forth). (b) To the extent that any required payments are made on the existing mortgage between the date hereof and Closing which reduce the unpaid principal amount thereof below the amount shown in paragraph 3(b), then the balance of the price payable at Closing under paragraph 3(d) shall be increased by the amount of the payments of principal. Seller represents and warrants that the amount shown in paragraph 3(b) is substantially correct and agrees that only payments required by the existing mortgage will he made between the date hereof and Closing. (c) If there is a mortgagee escrow account, Seller shall assign it to Purchaser, if it can be assigned, and in that case Purchaser shall pay the amount in the escrow account to Seller at Closing. (d) Seller shall deliver to Purchaser at Closing a certificate dated not more than 30 days before Closing signed by the holder of the existing mortgage, in form for recording, certifying the amount of the unpaid principal, the date to which interest has been paid and the amounts, if any, claimed to be unpaid for principal and interest, itemizing the same. Seller shall pay the fees for recording such certificate. If the holder of the existing mortgage is a bank or other institution as defined in Section 274-a of the Real Property Law (''Institutional Lender''), it may, instead of the certificate, furnish a letter signed by a duly authorized officer, employee or agent, dated not more than 30 days before Closing, containing the same information. (e) Seller represents and warrants that (i) Seller has delivered to Purchaser true and complete copies of the existing mortgage, the note secured thereby and any extensions and modifications thereof, (ii) the existing mortgage is not now, and at the time of Closing will not be, in default, and (iii) the existing mortgage does not contain any provision that permits the holder of the mortgage to require its immediate payment in full or to change any other term thereof by reason of the sale or conveyance of the Premises.
Existing Mortgage. NOTWITHSTANDING ANY OTHER PROVISION HEREOF, THIS LEASE AND LESSEE’S RIGHTS HEREUNDER SHALL BE SUBJECT AND SUBORDINATE TO ALL THE TERMS OF THE EXISTING MORTGAGE, INCLUDING, WITHOUT LIMITATION, THE SECURITY TRUSTEE’S RIGHT TO AVOID THIS LEASE IN THE EXERCISE OF ITS RIGHTS TO REPOSSESSION OF THE AIRFRAME AND ANY ENGINE UNDER THE EXISTING MORTGAGE. Lessee agrees to and shall comply with Section 3.06 of the Existing Mortgage, shall possess and use the Aircraft subject to the limitations on possession and use applicable to Lessor under the Existing Mortgage and shall not take any action hereunder not permitted to be taken by Lessor under the Existing Mortgage. Lessee agrees to execute and deliver such further documents (in each case in form and substance reasonably acceptable to Lessee) to effectuate a security assignment of this Lease in favor of the Security Trustee under the Existing Mortgage and such other documents and instruments as may be reasonably requested in connection therewith or to further document the subordination of this Lease as may be reasonably requested by Lessor. The documents to be entered into by Lessee pursuant to the immediately preceding sentence (i) that are entered into prior to Delivery shall be at Lessee’s cost and expense without reimbursement or contribution from Lessor and (ii) that are entered into by Lessee at Lessor’s or the Security Trustee’s request after Delivery shall, notwithstanding anything to the contrary in the security assignment (or the notice and acknowledgment to the security assignment) indicating the same shall be performed at Lessee’s cost and expense, be subject to reimbursement by Lessor for any out-of-pocket cost and expense incurred by the Lessee (without xxxx-up for profit) in connection therewith. Lessee agrees to provide its consent to the registration on the International Registry of the subordination of this Lease to the Existing Mortgage and to the filing with the FAA of the security assignment of this Lease contemplated by this Section 2.3. Lessee acknowledges that the UCC financing statement filed in respect of this Lease will be assigned to the Security Trustee. Lessee acknowledges receipt of an executed copy of the Existing Mortgage (as in effect on the date of this Lease). Lessee further acknowledges that Lessor shall be entitled to enter into a refinancing of the Aircraft and a subsequent mortgage in connection therewith and Lessee shall cooperate with any reasonable requests made by Lessor in ...
Existing Mortgage. You agree that no advance has been made, or obligation created, after it was agreed that the mortgage would be given, that is secured by an encumbrance that is either prior to the mortgage or has the same priority as the mortgage. You agree that no such advance will be made or obligation created. For example, you have not borrowed again, or drawn on a line of credit, under a prior mortgage, and will not do so.
Existing Mortgage. (a) The Property shall be conveyed subject to Purchaser's assumption and promise to pay in accordance with its terms the loan (the "Loan") evidenced by that certain Promissory Note (the "Note"), dated 12/21/89 in the original principal sum of SIX MILLION TWO HUNDRED SEVENTY FIVE THOUSAND ($6,275,000) DOLLARS payable to the order of MTRUST CORP., NATIONAL ASSOCIATION, (the "Lender"), and assumption and promise to perform all covenants and obligations of Seller under the documents or instruments governing, securing, evidencing or pertaining to the indebtedness evidenced by the Note (collectively, the "Loan Documents"), including, but not limited to, that certain Indenture of Mortgage, Deed of Trust, Deed to Secure Debt, Security Agreement, Fixture Filing, Financing Statement and Assignment of Rents and leases of even date with the Note (the "Deed of Trust") recorded in the Real Property Records of Xxxxxx County, Texas.
Existing Mortgage. If the Borrower has not sold the real property described in the Existing Mortgage by December 31, 1998, the Borrower shall fulfill its obligations under clause (b) of Section 7.1.8 as if such real property were acquired after the date hereof.
Existing Mortgage. The Seller will make payments required on existing mortgage or deed of trust, if any, until date of delivery of deed or date of closing. Xxxxxx agrees to provide a release of mortgage on or before closing.
