Future Mortgages Sample Clauses

Future Mortgages. Each Borrower and each Subsidiary Guarantor shall, prior to the acquisition of any fee interest or material leasehold interest in real property, notify the Collateral Agent and provide the Collateral Agent with the opportunity reasonably to request a Mortgage with respect to such interest upon its acquisition, which Mortgage shall be substantially in the form of the Mortgages delivered on the Effective Date. The relevant Borrower or Subsidiary Guarantor shall, with respect to any leasehold Mortgage, exercise good-xxxxx xxxx fide efforts to obtain consent to such leasehold Mortgage, provided, however, such entity shall not be required (i) to make any payments to the landlord or to incur any additional costs (other than reasonable customary costs) or (ii) to make any changes adverse to such entity with respect to such lease and provided, further, that the failure to obtain such consent and therefore the failure to provide such leasehold Mortgage shall not be a default hereunder.
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Future Mortgages. With respect to subsequent Mortgages, upon written request by Landlord, Tenant shall execute and deliver an agreement subordinating this Lease to the lien of a Mortgage; provided, however, such subordination shall be upon the express condition that the holder of such interest shall execute and deliver to Tenant a Non-Disturbance Agreement in a form and substance reasonably acceptable to Tenant and to subsequent mortgagee with respect to such interest.
Sample 1
Future Mortgages. Notwithstanding the preceding provisions of this Section 29, this Lease and Tenant’s interest in the Premises shall not be subordinate to any future mortgage or deed of trust on the Project, and Tenant shall not be obligated to execute an instrument subordinating this Lease or Tenant’s interest in the Premises to any future mortgage or deed of trust on the Project, unless concurrently with such subordination the holder of such mortgage or deed of trust agrees in such instrument of subordination not to disturb Tenant’s possession of the Premises (so long as no default exists under the Lease) in the event such holder acquires title to the Premises through foreclosure, deed in lieu of foreclosure or otherwise.
Sample 1
Future Mortgages. Tenant further agrees that this Lease shall be subject and subordinate to the lien of any mortgages hereafter placed upon the Premises or the Building, provided that the holder thereof shall have entered into a Non-Disturbance Agreement with Tenant as described in Subsection 18.C, which Non-Disturbance Agreement shall be recorded and which Non-Disturbance Agreement also may provide for the subordination of this Lease and Tenant's agreement to attorn as part of its terms.
Sample 1
Future Mortgages. Landlord covenants that any mortgage encumbering the Land during the term hereof shall contain a provision substantially similar to the following: "That neither the mortgagee, its successors or assigns, nor any purchaser at a foreclosure sale under such mortgage, nor any transferee under a deed in lieu of foreclosure under such mortgage shall have any greater rights with respect to [this Lease] than the rights granted to the landlord under the terms of [this Lease]."
Sample 1
Future Mortgages. (a) The Borrower and each Subsidiary Guarantor shall, prior to the acquisition of any fee interest or material leasehold interest in real property, notify the Collateral Agent and provide the Collateral Agent with the opportunity reasonably to request a Mortgage with respect to such interest upon its acquisition, which Mortgage shall be substantially in the form of the Mortgage attached as Exhibit H.
Sample 1
Future Mortgages. The Borrower shall, prior to the acquisition of any fee interest or material leasehold interest in real property, notify the Collateral Agent and provide the Collateral Agent with the opportunity reasonably to request a Mortgage with respect to such interest upon its acquisition, which Mortgage shall be substantially in the form of the Mortgages delivered on the Effective Date. The Borrower shall, with respect to any leasehold Mortgage, exercise good-xxxxx xxxx fide efforts to obtain consent to such leasehold Mortgage, provided, however, such entity shall not be required (i) to make any payments to the landlord or to incur any additional costs (other than reasonable customary costs) or (ii) to make any changes adverse to such entity with respect to such lease and provided, further, that the failure to obtain such consent and therefore the failure to provide such leasehold Mortgage shall not be a default hereunder.
Sample 1
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Future Mortgages. Lessor may at any time mortgage all or any part of the leased premises as Lessor deems necessary and appropriate, provided that mortgage is subordinated to this Lease.
Sample 1

Related to Future Mortgages

  • The Mortgages In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling in the case of fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral.

  • SUBORDINATION TO MORTGAGES This Lease and all of Tenant's rights hereunder are subject and subordinate to any Mortgage now or hereafter placed on or affecting the Building, and all renewals, modifications, replacements, amendments and extensions thereof. Upon written request or notice by Landlord, concurred in by any Mortgagee of the Building or any part thereof which includes the Premises, or by any person, firm or corporation intending to become a Mortgagee, Tenant agrees to subordinate its rights under this Lease to the lien or liens of any Mortgage and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the Mortgagee named in a Mortgage shall agree to recognize the lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant also agrees that any Mortgagee may elect to have this Lease prior to the lien of its Mortgage, and in the event of such election and upon notification by such Mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to the Mortgage, whether this Lease is dated prior to or subsequent to the date of the Mortgage. Tenant agrees that, upon the request of Landlord or any Mortgagee named in such Mortgage, it will execute and deliver whatever instruments may be required for such purposes. Tenant will, in the event of the sale or assignment of Landlord's interest in the Building or in the event of any proceedings brought for the foreclosure of, or in the event of the exercise of the power of sale under any Mortgage covering the Building, attorn to and recognize such purchaser or Mortgagee as Landlord under this Lease to the same extent and effect as the original Landlord.

  • Mortgages In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of a Mortgage and the terms thereof are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall control in the case of fixtures and real property leases, letting and licenses of, and contracts, and agreements relating to the lease of, real property, and the terms of this Agreement shall control in the case of all other Collateral.

  • 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.

  • Other Mortgage Liens None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.

  • Mortgages; Deeds of Trust The Company has provided to the Sales Agent true and complete copies of all credit agreements, mortgages, deeds of trust, guaranties, side letters, and other material documents evidencing, securing or otherwise relating to any secured or unsecured indebtedness of the Company or any of its subsidiaries, and none of the Company and its subsidiaries that is party to any such document is in default thereunder, nor has an event occurred which with the passage of time or the giving of notice, or both, would become a default by any of them under any such document.

  • Security Agreement and Fixture Filing This Deed constitutes a security agreement under the Uniform Commercial Code as adopted in the State of Utah with respect to the Chattels and such other of the Mortgaged Property which is personal property or which are fixtures and not yet realty. Grantor desires and intends that this Deed also constitute a Fixture Filing between Grantor as debtor and Beneficiary as secured party. To this end, Grantor acknowledges (a) that this Deed covers goods which are or are to become fixtures, (b) this financing statement is to be recorded in the real estate records, (c) Grantor is the record owner of the Premises and (d) products of collateral are also covered. No financing statement covering the personal property or any portion thereof is on file in any public office, other than financing statements with respect to obligations assumed by Grantor in connection with its purchase thereof from Promus Florida. Grantor will not remove or permit the removal of the collateral or any part thereof without the prior written permission of Beneficiary. In addition to the rights and remedies granted to Beneficiary by other applicable law or hereby, Beneficiary shall have all of the rights and remedies with respect to the Chattels and such other personal property as are granted to a secured party under the Uniform Commercial Code as adopted in the State of Utah. Upon Beneficiary's request after an Event of Default, Grantor shall promptly and at its expense assemble the Chattels and such other personal property and make the same available to Beneficiary at a convenient place acceptable to Beneficiary. Grantor, after an Event of Default, shall pay to Beneficiary on demand, with interest at the Default Rate, any and all expenses, including attorneys' fees, incurred by Beneficiary in protecting its interest in the Chattels and such other personal property and in enforcing its rights with respect thereto. Any notice of sale, disposition or other intended action by Beneficiary with respect to the Chattels and such other personal property sent to Grantor in accordance with the provisions hereof at least five (5) days prior to such action shall constitute reasonable notice to Grantor. The proceeds of any such sale or disposition, or any part thereof, may be applied by Beneficiary to the payment of the indebtedness secured hereby in such order and proportions as Beneficiary in its discretion shall deem appropriate. To the extent Grantor may lawfully do so and without limiting any rights and/or privileges herein granted to Beneficiary, Grantor agrees that Beneficiary and/or Trustee and any successor Trustee may dispose of any or all of the Chattels at the same time and place and after giving the same notices provided in this Deed in connection with a non-judicial foreclosure sale under the terms and conditions set forth in Article II, Section 2.01, or III of this Deed. In this connection, Grantor agrees that the sale may be conducted by Trustee or successor Trustee; that the sale of the real estate and improvements described in this Deed and the Chattels or any part thereof, may be sold separately or together; and that in the event the Premises and the Chattels or any part thereof are sold together, Beneficiary will not be obligated to allocate the consideration received as between the Premises and the Chattels.

  • Leases and Rents (i) Borrower absolutely and unconditionally assigns to Lender, Borrower’s right, title and interest in all current and future Leases and Rents as collateral for the Loan, it being intended by Borrower that this assignment constitutes a present, absolute assignment and not an assignment for additional security only. Such assignment to Lender shall not be construed to bind Lender to the performance of any of the covenants, conditions or provisions contained in any such Lease or otherwise impose any obligation upon Lender. Borrower shall execute and deliver to Lender such additional instruments, in form and substance reasonably satisfactory to Lender, as may hereafter be reasonably requested in writing by Lender to further evidence and confirm such assignment. Nevertheless, subject to the terms of this Section 5.1(z), Lender grants to Borrower a license to lease, maintain, operate and manage the Mortgaged Property and to collect, use and apply the Rents in accordance with the terms hereof and otherwise act as the landlord under the Leases, which license shall be deemed automatically revoked upon the occurrence and during the continuance of an Event of Default under this Agreement. Any portion of the Rents held by Borrower shall be held in trust for the benefit of Lender for use in the payment of the Indebtedness. Upon the occurrence of an Event of Default and during the continuance thereof, the license granted to Borrower herein shall automatically be revoked, and Lender shall immediately be entitled to possession of all Rents, whether or not Lender enters upon or takes control of the Mortgaged Property. Lender is hereby granted and assigned by Borrower the right, at its option, upon revocation of the license granted herein, to enter upon the Mortgaged Property in person, by agent or by court-appointed receiver to collect the Rents. Any Rents collected after the revocation of the license shall be applied toward payment of the Indebtedness as set forth in Section 2.8 hereof.

  • Security Agreements Signed original security agreements, assignments, financing statements and fixture filings (together with collateral in which the Bank requires a possessory security interest), which the Bank requires.

  • Assignment of Leases and Rents There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

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