Future Mortgages Sample Clauses
The 'Future Mortgages' clause establishes the lender's right to require the borrower to grant additional mortgages over the same property or other assets in the future, typically as security for further advances or obligations. In practice, this means that if the borrower seeks additional loans or if certain conditions are triggered, the lender can demand new or supplemental security interests without renegotiating the original agreement. This clause ensures the lender maintains adequate security coverage for current and potential future exposures, thereby protecting against increased lending risk or changes in the borrower's financial situation.
Future Mortgages. 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 Mortgages delivered on the Effective Date. The Borrower or relevant Subsidiary Guarantor shall, with respect to any leasehold Mortgage, exercise good-▇▇▇▇▇ ▇▇▇▇ 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.
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.
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.
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]."
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-▇▇▇▇▇ ▇▇▇▇ 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.
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.
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.
(b) The Borrower or relevant Subsidiary Guarantor shall, with respect to any leasehold Mortgage, exercise good-faith, bona-fide efforts to obtain consent to such leasehold Mortgage, provided, however, that 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.
(c) Notwithstanding the foregoing clauses (a) and (b), no later than 60 days after the Effective Date, the Loan Parties shall deliver to the Collateral Agent amendments to those Mortgages and Leasehold Mortgages existing on the Effective Date that the Collateral Agent has requested be amended in connection with Transactions and as a result of the amendment and restatement of this Agreement, each of the foregoing in form and substance reasonably satisfactory to the Collateral Agent, together with: (i) title insurance policies (or endorsements thereto) reasonably satisfactory in form and substance to the Collateral Agent; (ii) evidence that counterparts of such amendments to such Mortgages and Leasehold Mortgages have been recorded in all places to the extent necessary or desirable, in the judgment of the Collateral Agent, to maintain a valid and enforceable, first-priority Lien (subject to Liens permitted under Section 9.03) on the property described therein in favor of the Collateral Agent for the benefit of the Secured Parties (as defined in the Security Agreement) or in favor of such other trustee as may be required or desired under local law; and (iii) as further requested by the Collateral Agent, an opinion of counsel in each state in which any such amendment to a Mortgage or Leasehold Mortgage will be or is recorded in form and substance and from counsel reasonably satisfactory to the Collateral Agent.
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.