Common use of Grant of Mortgage Clause in Contracts

Grant of Mortgage. To secure the full and timely payment, performance and discharge of the Obligations, Mortgagor hereby irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, ENFEOFFS, ASSIGNS, TRANSFERS and CONVEYS unto Mortgagee and Mortgagee's successors and assigns, as arranger and administrative agent for the Lenders pursuant to the terms of the Loan Agreement, for the use and benefit of Mortgagee, the real and personal property, rights, titles, interests and estates constituting the Mortgaged Property, subject, however, to the Permitted Encumbrances; TO HAVE AND TO HOLD the Mortgaged Property unto Mortgagee and Mortgagee's successors and assigns, subject to the terms and conditions of this Mortgage, forever, and Mortgagor does hereby bind itself, its successors and assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Mortgagee against every person whomsoever lawfully claiming or to claim the same or any part thereof, subject only to the Permitted Encumbrances; provided, however, that if Mortgagor shall pay (or cause to be paid) the Obligations as and when the same shall become due and payable and shall perform and discharge (or cause to be performed and discharged) the Obligations on or before the date the same are to be performed and discharged, then the mortgage interests, liens, security interests, estates and rights granted by this Mortgage shall terminate. Notwithstanding the foregoing, the maximum principal indebtedness secured hereby shall in no event exceed the sum of TWO MILLION AND 00/100 DOLLARS ($2,000,000.00).

Grant of Mortgage. To In consideration of the premises and of other good and valuable consideration, the receipt and adequacy whereof are hereby acknowledged, and in order to secure the full due and timely payment, punctual payment of the Secured Obligations and to secure the performance and discharge observance of and compliance with the covenants, terms and conditions contained in the Credit Agreement, this Mortgage, and the other Loan Documents, the Owner does by these presents grant, convey and mortgage by way of first preferred mortgage to and in favor of the ObligationsMortgagee, Mortgagor hereby irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, ENFEOFFS, ASSIGNS, TRANSFERS and CONVEYS unto Mortgagee and Mortgagee's its successors and assigns, as arranger and administrative agent for the Lenders pursuant to the terms whole of the Loan Agreement, for the use and benefit of Mortgagee, the real and personal property, rights, titles, interests and estates constituting the Mortgaged Property, subject, however, to the Permitted Encumbrances; Vessel TO HAVE AND TO HOLD the Mortgaged Property same unto Mortgagee and the Mortgagee's successors and assigns, subject to the terms and conditions of this Mortgage, forever, and Mortgagor does hereby bind itself, its successors and assigns upon the terms set forth in this Mortgage for the enforcement of the payment of the Secured Obligations and to WARRANT AND FOREVER DEFEND secure the title to performance and observance of and compliance with the Mortgaged Property unto Mortgagee against every person whomsoever lawfully claiming covenants, terms and conditions contained in the Credit Agreement, this Mortgage, and the other Loan Documents; PROVIDED, ONLY, and the conditions of these presents are such that, if the Owner and/or its successors or to claim the same or any part thereof, subject only to the Permitted Encumbrances; provided, however, that if Mortgagor assigns shall pay (or cause to be paid) paid to the Creditors, their respective successors and assigns, the Secured Obligations as and when the same shall become due and payable in accordance with the terms of this Mortgage, the Credit Agreement and the other Loan Documents and shall perform perform, observe and discharge (comply with all and singular of the covenants, terms and conditions contained in the Credit Agreement, this Mortgage and the other Loan Documents, expressed or cause implied, to be performed performed, observed or complied with by and discharged) on the Obligations on part of the Owner or before its successors or assigns, all without delay or fraud and according to the date true intent and meaning hereof and thereof, then, these presents and the same are to be performed and discharged, then rights of the mortgage interests, liens, security interests, estates and rights granted by Mortgagee under this Mortgage shall terminate. Notwithstanding the foregoingcease and determine and, in such event, the maximum principal indebtedness secured hereby shall in no event exceed Mortgagee agrees by accepting this Mortgage, at the sum expense of TWO MILLION AND 00/100 DOLLARS ($2,000,000.00)the Owner, to execute all such documents as the Owner may reasonably require to discharge this Mortgage under the laws of the Republic of the Xxxxxxxx Islands.

Grant of Mortgage. To In consideration of the premises and of other good and valuable consideration, the receipt and adequacy whereof are hereby acknowledged, and in order to secure the full payment of the Secured Obligations and timely payment, to secure its performance and discharge observance of and compliance with the covenants, terms and conditions contained in this Mortgage and the other Debt Documents to which it is a party, the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage to and in favor of the ObligationsMortgagee, Mortgagor hereby irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, ENFEOFFS, ASSIGNS, TRANSFERS and CONVEYS unto Mortgagee and Mortgagee's its successors and assigns, as arranger and administrative agent for the Lenders pursuant to the terms whole of the Loan Agreement, for the use and benefit of Mortgagee, the real and personal property, rights, titles, interests and estates constituting the Mortgaged Property, subject, however, to the Permitted Encumbrances; Vessel TO HAVE AND TO HOLD the Mortgaged Property same unto Mortgagee and the Mortgagee's , its successors and assigns, subject forever, upon the terms set forth in this Mortgage for the enforcement of the payment of the Secured Obligations and to secure its performance and observance of and compliance with the covenants, terms and conditions of contained in this MortgageMortgage and the other Debt Documents to which it is a party; PROVIDED, foreverONLY, and Mortgagor does hereby bind itselfthe condition of these presents are such that, if the Owner and/or its successors and or assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Mortgagee against every person whomsoever lawfully claiming or to claim the same or any part thereof, subject only to the Permitted Encumbrances; provided, however, that if Mortgagor shall pay (or cause to be paid) paid the Secured Obligations as and when the same shall become due and payable in accordance with the terms of this Mortgage and the other Debt Documents to which it is a party and shall perform perform, observe and discharge (comply with all and singular of the covenants, terms and conditions contained in this Mortgage and the other Debt Documents to which it is a party, expressed or cause implied, to be performed performed, observed or complied with by and discharged) on the Obligations on part of the Owner or before its successors or assigns, all without delay or fraud and according to the date true intent and meaning hereof and thereof, then, these presents and the same are to be performed and discharged, then rights of the mortgage interests, liens, security interests, estates and rights granted by Mortgagee under this Mortgage shall terminate. Notwithstanding the foregoingcease and determine and, in such event, the maximum principal indebtedness secured hereby shall Mortgagee agrees by accepting this Mortgage, at the expense of the Owner, to execute all such documents as the Owner may reasonably require to discharge this Mortgage under the laws of the Republic of Vanuatu otherwise to be and remain in no event exceed the sum of TWO MILLION AND 00/100 DOLLARS ($2,000,000.00)full force and effect.

Grant of Mortgage. To In consideration of the premises and of other good and valuable consideration, the adequacy and receipt whereof are hereby acknowledged, and in order to secure the full payment of the Obligations and timely paymentthe repayment of any costs of foreclosure or of retaking the Vessel, and the payment of all such other amounts as may hereafter become secured by this Mortgage in accordance with the terms hereof, and to secure the performance and discharge observance of and compliance with the Obligationscovenants, Mortgagor hereby irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, ENFEOFFS, ASSIGNS, TRANSFERS and CONVEYS unto Mortgagee and Mortgagee's successors and assigns, as arranger and administrative agent for the Lenders pursuant to the terms of the Loan Agreement, for the use and benefit of Mortgagee, the real and personal property, rights, titles, interests and estates constituting the Mortgaged Property, subject, however, to the Permitted Encumbrances; TO HAVE AND TO HOLD the Mortgaged Property unto Mortgagee and Mortgagee's successors and assigns, subject to the terms and conditions of contained in this Mortgage, foreverthe Indenture, and Mortgagor the other Security Documents to which the Shipowner is a party, the Shipowner has granted, conveyed, pledged and mortgaged and does hereby bind itselfby these presents grant, convey, pledge and mortgage to and in favor of the Mortgagee, its successors and assigns to WARRANT AND FOREVER DEFEND the title whole of the Vessel, together with all of the boilers, engines, machinery, masts, spars, rigging, boats, cables, anchors, chains, tackle, apparel, furniture, fittings, freights and equipment thereunto appertaining or belonging, whether now owned or hereafter acquired, whether on board or not, and all additions, improvements and replacements hereafter made in or to the Mortgaged Property unto Mortgagee against every person whomsoever lawfully claiming or to claim Vessel (the term "Vessel", as used herein, shall include the Vessel together with all of the foregoing and the Vessel's freights) To Have And To Hold the same unto the Mortgagee, its successors and assigns, forever upon the terms set forth in this Mortgage for the enforcement of the payment of the Obligations, the payment of any costs of foreclosure or retaking of the Vessel and all such other amounts as may hereafter become secured by this Mortgage in accordance with the terms hereof and to secure the performance and observance of and compliance with the covenants, terms and conditions contained in this Mortgage and the Security Documents, it being agreed that if any part thereof, subject only to amount payable by the Permitted EncumbrancesShipowner under the Indenture is not paid on its due date (whether formally demanded or not) the whole or the balance of the Obligations and all other amounts payable under the Indenture and the Security Documents shall forthwith on demand become payable; provided, however, that and the conditions of these presents are such that, if Mortgagor the Shipowner shall pay (or cause to be paid) paid to the Mortgagee all of the Obligations as set forth in the Indenture and when the same other Security Documents, and if the Shipowner shall pay all such other amounts as may hereafter become due and payable and shall perform and discharge (or cause to be performed and discharged) the Obligations on or before the date the same are to be performed and discharged, then the mortgage interests, liens, security interests, estates and rights granted secured by this Mortgage and all expenses which the Mortgagee shall terminate. Notwithstanding have paid or incurred to protect the foregoingsecurity granted hereunder, and if the Shipowner shall perform, observe and comply with all and singular of the covenants, terms and conditions in this Mortgage, the maximum principal indebtedness secured hereby Indenture and the other Security Documents contained, expressed or implied, to be performed, observed or complied with by and on the part of the Shipowner or its successors or assigns, all without delay or fraud and according to the true intent and meaning hereof and therefor, then these presents and the rights of the Mortgagee under this Mortgage, the Indenture and the other Security Documents shall cease and, in no event exceed such event, the sum Mortgagee agrees by accepting this Mortgage to execute, at the expense of TWO MILLION AND 00/100 DOLLARS ($2,000,000.00)the Shipowner, all such documents as the Shipowner may reasonably require to discharge this Mortgage under the laws of the Republic of Liberia; otherwise this Mortgage shall remain in full force and effect.

Grant of Mortgage. To In consideration of the premises and of other good and valuable consideration, the receipt and adequacy whereof are hereby acknowledged, and in order to secure the full payment of the Secured Obligations and timely payment, to secure its performance and discharge observance of and compliance with the covenants, terms and conditions contained in this Mortgage and the other Debt Documents to which it is a party, the Owner has granted, conveyed and mortgaged and does by these presents grant, convey and mortgage to and in favor of the ObligationsMortgagee, Mortgagor hereby irrevocably MORTGAGES, GRANTS, BARGAINS, SELLS, ENFEOFFS, ASSIGNS, TRANSFERS and CONVEYS unto Mortgagee and Mortgagee's its successors and assigns, as arranger and administrative agent for the Lenders pursuant to the terms whole of the Loan Agreement, for the use and benefit of Mortgagee, the real and personal property, rights, titles, interests and estates constituting the Mortgaged Property, subject, however, to the Permitted Encumbrances; Vessels TO HAVE AND TO HOLD the Mortgaged Property same unto Mortgagee and the Mortgagee's , its successors and assigns, subject forever, upon the terms set forth in this Mortgage for the enforcement of the payment of the Secured Obligations and to secure its performance and observance of and compliance with the covenants, terms and conditions of contained in this MortgageMortgage and the other Debt Documents to which it is a party; PROVIDED, foreverONLY, and Mortgagor does hereby bind itselfthe condition of these presents are such that, if the Owner and/or its successors and or assigns to WARRANT AND FOREVER DEFEND the title to the Mortgaged Property unto Mortgagee against every person whomsoever lawfully claiming or to claim the same or any part thereof, subject only to the Permitted Encumbrances; provided, however, that if Mortgagor shall pay (or cause to be paid) paid the Secured Obligations as and when the same shall become due and payable in accordance with the terms of this Mortgage and the other Debt Documents to which it is a party and shall perform perform, observe and discharge (comply with all and singular of the covenants, terms and conditions contained in this Mortgage and the other Debt Documents to which it is a party, expressed or cause implied, to be performed performed, observed or complied with by and discharged) on the Obligations on part of the Owner or before its successors or assigns, all without delay or fraud and according to the date true intent and meaning hereof and thereof, then, these presents and the same are to be performed and discharged, then rights of the mortgage interests, liens, security interests, estates and rights granted by Mortgagee under this Mortgage shall terminate. Notwithstanding the foregoingcease and determine and, in such event, the maximum principal indebtedness secured hereby shall Mortgagee agrees by accepting this Mortgage, at the expense of the Owner, to execute all such documents as the Owner may reasonably require to discharge this Mortgage under the laws of the United States of America otherwise to be and remain in no event exceed the sum of TWO MILLION AND 00/100 DOLLARS ($2,000,000.00)full force and effect.