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 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.

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 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.