Leasehold Estates. With respect to Mortgage Loans that are secured by a leasehold estate, the lease is valid, in full force and effect, and conforms to the Underwriting Guidelines for leasehold estates;
Leasehold Estates. With respect to Mortgage Loans that are secured by a leasehold estate, the lease is valid, in full force and effect and conforms to Xxxxxx Mae or Xxxxxxx Mac guidelines;
Leasehold Estates. With respect to Mortgage Loans that are secured by a leasehold estate, the lease is valid, in full force and effect and conforms to the Underwriting Guidelines; provided, the term of the leasehold exceeds the maturity date of the related Mortgage Loan by at least five (5) years;
Leasehold Estates. With respect to each Mortgage Loan secured in whole or in part by the interest of the Mortgagor as a lessee under a ground lease of the related Mortgaged Property (a “Ground Lease”) and not be a fee interest in such Mortgaged Property:
(i) The Mortgagor is the owner of a valid and subsisting interet as tenant under the Ground Lease;
(ii) The Ground Lease is in full force and effect;
(iii) The Mortgagor is not in default under any provision of the lease;
(iv) The lessor under the Ground Lease is not in default under any of the terms or provisions thereof on the part of the lessor to be observed or performed;
(v) The term of the Ground Lease exceeds the maturity date of the related Mortgage Loan by at least five(5) years;
(vi) The Mortgagee under the Mortgage Loan is given at least 30 days’ notice of any default and an opportunity to cure any defaults under the Ground Lease or to take over the Mortgagor’s rights under the Ground Lease;
(vii) The Ground Lease does not contain any default provisions that could give rise to forfeiture or termination of the Ground Lease except for the non-payment of the Ground Lease rents;
(viii) The Ground Lease provides that the leasehold can be transferred, mortgaged and sublet an unlimited number of times either without restriction or on payment of a reasonable fee and delivery of reasonable documentation to the lessor;
(ix) The Ground Lease or a memorandum thereof has been recorded and by its terms permits the leasehold estate to be mortgaged; and
(x) The execution, delivery and performance of the Mortgage do not require consent (other than those consents which have been obtained and are in full force and effect) under, and will not contravene any provision of or cause a default under, the Ground Lease.
Leasehold Estates. No Mortgage Loan is a leasehold estate;
Leasehold Estates. Each Mortgage Loan that is secured by a leasehold interest conforms to the FNMA requirements for mortgage loans secured by leasehold estates;
Leasehold Estates. The Borrowers shall not, and shall not permit any of their Subsidiaries to, enter into any leasehold mortgage, deed of trust or any other agreement irrespective of how so identified which grants to any third party a leasehold mortgage in such leasehold estate and the properties and assets located therein.
Leasehold Estates. Except with respect to Mortgage Loans set forth on Exhibit 20, no Mortgage Loan is secured by a leasehold estate.
Leasehold Estates. Trustor represents, covenants and warrants: (a) that the Subject Leases are in full force and effect and unmodified; (b) Trustor will defend the leasehold estate under each Subject Lease for the entire remainder of the term set forth in each of the said Subject Leases against all and every Person or Persons lawfully claiming, or who may claim the same or any part thereof, subject to the payment of the rents in the Subject Leases reserved and subject to the performance and observance of all of the terms, covenants, conditions and warranties thereof; and (c) that there is no uncured default under any Subject Lease or in the performance of any of the terms, covenants, conditions or warranties thereof on the part of the lessor or the lessee to be observed and performed and that no state of facts exist under a Subject Lease which, with the lapse of time or giving of notice or both would constitute a default thereunder.]
Leasehold Estates. Xxxxxxxx/Xxxxxxx Group Mineral Lease effective July 27, 2011 among American West Potash, LLC as Lessee, and Xxxxx Xxxxxx Xxxx, Xxxxxx X. Xxxxxxx, Xxxxx Xxxx Xxxxxxxx, Xxxxxx Xxxxxxxx Xxxxxxxx, Xxxxxx H.W.W. Xxxxxxxx, Xxxxxxx Pride Xxxxxxxx, and Xxxxx Xxxxxxxxx Xxxx, as Lessors. A Memorandum of Lease is recorded at Document 2011-005754 of the Apache County, Arizona records. The lands affected by the Xxxxxxxx/Xxxxxxx Group Mineral Lease are:
