Liability of Mortgagor Sample Clauses

Liability of Mortgagor. Upon the occurrence of an Event of Default, except as provided in this Section 9.01, Mortgagee will look solely to the Property and the security under the Loan Documents for the repayment of the Loan and will not enforce a deficiency or other judgment, order or claim against Mortgagor or any of Mortgagor’s Constituents or any partner, director, officer, trustee, shareholder, member, employee or principal of any such partner, nor any of their successors and assigns except as set forth in this Section 9.01. However, nothing contained in this Section 9.01 shall limit the rights of Mortgagee to proceed against Mortgagor and/or Liable Party, (i) to enforce any leases entered into by Mortgagor or its affiliates as tenant, guarantees or other agreements entered into by Mortgagor in a capacity other than as borrower or any policies of insurance; (ii) to recover damages for fraud or intentional material misrepresentation; (iii) to recover any Net Proceeds which have not been applied in accordance with the terms of the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, by Mortgagor or which, under the terms of the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, should have been paid to Mortgagee; (iv) to recover any tenant security deposits, tenant letters of credit or other deposits or fees paid to Mortgagor that are part of the collateral for the Loan or prepaid rents for a period of more than thirty (30) days which have not been delivered to Mortgagee upon foreclosure; (v) to recover Rents and Profits received by Mortgagor after the first day of the month in which an Event of Default occurs and prior to the earlier of (1) the date such Event of Default is cured by Mortgagor or expressly waived in writing by Mortgagee or (2) the date Mortgagee (or any other third party purchaser at a foreclosure sale) acquires title to the Property, which have not been applied to the Loan or in accordance with the Loan Documents, the Guaranty, and the Unsecured Indemnity Agreement, to operating and maintenance expenses of the Property; (vi) to recover damages, costs and expenses arising from, or in connection with the provisions of this Mortgage pertaining to Hazardous Materials or the Unsecured Indemnity Agreement; (vii) to recover damages arising from Mortgagor’s willful failure to comply with the provisions of this Mortgage pertaining to ERISA; (viii) to recover damages arising from Mortgagor’s failure to obtain Mortgagee’s prior written c...
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Liability of Mortgagor. (a) Except for the personal liability and guaranty obligations set forth in the Guaranty (as hereinafter defined) and as expressly set forth in this Section 1. 17, notwithstanding anything to the contrary contained in this Mortgage or in any of the other Loan Documents, , but without in any manner releasing, impairing or otherwise affecting this Mortgage or any of the other Loan Documents, or the validity hereof or thereof, or the lien of this Mortgage, neither Mortgagor, nor any present or future "Constituent Member" (as hereinafter defined) in or agent of Mortgagor nor any present or future shareholder, partner, member, officer, director, employee, trustee, affiliate, beneficiary, advisor, principal, participant or agent of or in any corporation, trust or other entity that is or becomes a Constituent Member in Mortgagor, shall have any personal liability, directly or indirectly, under or in connection with the Loan Documents or any other instrument or certificate executed in connection with the Loan or the Loan Documents or any amendment(s) or modification(s) to any of the foregoing made at any time or times, heretofore or hereafter; the recourse of Mortgagee, and its successors and assigns, under or in connection with the Loan, the Loan Documents and such instruments, certificates, amendment(s) and modification(s), shall be limited to the Property only, and Mortgagee, on its own behalf and on behalf of its successors and assigns and any other party, hereby waives any such personal liability. A "Constituent Member' in Mortgagor shall mean any person or entity that is a partner in or member of Mortgagor, or any person or entity that, directly or indirectly through one or more limited liability companies or partnerships, is a partner in or member of Mortgagor. For purposes of the Loan Documents and such instruments and certificates, and any such amendment(s) or modification(s) thereto, neither the negative capital account of any Constituent Member in Mortgagor, nor any obligation of any Constituent Member in Mortgagor, to restore a negative capital account or to contribute or advance capital to Mortgagor or to any other Constituent Member in Mortgagor shall at any time be deemed to be the property or an asset of Mortgagor or any such other Constituent Member (and neither Mortgagee nor any of its successors and assigns shall have any right to collect, enforce or proceed against or with respect to any such negative capital account or such Constituent Member'...
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Liability of Mortgagor. Mortgagor shall be personally liable hereunder for any and all amounts from time to time due and payable hereunder. Mortgagor hereby agrees that Mortgagee may proceed directly against it in connection with its liability hereunder without first proceeding to enforce its rights or remedies against Mortgagor or in the Collateral. Mortgagor hereby authorizes Mortgagee to exercise in any order any right or remedy it might have, including, without limitation, any right of judicial foreclosure or power of sale of the Collateral, with respect to the Obligations. All rights, powers and remedies of Mortgagee hereunder and under the other Operative Documents are cumulative and not alternative and are in addition to all rights, power and remedies given to Mortgagee by applicable Law.
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Liability of Mortgagor. The Mortgagor hereby agrees that the Mortgagee may proceed directly against it in connection with its liability hereunder without first proceeding to enforce its rights against the Collateral. Mortgagor hereby authorizes the Mortgagee to exercise in any order any right or remedy it might have, including, without limitation, any right of judicial foreclosure or power of sale of the Collateral, with respect to the obligations incurred hereunder. All rights, powers and remedies of the Mortgagee hereunder and under the other Operative Documents are cumulative and not alternative and are in addition to all rights, powers and remedies given to the Mortgagee by Applicable Law.
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Liability of Mortgagor. Section 1.06 No Segregation of Monies; No Interest................... 7 Section 1.07 Lessee's Quiet Enjoyment................................ 7
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Liability of Mortgagor. The obligations of Mortgagor under this Mortgage shall be satisfied exclusively by resort to the collateral granted hereunder. Mortgagor shall have no personal liability for the repayment of the Secured Obligations, and Mortgagee will not seek or enforce a deficiency judgment against Xxxxxxxxx.
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Liability of Mortgagor. 25 ARTICLE X. CHANGE IN OWNERSHIP, CONVEYANCE OF PROPERTY Section 10.01 CONVEYANCE OF PROPERTY, CHANGE IN OWNERSHIP AND COMPOSITION....................................................25
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Liability of Mortgagor. The Mortgagor will be deemed to be a principal debtor and the sole, original and independent obligor for the Money Owing and the Mortgaged Property will be deemed to be a principal security for the Money Owing. The liability of the Mortgagor under this document and the charges contained in this document will not be impaired by any forbearance, neglect, indulgence, extension of time, release, surrender or loss of Shares, dealing, variation or arrangement by the Mortgagee, or by any other act, event or matter whatsoever whereby the liability of the Mortgagor (as a surety only) or the charges contained in this document (as secondary or collateral charges only) would, but for this provision, have been discharged.
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Related to Liability of Mortgagor

  • Rights of Mortgagee This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.

  • Restoration of Mortgaged Property The Company need not obtain the approval of the Purchaser prior to releasing any Insurance Proceeds or Condemnation Proceeds to the Mortgagor to be applied to the restoration or repair of the Mortgaged Property if such release is in accordance with Accepted Servicing Practices. For claims greater than $15,000, at a minimum the Company shall comply with the following conditions in connection with any such release of Insurance Proceeds or Condemnation Proceeds: (i) the Company shall receive satisfactory independent verification of completion of repairs and issuance of any required approvals with respect thereto; (ii) the Company shall take all steps necessary to preserve the priority of the lien of the Mortgage, including, but not limited to requiring waivers with respect to mechanics' and materialmen's liens; (iii) the Company shall verify that the Mortgage Loan is not in default; and (iv) pending repairs or restoration, the Company shall place the Insurance Proceeds or Condemnation Proceeds in the Escrow Account. If the Purchaser is named as an additional loss payee, the Company is hereby empowered to endorse any loss draft issued in respect of such a claim in the name of the Purchaser.

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

  • Maintenance of Mortgaged Property Borrower shall cause the Mortgaged Property to be maintained in a good and safe condition and repair, subject to wear and tear and damage caused by casualty or condemnation. The Improvements and the Equipment shall not be removed, demolished or altered (except for (1) normal replacement of the Equipment, (2) Improvements contemplated in an approved Operating Budget or pursuant to Leases in effect from time to time, (3) removals, demolition or alterations that do not cost more than 1% of the Principal Indebtedness or (4) an emergency which the Borrower shall have notified the Lender of in writing, including the action taken to remediate) without the consent of Lender which consent shall not be unreasonably withheld or delayed. Except with respect to an Insured Casualty which shall be governed by the terms and conditions provided herein, Borrower shall, or shall cause any tenants obligated under their respective Leases to, promptly repair, replace or rebuild any part of the Mortgaged Property that becomes damaged, worn or dilapidated. Borrower shall complete and pay for any structure at any time in the process of construction or repair on the Land. Borrower shall not initiate, join in, or consent to any change in any private restrictive covenant, zoning law or other public or private restriction, limiting or defining the uses which may be made of any Mortgaged Property or any part thereof without the written consent of Lender, which consent shall not be unreasonably withheld or delayed. If under applicable zoning provisions the use of all or any portion of the Mortgaged Property is or shall become a nonconforming use, Borrower will not cause or permit such nonconforming use to be discontinued or abandoned if such discontinuance of abandonment would cause such nonconforming use to no longer be permitted without the express written consent of Lender, which consent shall not be unreasonably withheld or delayed. Borrower shall not (i) change the use of any of the Land or Improvements in any material respect, (ii) permit or suffer to occur any waste on or to any Mortgaged Property or to any portion thereof or (iii) take any steps whatsoever to convert any Mortgaged Property, or any portion thereof, to a condominium or cooperative form of management.

  • Operation of Mortgaged Property Hold, lease, develop, manage, operate or otherwise use the Mortgaged Property upon such terms and conditions as Mortgagee may deem reasonable under the circumstances (making such repairs, alterations, additions and improvements and taking other actions, from time to time, as Mortgagee deems necessary or desirable), and apply all Rents and other amounts collected by Mortgagee in connection therewith in accordance with the provisions of Section 5.7.

  • Organization of Mortgagor With respect to each Mortgage Loan, in reliance on certified copies of the organizational documents of the Mortgagor delivered by the Mortgagor in connection with the origination of such Mortgage Loan, the Mortgagor is an entity organized under the laws of a state of the United States of America, the District of Columbia or the Commonwealth of Puerto Rico. Except with respect to any Mortgage Loan that is cross-collateralized and cross-defaulted with another Mortgage Loan and other than as set forth on Exhibit C-32-4, no Mortgage Loan has a Mortgagor that is an Affiliate of a Mortgagor with respect to another Mortgage Loan. An “Affiliate” for purposes of this paragraph (42) means, a Mortgagor that is under direct or indirect common ownership and control with another Mortgagor.

  • Maintenance of Mortgage Blanket Insurance The Servicer shall obtain and maintain a blanket policy insuring against losses arising from fire and hazards covered under extended coverage on all of the Mortgage Loans. To the extent such policy provides coverage in an amount equal to the amount required pursuant to Section 3.12 and otherwise complies with all other requirements of Section 3.12, it shall conclusively be deemed to have satisfied its obligations as set forth in Section 3.12. Any amounts collected by the Servicer under any such policy relating to a Mortgage Loan shall be deposited in the Custodial Account or Escrow Account subject to withdrawal pursuant to Sections 3.04 or 3.06. Such policy may contain a deductible clause, in which case, in the event that there shall not have been maintained on the related Mortgaged Property a policy complying with Section 3.12, and there shall have been a loss which would have been covered by such policy, the Servicer shall deposit in the Custodial Account at the time of such loss the amount not otherwise payable under the blanket policy because of such deductible clause, such amount to be deposited from the Servicer’s funds, without reimbursement therefor.

  • Use of Mortgaged Property (a) Unless required by applicable law, without the prior written consent of Lender, Borrower will not take any of the following actions: (i) Allow changes in the use for which all or any part of the Mortgaged Property is being used at the time this Loan Agreement is executed. (ii) Convert any individual dwelling units or common areas to commercial use. (iii) Initiate a change in the zoning classification of the Mortgaged Property or acquiesce to a change in the zoning classification of the Mortgaged Property. (iv) Establish any condominium or cooperative regime with respect to the Mortgaged Property beyond any which may be in existence on the date of this Loan Agreement. (v) Combine all or any part of the Mortgaged Property with all or any part of a tax parcel which is not part of the Mortgaged Property. (vi) Subdivide or otherwise split any tax parcel constituting all or any part of the Mortgaged Property. (vii) Add to or change any location at which any of the Mortgaged Property is stored, held or located unless Borrower (A) gives Notice to Lender within 30 days after the occurrence of such addition or change, (B) executes and delivers to Lender any modifications of or supplements to this Loan Agreement that Lender may require, and (C) authorizes the filing of any financing statement which may be filed in connection with this Loan Agreement, as Lender may require. (viii) Convert, in whole or in part, any non-residential income producing units to non-income producing units.

  • Liability of Depositor The Depositor, as initial holder of the Residual Interest, will have the same limitation of personal liability as stockholders of a private for profit corporation organized under the Delaware General Corporation Law.

  • Liability of the Servicer Notwithstanding any Subservicing Agreement, any of the provisions of this Agreement relating to agreements or arrangements between the Servicer and a Subservicer or reference to actions taken through a Subservicer or otherwise, the Servicer shall remain obligated and primarily liable to the Trustee for the servicing and administering of the Mortgage Loans in accordance with the provisions of Section 3.01 without diminution of such obligation or liability by virtue of such Subservicing Agreements or arrangements or by virtue of indemnification from the Subservicer and to the same extent and under the same terms and conditions as if the Servicer alone were servicing and administering the Mortgage Loans. The Servicer shall be entitled to enter into any agreement with a Subservicer for indemnification of the Servicer by such Subservicer and nothing contained in this Agreement shall be deemed to limit or modify such indemnification.

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