Common use of Lien on Realty Clause in Contracts

Lien on Realty. The due and punctual payment and performance of the Obligations shall also be secured by the Lien created by Mortgages upon all real Property of each Borrower now or hereafter owned. Each Mortgage shall be executed by the applicable Borrower in favor of Agent. Each Mortgage shall be duly recorded, at Borrowers' joint and several expense, in each office where such recording is required to constitute a fully perfected first Lien on the real Property covered thereby. The applicable Borrower shall deliver to Agent, at Borrowers' joint and several expense, mortgagee title insurance policies issued by a title insurance company satisfactory to Agent, which policies shall be in form and substance satisfactory to Agent and shall insure a valid first Lien in favor of Agent, for the benefit of itself and the Lenders, on the Property covered by each Mortgage, subject only to those exceptions acceptable to Agent and its counsel. The applicable Borrower shall deliver to Agent such other documents, including, without limitation, as-built survey prints of the real Property, as Agent and its counsel may request relating to the real Property subject to the Mortgages. Agent and Lenders agree that final survey prints of the real Property existing as the Closing Date, and final title insurance policies reflecting the delivery of such surveys, all in form or substance reasonably satisfactorily to Agent, may be delivered to Agent within 30 days after the Closing Date. Notwithstanding the foregoing provisions of this Section 5.4, a Borrower may grant a Lien in real Property acquired by such Borrower after the Xxxxxxx Xxxe to a mortgagee other than Agent, so long as (a) the fair market value of such real Property does not exceed (1) $500,000 individually or (2) $1,000,000 in the aggregate, together with all other real Property owned by Borrowers that is not subject to the Lien of a Mortgage and (b) such Lien granted to a mortgagee other than Agent secures Indebtedness that is incurred pursuant to and in accordance with subsection 8.2.3(xiv).

Lien on Realty. The In addition to the Property described in Sections 5.1 and 5.2 and the Property of each Guarantor described in the applicable Collateral Documents, the due and punctual payment and performance of the Obligations shall also be secured by the Lien created by Mortgages upon all real Property of each Borrower or Guarantor now or hereafter owned. Each Mortgage shall be executed by the applicable Borrower or Guarantor in favor of Agent. Each Mortgage shall be duly recorded, at Borrowers' joint and several expense, in each office where such recording is required to constitute a fully perfected first Lien on the real Property covered thereby. The If so requested by Agent, the applicable Borrower or Guarantor shall deliver to Agent, at Borrowers' joint and several expense, (i) with respect to each individual parcel of real Property with an appraised value of $1,000,000 or less, title tract searches performed by a title insurance company reasonably satisfactory to Agent and (ii) with respect to each individual parcel of real Property with an appraised value in excess of $1,000,000, mortgagee title insurance policies issued by a title insurance company reasonably satisfactory to Agent, which policies shall be in form and substance reasonably satisfactory to Agent and shall insure a valid first Lien in favor of Agent, for the benefit of itself and the Lenders, on the Property covered by each Mortgage, subject only to those exceptions reasonably acceptable to Agent and its counsel. If so requested by Agent, with respect to each individual parcel of real Property with an appraised value in excess of $1,000,000, the applicable Borrower or Guarantor shall deliver to Agent an ALTA as-built plat of survey prepared by a surveyor licensed in the state in which such real Property is located (which surveys may be delivered within 30 days after the Closing Date). The applicable Borrower or Guarantor shall deliver to Agent such other documents, including, without limitation, as-built survey prints of the real Property, documents as Agent and its counsel may reasonably request relating to the real Property subject to the Mortgages. Agent and Lenders agree that final Notwithstanding the foregoing, Borrowers shall not be required to deliver a Mortgage, title policy or survey prints of with respect to the real Property existing as of WNTC located at 0000 0xx Xxxxxx, Xxxxxxx, Xxxxxxxxxx until September 30, 2003 and then, only to the Closing Date, and final title insurance policies reflecting the delivery of such surveys, all in form or substance reasonably satisfactorily to Agent, may be delivered to Agent within 30 days after the Closing Date. Notwithstanding the foregoing provisions of this Section 5.4, a Borrower may grant a Lien in real Property acquired by such Borrower after the Xxxxxxx Xxxe to a mortgagee other than Agent, so long as (a) the fair market value of extent that such real Property does has not exceed (1) $500,000 individually or (2) $1,000,000 in the aggregate, together with all other real Property owned by Borrowers that is not subject been sold prior to the Lien of a Mortgage and (b) such Lien granted to a mortgagee other than Agent secures Indebtedness that is incurred pursuant to and in accordance with subsection 8.2.3(xiv)date.

Lien on Realty. The In addition to the Property described in Sections 5.1 and 5.2 and the Property of each Guarantor described in the applicable Collateral Documents, the due and punctual payment and performance of the Obligations shall also be secured by the Lien created by Mortgages upon all real Property of each Borrower or Guarantor now or hereafter owned. Each Mortgage shall be executed by the applicable Borrower or Guarantor in favor of Agent. Each Mortgage shall be duly recorded, at Borrowers' joint and several expense, in each office where such recording is required to constitute a fully perfected first Lien on the real Property covered thereby. The If so requested by Agent, the applicable Borrower or Guarantor shall deliver to Agent, at Borrowers' joint and several expense, (i) with respect to each individual parcel of real Property with an appraised value of $1,000,000 or less, title tract searches performed by a title insurance company reasonably satisfactory to Agent and (ii) with respect to each individual parcel of real Property with an appraised value in excess of $1,000,000, mortgagee title insurance policies issued by a title insurance company reasonably satisfactory to Agent, which policies shall be in form and substance reasonably satisfactory to Agent and shall insure a valid first Lien in favor of Agent, for the benefit of itself and the Lenders, on the Property covered by each Mortgage, subject only to those exceptions reasonably acceptable to Agent and its counsel. If so requested by Agent, with respect to each individual parcel of real Property with an appraised value in excess of $1,000,000, the applicable Borrower or Guarantor shall deliver to Agent an ALTA as-built plat of survey prepared by a surveyor licensed in the state in which such real Property is located (which surveys may be delivered within 30 days after the Closing Date). The applicable Borrower or Guarantor shall deliver to Agent such other documents, including, without limitation, as-built survey prints of the real Property, documents as Agent and its counsel may reasonably request relating to the real Property subject to the Mortgages. Agent and Lenders agree that final survey prints of the real Property existing as the Closing Date, and final title insurance policies reflecting the delivery of such surveys, all in form or substance reasonably satisfactorily to Agent, may be delivered to Agent within 30 days after the Closing Date. Notwithstanding the foregoing provisions of this Section 5.4, a Borrower may grant a Lien in real Property acquired by such Borrower after the Xxxxxxx Xxxe to a mortgagee other than Agent, so long as (a) the fair market value of such real Property does not exceed (1) $500,000 individually or (2) $1,000,000 in the aggregate, together with all other real Property owned by Borrowers that is not subject to the Lien of a Mortgage and (b) such Lien granted to a mortgagee other than Agent secures Indebtedness that is incurred pursuant to and in accordance with subsection 8.2.3(xiv).the

Lien on Realty. The due and punctual payment and performance of the Obligations Tandem Mill Subfacility and all accrued and unpaid interest thereon shall also be secured by the Lien created by Mortgages the Mortgage upon all the real Property portion of each Borrower now or hereafter ownedthe Tandem Mill Collateral. Each The Mortgage shall be executed by the applicable Borrower in favor of Agent. Each The Mortgage shall be duly recorded, at Borrowers' joint and several Borrower's expense, in each office where such recording is required to constitute a fully perfected first Lien on the real Property covered thereby. The applicable Borrower shall deliver to Agent, at Borrowers' joint and several Borrower's expense, mortgagee title insurance policies issued by a title insurance company satisfactory to Agent, which policies shall be in form and substance satisfactory to Agent and shall insure a valid first Lien in favor of Agent, for the benefit of itself and the Lenders, on the Property covered by each the Mortgage, subject only to those exceptions acceptable to Agent and its counsel. The applicable Borrower shall deliver to Agent such other documents, including, including without limitation, as-built limitation a boundary survey prints of the real Property, as Agent and its counsel may reasonably request relating to the real Property subject to the Mortgages. Agent and Lenders agree ; provided, that final survey prints of the real Property existing as the Closing Date, and final title insurance policies reflecting the delivery of such surveys, all in form or substance reasonably satisfactorily to Agent, may be delivered to Agent within 30 (i) 60 days after the Closing Date. Notwithstanding , Borrower shall deliver to Agent and the foregoing provisions of this Section 5.4, a Borrower may grant a Lien in real Property acquired by such Borrower after the Xxxxxxx Xxxe to a mortgagee other than Agent, so long as (a) the fair market value title insurance company an as-built ALTA survey of such real Property does not exceed Property, in form satisfactory to Agent, (1ii) $500,000 individually or (2) $1,000,000 in 10 days after the aggregatedelivery of such as-built survey, an endorsement to the title insurance policy described above, removing the survey exception, together with all such other endorsements as Agent shall reasonably require in connection therewith, and (iii) 60 days after the Closing Date, evidence of the completion of the subdivision of the real Property owned by Borrowers that is not subject in a manner reasonably acceptable to the Lien of a Mortgage and (b) such Lien granted to a mortgagee other than Agent secures Indebtedness that is incurred pursuant to and in accordance with subsection 8.2.3(xiv)Agent.