LIENS; ENCUMBRANCES. Borrower acknowledges that, to the extent provided in Section 21, the grant, creation or existence of any mortgage, deed of trust, deed to secure debt, security interest or other lien or encumbrance (a “Lien”) on the Mortgaged Property (other than (i) the lien of this Instrument, and (ii) the Subordinate Debt defined in Section RR of Exhibit B to this Instrument), or on certain ownership interests in Borrower, whether voluntary, involuntary or by operation of law, and whether or not such lien has priority over the lien of this Instrument, is a “Transfer” which constitutes an Event of Default and subjects Borrower to personal liability under the Note. Q. The following is added to the end of Section 17(f): , and (iv) in connection with repairs to the Mortgaged Property which are required to address life safety issues or that result in the displacement of tenants occupying less than ten percent of the occupied units at the Mortgaged Property at any one time.
Appears in 4 contracts
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (National Property Investors Iii), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Davidson Diversified Real Estate Ii Limited Partnership), Multifamily Deed of Trust, Assignment of Rents and Security Agreement (Century Properties Fund Xvii)
LIENS; ENCUMBRANCES. Borrower acknowledges that, to the extent provided in Section 21, the grant, creation or existence of any mortgage, deed of trust, deed to secure debt, security interest or other lien or encumbrance (a “Lien”) on the Mortgaged Property (other than (i) the lien of this Instrument), and or on certain ownership interests in Borrower (ii) other than as permitted in connection with the Subordinate Debt defined as set forth in Section RR of Exhibit B to this Instrument), or on certain ownership interests in Borrower, whether voluntary, involuntary or by operation of law, and whether or not such lien has priority over the lien of this Instrument, is a “Transfer” which constitutes an Event of Default and subjects Borrower to personal liability under the Note. Q. The following is added to the end of Section 17(f): , and (iv) in connection with repairs to the Mortgaged Property which are required to address life safety issues or that result in the displacement of tenants occupying less than ten percent of the occupied units at the Mortgaged Property at any one time.
Appears in 2 contracts
Samples: Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv), Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (Century Properties Fund Xiv)
LIENS; ENCUMBRANCES. Borrower acknowledges that, to the extent provided in Section 21, the grant, creation or existence of any mortgage, deed of trust, deed to secure debt, security interest or other lien or encumbrance (a “Lien”) on the Mortgaged Property (other than (i) the lien of this Instrument, Instrument and (ii) the Subordinate Debt defined in Section RR of Exhibit B to this Instrument), or on certain ownership interests in Borrower, whether voluntary, involuntary or by operation of law, and whether or not such lien has priority over the lien of this Instrument, is a “Transfer” which constitutes an Event of Default and subjects Borrower to personal liability under the Note. Q. The following is added to the end of Section 17(f): , and (iv) in connection with repairs to the Mortgaged Property which are required to address life safety issues or that result in the displacement of tenants occupying less than ten percent of the occupied units at the Mortgaged Property at any one time.
Appears in 1 contract
Samples: Multifamily Mortgage, Assignment of Rents and Security Agreement (National Property Investors 4)
