Michigan Mortgage Clause Samples
The Michigan Mortgage clause establishes the terms and conditions under which a mortgage is created and governed in the state of Michigan. It typically outlines the rights and obligations of both the borrower and the lender, including payment schedules, interest rates, and remedies in case of default, all in accordance with Michigan state law. This clause ensures that the mortgage agreement complies with local legal requirements, thereby providing clarity and legal enforceability for both parties involved in the transaction.
Michigan Mortgage. Borrower shall cause for the Mortgaged Property located in the State of Michigan to have the Mortgage and Environmental Indemnity related thereto and any other instruments, certificates or documents, within three weeks from the closing. NEGATIVE COVENANTS. Borrower shall not, and shall not permit any other Credit Party to:
Michigan Mortgage. Murco shall have executed and delivered to the Security Trustee a mortgage, security agreement and assignment of rents and leases, substantially in the form of Exhibit G4, for Murco’s processing facility located in Plainwell, Michigan (as amended from time to time, the “Michigan Deed of Trust”), securing Murco’s indebtedness and obligations under the Joint and Several Guaranty with a first-priority lien encumbering Murco’s processing facility located in Plainwell, Michigan.
Michigan Mortgage. The Obligations shall also be secured by a continuing security interest and mortgage in the Michigan Property pursuant to the Michigan Mortgage. Notwithstanding the foregoing, the Agent shall, upon written request of the Borrowers and provided that no Event of Default has occurred and is continuing, release the Lien and security interest of the Agent in the Michigan Property upon the redemption of not less than $5,000,000 of Principal Amount of the Notes pursuant to Section 7 of the Notes or, alternatively, delivery of $5,000,000 into a “sinking fund” under the control of the Agent.