Modification of Mortgage. This Mortgage is subject to modification pursuant to N.J.S.A. Sections 46:9-8.1 and 8.2. and shall be entitled to the priority provisions thereof.
Modification of Mortgage. This Mortgage is subject to “modification” as such term is defined in P.L. 1985 c.353 (N.J.S.A. 46:9-8.l et. seq.) and shall be subject to the priority provisions thereof.
Modification of Mortgage. This Mortgage cannot be changed except by an agreement in writing, signed by the party against whom enforcement of the change is sought.
Modification of Mortgage. In connection with the transfer of the Mortgaged Property to Assignee and this Assumption, Assignee and Lender agree to modify the Mortgage as follows:
Modification of Mortgage. The Borrower and Lender hereby agree that the terms of the Mortgage are hereby modified in accordance with the following:
1. Any and all references in the Mortgage to the term "Note" or words of similar import shall be deemed to mean and refer to the Note as modified by this Agreement.
2. The form of the Note attached as Schedule D to the Mortgage is hereby modified in accordance with Section B. above.
Modification of Mortgage. From and after the Effective Date, the Mortgage is modified as follows:
(a) Sections 2.3(b)(i) and (v) of the Mortgage are hereby deleted in their entirety and the following new Sections are inserted in lieu thereof:
(i) The Exact Legal Name and Address of Debtor is: IN Retail Fund Algonquin Commons, L.L.C. c/o Inland Real Estate Corporation 0000 Xxxxxxxxxxx Xxxx Oak Brook, Illinois 60523 Attention: Xxxx Xxxxxxxxx and Xxxxx Xxxxxx
(v) Federal Identification Number of Debtor: 00-0000000”
(b) Section 7.4(i) of the Mortgage is deleted in its entirety and the following new Section 7.4(i) inserted in lieu thereof:
Modification of Mortgage. Upon consummation of the Transfer, the Assisted Living Facility will be owned by New Borrower, operated by Operating Lessee and will continue to be managed by Emeritus as “Manager” under the Management Agreement. As a consequence of these new relationships, the Mortgage is modified as follows:
(a) The definition of “Leases” is hereby modified to expressly include the Operating Lease and the definition of “Rents” is hereby modified to expressly include all sums due to New Borrower under the Operating Lease.
(b) Section 3 is hereby modified to permit New Borrower, as “Mortgagor,” to fulfill its obligations under such Section by causing Operating Lessee to obtain, maintain and deliver, at Operating Lessee’s and/or Mortgagor’s sole cost and expense, all of the recited insurance coverage. In the event that Operating Lessee obtains and maintains such coverage, Mortgagor must also be named an additional insured on any liability and property policies and, subject to Lender’s prior right to insurance proceeds, a loss-payee on any property policy. If Mortgagor elects to cause Operating Lessee to fulfill Mortgagor’s obligations under this section, Mortgagor shall not be relieved of its continuing obligation to ensure that all provisions of Section 3 are fulfilled in the time and the manner set forth in the Mortgage. If Mortgagor does not elect to cause Operating Lessee to obtain and maintain insurance coverage required hereunder, Operating Lessee shall also be named additional insured on any liability policy. Business interruption and/or rental loss insurance limits shall be in an amount no less than the Mortgaged Property level Rents and income rather than the Rents due under the Operating Lease.
(c) Section 8(c) is modified to recognize that the Mortgagor is, of even date herewith, entering into the Operating Lease with Operating Lessee who owns and holds the Licenses instead of Manager.
(d) Section 8(e) is hereby modified to insert the words “the Operating Lease and” after “other than” at the end of the first line and beginning of the second.
(e) Section 8(q) is hereby modified to reflect that the address for New Borrower set forth in the first paragraph of this Agreement is Mortgagor’s principal place of business and mailing address.
(f) Section 8(r)(ii) and (iv) are hereby modified to insert “, Operating Lessee, Manager” after “Mortgagor” in the first line of each subsection. The second to the last sentence of Section 8(r)(ii) is modified to reflect that Operati...
Modification of Mortgage. The Mortgage is hereby modified and amended as follows:
Modification of Mortgage. 37.1 If, in connection with obtaining financing or refinancing for the Premises form a part, a banking, insurance or other institutional lender shall request reasonable modifications to this Lease as a condition to such financing or refinancing, Tenant will not withhold, delay or defer its consent thereto, provided that such modifications do not increase the obligations of Tenant hereunder or adversely affect the leasehold interest hereby created.
Modification of Mortgage. THIS MODIFICATION OF MORTGAGE is made and entered into this 30th day of July, 2010, by and between PINEAPPLE HOUSE OF BREVARD, INC., a Florida corporation (“Mortgagor”) and BRANCH BANKING AND TRUST COMPANY, a North Carolina banking corporation (“Mortgagee”).
