Common use of Modifications to Mortgaged Property Clause in Contracts

Modifications to Mortgaged Property. A Loan Party may, without consent of any Lender, any Agent or any Person (i) make dispositions (including, but not limited to, lot line adjustments) of portions of any Mortgaged Property for dedication to the public and permit the creation of Liens to secure the levy of special assessments in favor of Governmental Authorities, community development districts and property owners’ associations, (ii) make dispositions of portions of the Mortgaged Property to third parties for the purposes of resolving any encroachment issues, (iii) grant easements, restrictions, covenants, reservations and rights-of-way for resolving minor encroachment issues or for access, water and sewer lines, telephone cable and internet lines, electric lines or other utilities or for other similar purposes, and (iv) consent to or join in any land use or other development approval documents (including subdivision plats, easements and the like) provided that, in each case, such disposition, grant or consent does not materially impair the value, utility or operation of the applicable Mortgaged Property. In connection with any disposition or creation of any Lien or any grant or consent permitted pursuant to this Section 10.15, the Collateral Agent shall execute and deliver or cause to be executed and delivered any instrument reasonably necessary or appropriate in the case of the dispositions referred to above to release the portion of the Mortgaged Property affected by such disposition from the Lien of the applicable Mortgage, or to subordinate the Lien of the applicable Mortgage, or acknowledgement that the Lien of any Mortgage is subordinate, to such Liens, easements, restrictions, covenants, reservations and rights-of-way or other similar grants, or to evidence such consent or joinder, in each case upon receipt by the Collateral Agent of (A) ten (10) days’ prior written notice thereof (or such shorter period as the Collateral Agent may agree); (B) a copy of the applicable instrument or instruments of disposition or subordination; and (C) a certificate from an officer of the Borrower stating that such disposition does not materially impair the value, utility or operation of the applicable Mortgaged Property.

Modifications to Mortgaged Property. A Loan Party may, without consent of any Lender, any Agent or any Person (iA) make immaterial dispositions (including, but not limited to, lot line adjustments) of portions of any Mortgaged Property for dedication to the public and permit the creation of Liens to secure the levy of special assessments in favor of of, Governmental Authorities, community development districts and property owners’ associations, (iiB) make immaterial dispositions of portions of the Mortgaged Property to third parties for the purposes of resolving any encroachment encroachments issues, (iiiC) grant easements, restrictions, covenants, reservations and rights-of-way for resolving minor encroachment issues or for access, water and sewer lines, telephone cable and internet lines, electric lines or other utilities or for other similar purposes, and (ivD) consent to or join in any land use or other development approval documents (including subdivision plats, easements and the like) provided that, in each case, that such disposition, grant or consent does not materially impair the value, utility or operation of the applicable Mortgaged Property. In connection with any disposition or creation of any Lien or any grant or consent permitted pursuant to this Section 10.15subsection (iv), the Collateral Agent shall execute and deliver or cause to be executed and delivered any instrument reasonably necessary or appropriate in the case of the dispositions referred to above to release the portion of the Mortgaged Property affected by such disposition from the Lien of the applicable Mortgage, or to subordinate the Lien of the applicable Mortgage, or acknowledgement that the Lien of any Mortgage is subordinate, to such Liens, easements, restrictions, covenants, reservations and rights-of-way or other similar grants, or to evidence such consent or joinder, in each case upon receipt by the Collateral Agent of (AI) ten (10) daysBusiness Days’ prior written notice thereof (or such shorter period as the Collateral Agent may agree)thereof; (BII) a copy of the applicable instrument or instruments of disposition or subordination; and (CIII) a certificate from an officer of the Borrower stating that such disposition does not materially impair the value, utility or operation of the applicable Mortgaged Property.

Modifications to Mortgaged Property. A Loan Party may, without consent of any Lender, any Agent or any Person (iA) make immaterial dispositions (including, but not limited to, lot line adjustments) of portions of any Mortgaged Property for dedication to the public and permit the creation of Liens to secure the levy of special assessments in favor of of, Governmental Authorities, community development districts and property owners’ ' associations, (iiB) make immaterial dispositions of portions of the Mortgaged Property to third parties for the purposes of resolving any encroachment encroachments issues, (iiiC) grant easements, restrictions, covenants, reservations and rights-of-way for resolving minor encroachment issues or for access, water and sewer lines, telephone cable and internet lines, electric lines or other utilities or for other similar purposes, and (ivD) consent to or join in any land use or other development approval documents (including subdivision plats, easements and the like) provided that, in each case, that such disposition, grant or consent does not materially impair the value, utility or operation of the applicable Mortgaged Property. In connection with any disposition or creation of any Lien or any grant or consent permitted pursuant to this Section 10.15subsection (iv), the Collateral Agent shall execute and deliver or cause to be executed and delivered any instrument reasonably necessary or appropriate in the case of the dispositions referred to above to release the portion of the Mortgaged Property affected by such disposition from the Lien of the applicable Mortgage, or to subordinate the Lien of the applicable Mortgage, or acknowledgement that the Lien of any Mortgage is subordinate, to such Liens, easements, restrictions, covenants, reservations and rights-of-way or other similar grants, or to evidence such consent or joinder, in each case upon receipt by the Collateral Agent of (AI) ten (10) days’ Business Days' prior written notice thereof (or such shorter period as the Collateral Agent may agree)thereof; (BII) a copy of the applicable instrument or instruments of disposition or subordination; and (CIII) a certificate from an officer of the Borrower stating that such disposition does not materially impair the value, utility or operation of the applicable Mortgaged Property.

Modifications to Mortgaged Property. A Loan Party (other than M/I Financial Corp. and M/I Title Agency Ltd.) may, without consent of any Lender, any Agent or any Person (iA) make immaterial dispositions (including, but not limited to, lot line adjustments) of portions of any Mortgaged Property for dedication to the or public and permit the creation of Liens to secure the levy of special assessments in favor of of, Governmental Authorities, community development districts and property owners’ associations, (iiB) make immaterial dispositions of portions of the Mortgaged Property to third parties for the purposes of resolving any encroachment encroachments issues, (iiiC) grant easements, restrictions, covenants, reservations and rights-of-way for resolving minor encroachment issues or for access, water and sewer lines, telephone cable and internet lines, electric lines or other utilities or for other similar purposes, and (ivD) consent to or join in any land use or other development approval documents (including subdivision plats, easements and the like) provided that, in each case, that such disposition, grant or consent does not materially impair the value, utility or operation of the applicable Mortgaged Property. In connection with any disposition or creation of any Lien or any grant or consent permitted pursuant to this Section 10.15subsection (iv), the Collateral Agent shall execute and deliver or cause to be executed and delivered any instrument reasonably necessary or appropriate in the case of the dispositions referred to above to release the portion of the Mortgaged Property affected by such disposition from the Lien of the applicable Mortgage, or to subordinate the Lien of the applicable Mortgage, or acknowledgement that the Lien of any Mortgage is subordinate, to such Liens, easements, restrictions, covenants, reservations and rights-of-way or other similar grants, or to evidence such consent or joinder, in each case upon receipt by the Collateral Agent of (AI) ten (10) daysBusiness Days’ prior written notice thereof (or such shorter period as the Collateral Agent may agree)thereof; (BII) a copy of the applicable instrument or instruments of disposition or subordination; and (CIII) a certificate from an officer of the Borrower stating that such disposition does not materially impair the value, utility or operation of the applicable Mortgaged Property.