Mortgage Authorized Clause Samples
The 'Mortgage Authorized' clause grants explicit permission for a party, typically the property owner, to place a mortgage or other security interest on the property in question. This clause outlines the conditions under which such authorization is given, such as requiring prior written consent from another party or specifying acceptable lenders. By clearly defining when and how a mortgage can be authorized, this clause helps prevent disputes over unauthorized encumbrances and ensures all parties are aware of and agree to any new financial obligations secured against the property.
Mortgage Authorized. The Mortgagor hereby warrants and represents that the execution and delivery of this Mortgage, the Note and the other Loan Documents has been duly authorized and that there is no provision in the Mortgagor's charter documents or any other agreement to which Mortgagor is a party or by which any of its property is bound, requiring further consent for such action by any other entity or person; the Mortgagor is duly organized, validly existing and in good standing under the laws of the State of Wisconsin and duly qualified in each jurisdiction in which it is required to be so qualified except in those jurisdictions where the failure to be so qualified would not have a material adverse effect on Mortgagor and has (a) all necessary and material licenses, authorizations, registrations and approvals and (b) full power and authority to own its properties and carry on its business as presently conducted; the Mortgagor has the power, authority and legal right to carry on the business now conducted by them and to engage in the transactions contemplated by this Mortgage, the Note and the other Loan Documents; and the execution and delivery by and performance of the Mortgagor's obligations under this Mortgage, the Note and the other Loan Documents has been duly authorized by all necessary corporate action by the Mortgagor and will not result in the Mortgagor being in default under any provision of its charter documents or any other agreement to which Mortgagor is a party or by which any of its property is bound.
Mortgage Authorized. The execution and delivery of this Mortgage has been duly authorized by the members of the Mortgagor and there is no provision in the certificate of limited liability company or operating agreement of the Mortgagor requiring further consent for such action by any other entity or person. The Mortgagor is duly organized, validly existing and is in good standing under the laws of the state of its formation, and has (i) all required licenses, authorizations, registrations, permits and/or approvals and (ii) full power and authority to own its properties and carry on its business as presently conducted and the execution and delivery by it of, and performance of its obligations under, this Mortgage will not result in the Mortgagor being in default under any provision of its certificate of limited liability company or operating agreement or of any mortgage, lease, credit or other agreement to which it is a party or which affects it or its interest in the Premises, or any part thereof.
Mortgage Authorized. The execution and delivery of this Mortgage, the Loan Agreement and the Note have been duly authorized by the directors of the
Mortgage Authorized. The execution and delivery of ------------ ------------------- this Mortgage and the Guaranty Obligation have been duly authorized by the directors of the Mortgagor and there is no provision in the certificate of incorporation or by-laws of the Mortgagor, requiring further consent for such action by any other entity or person. The Mortgagor is duly organized, validly existing and is in good standing under the laws of the state of its formation, and has (i) all necessary licenses, authorizations, registrations, permits and/or approvals and (ii) full power and authority to own its properties and carry on its business as presently conducted and the execution and delivery by it of, and performance of its obligations under, this Mortgage and the Guaranty Obligation will not result in the Mortgagor being in default under any provision of its certificate of incorporation or by-laws or of any mortgage, lease, credit or other agreement to which it is a party or which affects it or the Premises, or any part thereof.
Mortgage Authorized. Notwithstanding the provisions of Article 14 of this Agreement, if this Agreement is then in full force and effect, the Lessee may, without the consent of the Port Authority, at any time and from time to time, obtain a Construction Loan, Permanent Loan and/or Refinancing Loan, as applicable, in an amount not in excess of the applicable Mortgage Amount, and grant security therefor, provided such Construction Loan, Permanent Loan and/or Refinancing Loan, as applicable:
(i) is made by an Institutional Investor as defined in this Article;
(ii) does not cover property other than the Premises;
(iii) is not cross-defaulted or cross—collateralized with agreements covering any other property; and
(iv) at the time such loan is closed no Event of Default shall have occurred and be continuing hereunder and no notice of termination shall have been given pursuant to Article 17 of this Agreement and be in effect.
Mortgage Authorized.
(i) Lessee may encumber only its Leasehold estate (and not the District's interest or any other interest in the land) by the execution and delivery of a deed of trust or mortgage to an institutional lender (a "Mortgage"). District will not subordinate its interest in the Premises or in this Agreement to any Mortgage. The Mortgagee of any such Mortgage may deliver to District a written notice specifying (i) the amount of the obligation secured by the Mortgage and the date(s) of the maturity thereof; and (ii) the name and address of the Mortgagee.
(ii) After receipt of such notice, District shall serve such Mortgagee in a manner required hereby, at the latest address furnished by such Mortgagee, a copy of every notice of default or demand served by District upon Lessee under the terms and provisions of this Agreement so long as such Mortgage is in effect. In the event of any assignment of a Mortgage or in the event of a change of address of the Mortgagee or of an assignee of such Mortgage, notice of the new name and address shall be provided to District.
Mortgage Authorized. Mortgagor hereby warrants and represents that the execution and delivery of this Mortgage and the Note have been duly authorized and that there is no provision in its organization documents requiring further consent for such action by any other entity or person; it is duly organized, validly existing and in good standing under the laws of the state of its formation, and has (a) all necessary licenses, authorizations, registrations and approvals, and (b) full power and authority to own its properties and carry on its business as presently conducted; and the execution and delivery by and performance of its obligations under this Mortgage and the Note will not result in Mortgagor being in default under any provision of its organizational documents, or of any mortgage, credit or other agreement to which it is a party.