Mortgage Financing Clause Samples

Mortgage Financing. 13.1 The Purchasers shall have the right to obtain home loan, finance from any Bank/Financial Institution for the purpose of creating a mortgage in respect of the said Unit provided however the Mortgagee shall observe and perform all the covenants restrictions stipulations terms and conditions including payment of various charges and deposits as agreed in this Agreement. 13.2 The Developer shall be entitled to raise loan and/or advances for the purpose and completion of the said Residential complex provided however the Vendor/Developer shall convey or transfer the said Unit free from any lien and/or charge whatsoever.

Mortgage Financing. Neither the Redeveloper nor any successor in interest to the Project Area, Project Improvements, or any part thereof, shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Project Area, Project Improvements, or any part thereof, (other than mortgages or liens for governmental impositions, the loan agreement, any security agreement, the Third Party Financing, and for the purpose of obtaining funds in connection with the acquisition and/or restoration of the Project Area and the construction of the Project Improvements, and such encumbrances required for the development and construction of the Project Improvements), whether by express agreement or operation of law, or suffer any encumbrance or lien to be made or attach to the Project Area, Project Improvements, or any part thereof, except such encumbrances required for the development and construction of the Project Improvements, provided, however, that upon the issuance of a Certificate of Completion, such prohibition shall no longer apply with respect to the corresponding parcel of land and improvements. Redeveloper shall promptly notify the Borough of any encumbrance or lien (other than mortgage liens and liens for governmental impositions) that has been created on or attached to any portion of the Project Area, Project Improvements, or any part thereof, whether by voluntary act of the Redeveloper or otherwise, upon obtaining knowledge or notice of same. The provisions of this Agreement shall not be deemed to grant to Borough the right to approve or review the terms of any such proposed financing.

Mortgage Financing. The Purchase Agreement IS IS NOT subject to the mortgage financing provisions below. If IS, complete the MORTGAGE 37 FINANCING section below. 38 Buyer shall apply for and secure, at ▇▇▇▇▇'s expense, a: 39 CONVENTIONAL 40 OTHER 41 Mortgage estimated to be % of the sale price amortized monthly over a period of not more than years with an 42 initial mortgage interest rate of no more than % per year with 0 discount points (0.5 if required by financing program), plus 43 Private Mortgage Insurance, if applicable.

Mortgage Financing. (a) During the term of this Agreement, Redeveloper shall not engage in any financing or any other transaction creating any Mortgage on the Project other than with respect to the cost of acquiring the Property and developing the Project (including designing, permitting, and constructing the Project). Redeveloper shall have the option to obtain separate financing for any Phase of the Project. (b) In the event that Redeveloper is unable to obtain financing for the Project, inclusive of all three Phases of such Project, on terms and conditions acceptable to Redeveloper in its sole discretion, or if Redeveloper determines that financing for the Project cannot be obtained on terms and conditions acceptable to Redeveloper in its sole discretion, and provided Redeveloper has not Commenced any Phase of the Project, Redeveloper shall have the right to terminate this Agreement upon written notice to the Borough. (c) If this Agreement is terminated pursuant to the terms of this Section 6.1, then, except as expressly set forth herein to the contrary, this Agreement (including, without limitation, all the covenants contained herein) shall be of no further force and effect and the Parties hereto shall have no further rights, liabilities and/or obligations hereunder. (d) If the Mortgagee reasonably requires any change(s) or modification(s) to the terms of this Agreement, the Borough shall reasonably cooperate with the Mortgagee and Redeveloper in reviewing such proposed change(s) or modification(s) and shall consider them in good faith; provided, however, that any such proposed change or modification shall not materially and adversely alter or modify the rights and obligations of Redeveloper or the Borough, as provided in this Agreement. (e) To the extent reasonably requested by Redeveloper, the Borough shall execute such other agreements and/or documents (to the extent same are in form and content reasonably acceptable to the Borough) as may be requested or required by any Mortgagee (or any equity participant of Redeveloper); provided, however, that any such agreement or document shall not materially and adversely alter any of the rights, liabilities or obligations of Redeveloper or the Borough under this Agreement.

Mortgage Financing. (a) This Lease is and shall be, at the option of a first mortgagee of the Building, subject and subordinate to any first mortgage or deed of trust (collectively, "mortgage" or "mortgages") which now affects the land or the Building, and this Lease shall be subject and subordinate to any and to all renewals, modifications, consolidations, replacements and extensions thereof. Although this subordination provision shall be deemed for all purposes to be automatic and effective without any further instrument delivered on the part of Tenant, Tenant shall, upon the request of Landlord and/or the holder of any mortgage on the Premises, execute and deliver such instruments as may be required by Landlord and such holder to make this Lease either superior or subordinate to any mortgages now or hereafter placed upon Landlord's interest in the Premises or future additions thereto. Landlord shall obtain a covenant in any such subordination agreement that this Lease shall be recognized by the mortgagee and that the rights of Tenant hereunder shall remain in full force and effect during the term of this Lease and any extensions thereof, notwithstanding any default of mortgagors with respect to said mortgages or any foreclosure thereof, so long as Tenant shall perform all of Tenant's covenants hereunder. Tenant hereby attorns to any purchaser at a foreclosure sale or sale in lieu of foreclosure, and agrees to execute all agreements required by any such purchaser affirming such attornment. Nothing contained in this agreement shall be construed as placing any limitation upon Landlord's right to sell, mortgage, assign or in any manner convey an interest, in part or in whole, in either the land or the Building, or both. (b) If any lending institution with which Landlord is negotiating interim or long term financing for the Building request changes in this Lease as a condition of such financing and Tenant fails or refuses to amend this Lease as required by such lender, Landlord will have the right to cancel this Lease at any time prior to the Commencement Date, whereupon this Lease will become null and void, and neither party will have any further liability hereunder. Notwithstanding anything contained herein to the contrary, Tenant shall not be required to agree, and Landlord shall not have any right of cancellation for Tenant's refusal to agree to any modification to this Lease relating to Annual Base Rent, Landlord's Work, the size of location of the Premises, or the duratio...

Mortgage Financing. If, as evidenced by the Qualification Letter, Buyer will be utilizing mortgage financing to pay for a portion of the Purchase Price, then the following provisions shall be applicable: (i) Buyer represents and understands that Buyer is solely responsible for taking all necessary and appropriate steps as requested from time to time by (A) the Qualification Agent or (B) a lender arranged for, by or through the Qualification Agent or (C) selected by Buyer (the applicable one of (A), (B), or (C) being the “Buyer's Permanent Lender”) to complete the process of applying for and obtaining the required mortgage loan to pay for

Mortgage Financing. If Contract is contingent on obtaining financing, an application for mortgage financing shall be made within two (2) business days from Contract Effective Date. Buyer shall obtain a written loan commitment from Buyer’s lender and provide a copy to Seller on or before 10 calendar days from the Effective Date of the Contract. In the event the Buyer’s financing is denied, Buyer shall provide a written letter from Buyer’s lender to support any request to terminate the contract. In the event Buyers are unable to obtain with the lender of their choosing, Cornerstone Relocation Group reserves the right to pursue financing through Cornerstone Relocation’s lenders. In the event Cornerstone Relocation Group is able to secure Buyer’s financing upon terms and conditions comparable to those identified in the contract, Buyer’s agree to close as provided in the contract. Buyer agrees to cooperate fully with any such financing.

Mortgage Financing. As soon as available and in no event later than 30 days prior to the closing of any mortgage financing against an Unencumbered Property, a certificate prepared by management of the Borrower (i) advising the Lender of the proposed mortgage financing, (ii) detailing the Property or Properties to be mortgaged, (iii) setting forth the source and terms of such financing, (iv) providing a copy of the appraisal, if any, to the Lender if in the possession or control of Borrower, and (v) evidencing compliance with the Borrowing Base and all of the financial covenants set forth in Section 5.03 and Section 5.04 hereof after giving effect to such mortgage financing;

Mortgage Financing. Upon request Tenant agrees to execute and deliver to Landlord estoppel letter as required by Landlord or by Landlord’s mortgage lenders. Tenant, at Landlord’s expense, will cooperate with Landlord so that Landlord will be able to sell, transfer or lease the Site or to procure mortgage financing for the Site.