MORTGAGE FINANCING; RIGHTS OF MORTGAGEES Sample Clauses

MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. Section 601.
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MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. 6.1 Limitation upon Encumbering the Property Prior to receipt of a Certificate of Completion, Developer shall not engage in any financing or any other transaction creating any mortgage, whether by express agreement or operation of law, or suffer any mortgage on or attached to the Property or the Project, except to obtain funds only to the extent necessary for completing the Project. Developer shall notify the Trust in advance of any financing that is to be secured by a mortgage that Developer proposes to enter into regarding the Property or the Project. Developer shall also immediately notify the Trust of any mortgage on or attached to the Property, whether by voluntary act of Developer or otherwise. Liens arising by operation of law under 42 Okla. Stat. § 142 and similar liens for work performed on or materials delivered to the Property under contracts with Developer that secure claims that are either not delinquent or being contested in good faith by appropriate proceedings and for which Developer maintains adequate reserves shall not constitute breaches of this Section.
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MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. SEC. 601. Limitation Upon Encumbrance of Property. Prior to the completion of the Improvements, as certified by the Board, neither the Redeveloper nor any successor in interest to the Property or any part thereof shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Property, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach to the Property, except as specifically authorized in this Agreement and except for purposes of obtaining: (a) funds only to the extent necessary for acquisition of the Property and planning, designing and constructing the Improvements (including soft costs and all fees related to the syndication, fees paid to the developer, or financing costs to the Massachusetts Housing Finance Agency or other lenders); and (b) such additional funds, if any, in an amount not to exceed the Purchase Price paid by the Redeveloper to the Board. The Redeveloper (or successor in interest) shall notify the Board in advance of any financing, secured by mortgage or other similar lien instrument, it proposes to enter into with respect to the Property, or any part thereof, and in any event it shall promptly notify the Board of any encumbrance or lien that has been created on or attached to the Property, whether by voluntary act of the Redeveloper or otherwise. For the purposes of such mortgage financing as may be made pursuant to this Agreement, the Property may, at the option of the Redeveloper (or successor in interest), be divided into several parts or parcels, provided that such subdivision, in the opinion of the Board, is not inconsistent with the purposes of the Urban Renewal Plan and this Agreement and is approved in writing by the Board, which approval shall not be unreasonably withheld or delayed.
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MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. Section 13.1 Limitation Upon Encumbrance of the Building Site. Prior to Completion of the Private Improvements neither the Developer nor any successor in interest to the Building Site or any part thereof shall engage in any financing or any other transaction creating any mortgage or other encumbrance or lien upon the Building Site or part thereof, whether by express agreement or operation of law, or suffer any encumbrance or lien to be made on or attach the Building Site, except for the purposes of obtaining, from an Institutional Lender:
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MORTGAGE FINANCING; RIGHTS OF MORTGAGEES. Section 701. Limitation Upon Encumbrance of Property. Prior to issuance of the Redeveloper’s Certificate of Completion of Redeveloper Improvements by the City for the Redeveloper Improvements, neither Redeveloper nor any successors in interest to Redeveloper shall engage in any financing or any other transaction creating any mortgage or any other monetary encumbrance or monetary lien upon the Project Site and Redeveloper Improvements, whether by express agreement or operation of law, or suffer any monetary encumbrance or monetary lien to be made on or attached to such Project Site and Redeveloper Improvements, except for the purposes of obtaining funds only to the extent necessary to construct and develop the Redeveloper Improvements, and to finance, operate, maintain, repair, replace and insure said Redeveloper Improvements. All such mortgages, financial encumbrances, or monetary liens shall be subject to the terms and conditions of this Redevelopment Agreement and shall be recorded in the appropriate public records in a timely manner following their execution. Redeveloper or any successors in interest shall notify the City in advance of any additional financing secured by mortgage or similar lien instrument that it proposes to enter into with respect to the Project Site and Redeveloper Improvements and shall promptly notify the City of any encumbrance or lien that has been created on or attached to the Project Site and Redeveloper Improvements whether by voluntary act of Redeveloper or otherwise. Notwithstanding the above, if any involuntary encumbrance or lien is made on or attached to the Project Site and Redeveloper Improvements and which is contested by Redeveloper, then Redeveloper may defend against such encumbrance or lien, provided that a sufficient bond or security is posted with the Clerk of the district court pursuant to Neb. Rev. Stat. § 52-142 to avoid or prevent foreclosure of such encumbrance or lien.
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MORTGAGE FINANCING; RIGHTS OF MORTGAGEES 
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Related to MORTGAGE FINANCING; RIGHTS OF MORTGAGEES

  • Custody of Mortgage Documents Section 2.1. Custodian to Act as Agent;

  • Custody of Mortgage Loan Documents The originals of all of the Mortgage Loan Documents (other than the Non-Lead Securitization Note) (a) prior to the Lead Securitization will be held by the Initial Agent and (b) after the Lead Securitization, will be held by the Lead Securitization Note Holder (in the name of the Trustee and held by a duly appointed custodian therefor in accordance with the Lead Securitization Servicing Agreement), in each case, on behalf of the registered holders of the Notes.

  • Rights of Mortgagee This Lease shall be subject and subordinate to any mortgage now or hereafter on the Site, the Buildings, or the Complex, and to each advance made or hereafter to be made under any mortgage, and to all renewals, modifications, consolidations, replacements and extensions thereof and all substitutions therefor provided, however, that in consideration of and as a condition precedent to Tenant's agreement to subordinate this Lease with respect to mortgages hereafter placed on the Site shall be the receipt of a commercially reasonable non-disturbance agreement from and wherein the applicable mortgagee expressly recognizes the rights of Tenant under this Lease (including the right to use and occupy the Premises and to lease additional premises at the Complex) upon the payment of rent and other charges payable by Tenant under this Lease and the performance by Tenant of Tenant's obligations hereunder. In confirmation of such subordination and recognition, Tenant shall execute and deliver promptly such instruments of subordination and recognition as such mortgagee may reasonably request subject to receipt of such instruments of recognition from such mortgagee as Tenant may reasonably request. Tenant hereby appoints such mortgagee (from time to time) as Tenant's attorney-in-fact to execute such subordination upon default of Tenant in complying with such mortgagee's (from time to time) request. In the event that any mortgagee or its respective successor in title shall succeed to the interest of Landlord, then, this Lease shall nevertheless continue in full force and effect and, provided Tenant has received the non-disturbance agreement required under this Section 8.15, Tenant shall and does hereby agree to attorn to such mortgagee or successor and to recognize such mortgagee or successor as its landlord. If any holder of a mortgage which includes the Premises, executed and recorded prior to the date of this Lease, shall so elect, this Lease and the rights of Tenant hereunder, shall be superior in right to the rights of such holder, with the same force and effect as if this Lease had been executed, delivered and recorded, or a statutory notice hereof recorded, prior to the execution, delivery and recording of any such mortgage. The election of any such holder shall become effective upon either notice from such holder to Tenant in the same fashion as notices from Landlord to Tenant are to be given hereunder or by the recording in the appropriate registry or recorder's office of an instrument in which such holder subordinates its rights under such mortgage to this Lease. Landlord shall obtain and deliver to Tenant, as a condition of the effectiveness of this Lease, a non-disturbance agreement from the current mortgagee of the Premises and/or the Complex as of the date of this Lease, which said non-disturbance agreement shall be in the form attached hereto as Exhibit M (as the same may be modified by such changes as Tenant may request and such mortgagee may approve). Landlord represents and warrants to Tenant that Landlord is the fee simple owner of the Complex and, as of the date hereof, the Complex is not subject to any ground lease or xxxxxxxxx.

  • Proceeds of Mortgage Loan The proceeds of the Mortgage Loan have not been and shall not be used to satisfy, in whole or in part, any debt owed or owing by the Mortgagor to Seller or any Affiliate or correspondent of Seller, except in connection with a refinanced Mortgage Loan.

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

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