Mortgage Holders Sample Clauses
Mortgage Holders. Grantor and Grantee agree that the rights of holders of mortgages, deeds of trust, security deeds and similar encumbrances of the Property recorded after recordation of this Agreement (collectively, "Mortgagees") are subject and subordinate at all times to the rights of Grantee to enforce this Easement. The following provisions apply to all Mortgagees hereafter creating a mortgage, deed of trust, security deed or similar encumbrance (collectively, "Mortgage") on the Property:
a) If a Mortgage grants to a Mortgagee the right to receive the proceeds of condemnation proceedings arising from any exercise of power of eminent domain as to all or any part of the Property or the right to receive insurance proceeds as a result of any casualty, hazard, or accident occurring to or about the Property, the Mortgagee shall have a prior claim to the insurance and condemnation proceeds and shall be entitled to same in preference to Grantee until the Mortgage is satisfied and discharged, notwithstanding that the Mortgage is subordinate in priority to the Easement.
b) If a Mortgagee receives an assignment of the leases, rents, and profits of the Property as security or additional security for a loan, then the Mortgagee shall have a claim to the leases, rents, and profits of the Property and shall be entitled to receive same in preference to Grantee until said Mortgagee’s debt is paid off, notwithstanding that the Mortgage is subordinate to the Easement.
c) Until a Mortgagee or purchaser at foreclosure obtains ownership of the Property following foreclosure of its Mortgage or deed in lieu of foreclosure, the Mortgagee or purchaser shall have no obligation, debt, or liability under the Easement.
d) Before exercising any right or remedy due to breach of the Agreement except the right to enjoin a violation hereof, Grantee may give all Mortgagees of record written notice describing the default and the Mortgagees shall have sixty (60) days thereafter to cure or cause a cure of the default.
e) Nothing contained in the above paragraphs or in the Agreement shall be construed to give any Mortgagee the right to extinguish this Agreement by taking title to the Property by foreclosure or otherwise.]
Mortgage Holders a) The term mortgage holder includes trustee.
b) We will pay for covered damage to buildings or structures to each mortgage holder shown in the Declarations in their order of precedence, as interests may appear.
c) The mortgage holder has the right to receive loss payment even if the mortgage holder has started foreclosure or similar action on the building or structure.
d) If we deny your claim because of your acts or because you have failed to comply with the terms of this Policy, the mortgage holder will still have the right to receive loss payment if the mortgage holder:
i. Pays any premium due under this Policy at our request if you have failed to do so;
ii. Submits a signed, sworn proof of loss within 60 days after receiving notice from us of your failure to do so; and
iii. Has notified us of any change in ownership, occupancy, or substantial change in risk known to the mortgage holder. All the terms of this Coverage Part will then apply directly to the mortgage holder.
e) If we pay the mortgage holder for any damage and deny payment to you because of your acts or because you have failed to comply with the terms of this Coverage Part:
i. The mortgage holder’s rights under the mortgage will be transferred to us to the extent of the amount we pay; and
ii. The mortgage holder’s right to recover the full amount of the mortgage holder’s claim will not be impaired. At our option, we may pay to the mortgage holder the whole principal on the mortgage plus any accrued interest. In this event, your mortgage and note will be transferred to us, and you will pay your remaining mortgage debt to us.
f) If we cancel this policy, we will give written notice to the mortgage holder at least:
Mortgage Holders. Except as set forth on Schedule 2.17(h), each Owned Mortgage Loan was originated by an entity that is supervised and examined by a federal or state authority or by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. To the knowledge of the Company, all Persons that have had any interest in an Owned Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were)
Mortgage Holders. Except as set forth on Schedule 4.23(h), each Owned Mortgage Loan was originated by an entity that is supervised and examined by a federal or state authority or by a mortgagee approved by the Secretary of Housing and Urban Development pursuant to Sections 203 and 211 of the National Housing Act. To the knowledge of the Borrower, all Persons that have had any interest in an Owned Mortgage Loan, whether as mortgagee, assignee, pledgee or otherwise, are (or, during the period in which they held and disposed of such interest, were)
(1) in compliance with all applicable law (including all applicable licensing requirements of the laws of the state in which the Mortgage Collateral securing an Owned Mortgage Loan is located), and (2) (A) organized under the laws of the state in which the Mortgage Collateral securing such Owned Mortgage Loan is located, (B) qualified to do business in such state, (C) a federal savings and loan association or national bank having principal offices in such state, or (D) not doing business in such state. To the knowledge of the Borrower, no act or acts by any Person which has had an interest in any Owned Mortgage Loan will render the Owned Mortgage Loan or Mortgage Loan Documents unenforceable, in whole or in part, or subject to any right of rescission, and no such right of rescission has been asserted or, to the knowledge of the Borrower, threatened with respect thereto.