Mortgage Modification. If a mortgagee of the Building requests modifications to this Lease as a condition to disbursing any monies to be secured by the mortgage, Tenant agrees that within ten (10) business days after request by the mortgagee Tenant will execute, acknowledge and deliver to the mortgagee an agreement, in form and substance reasonably satisfactory to the mortgagee, evidencing such modifications, provided they do not increase Tenant’s obligations under this Lease reduce its rights or adversely affect the leasehold interest created by this Lease.
Mortgage Modification. This Agreement constitutes a “modification” of the Mortgage as defined in P.L. 1985, c. 353 (N.J.S.A. 46:9-8.1 et seq.) and is subject to the priority provisions of said law.
Mortgage Modification a. If the mortgagor has f ully complied with the terms of this Arrangement and HUD has determined that it is financially feasible, as of January 1, 2003 HUD agrees to recast the then existing mortgage and accrued interest at 10 1/2% percent interest amortized over the remaining term of the mortgage (11-30-22).
b. The mortgagor agrees to modify the note and mortgage to insert a call provision. The call provision gives the mortgagee the option to declare the entire indebtedness due and payable at or after (ten years) (the longer of ten years or the remaining term of the Section 8 contract) from the date of the modification.
Mortgage Modification. The Mortgage is hereby modified as follows:
4.1 On the third page of the Mortgage, the reference to “Txxxxxxx Xxxx Residential, Txxxxxxx Xxxx, Crow, TCR, Alexan and the TCR logo, and variants of those names and logos and the good will associated therewith and any written or printed materials that contains any of such name or logos” is deleted and replaced with the following “Bluerock Real Estate, LLC and all derivatives thereof”.
4.2 The reference to “Axxxxx Xxxxxxxxx Beach” in Section 2.1.1 of the Mortgage is deleted and replaced with the following “The Preserve at Hxxxxxxxx Beach”.
4.3 The reference to “Fidelity National Title Insurance Company” in Section 2.1.2 of the Mortgage is deleted and replaced with the following “Sxxxxxx Title Guaranty Company”. Additionally, the reference to “Order Nx. 0000000 (Xxxxxxxxx Xxxxx)” in Section 2.1.2 is deleted and replaced with “Order No. MTAFL-108176”.
4.4 The reference in the third sentence of Section 2.1.8 of the Mortgage to the “property condition report” shall be deemed to refer to the new property condition report delivered to Lender from New Borrower dated December 28, 2015.
4.5 A new Section 2.1.9 shall be inserted as follows:
Mortgage Modification. The Mortgage Spreader and Release Agreement (BLA) by Borrower, NYTC Member and New FC Member in favor of Agent for the benefit of Agent and Lender, dated as of even date herewith.
Mortgage Modification. Insures Lender against loss or damage due to the invalidity of the insured mortgage due to the modification; and • Insures Lender against loss or damage due to the lack of priority of the insured mortgage • Similar to the Alta 11‐06 and provides additional coverage for loss or damage by reason of an intervening lien that has purportedly been subordinated by recorded agreement in connection with the modification. • Similar to the Alta 11‐06 and provides for an increase in the amount of insurance.
Mortgage Modification. Concurrently with the execution of this Forbearance Agreement, Borrower and the Bank shall execute a Mortgage Modification Agreement, in form acceptable to the Bank and the Bank's counsel in their sole discretion, confirming the lien of the Mortgage and incorporating the terms of this Forbearance Agreement.
Mortgage Modification. If a mortgagee of the Building requests modifications to this Lease which do not impact upon or impair the Tenant's rights under this Lease, including, but not limited to, the right of peaceful and quiet enjoyment, then, provided such modifications are reasonably acceptable to Tenant, as a condition to disbursing any monies to be secured by the mortgage, Tenant agrees that within seven (7) days after request by the mortgagee Tenant will execute, acknowledge and deliver to the mortgagee an agreement, in form and substance reasonably satisfactory to the mortgagee, evidencing such modifications, provided that they are reasonably acceptable to Tenant and do not increase Tenant's obligations under this Lease or materially adversely affect the leasehold interest created by this Lease.
Mortgage Modification. On or before April 10, 2005, the Borrower shall (a) execute and deliver to the Agent a modification of the Mortgage in form and substance acceptable to the Agent, which modification will reflect the changes made to the Commitments by the Sixth Amendment hereto, and (b) cause to be delivered to the Agent a title insurance endorsement insuring that the Mortgage continues to be valid and enforceable after the recording of such mortgage modification, with the same priority that it had prior to the execution of the Sixth Amendment hereto.
(p) The form of Exhibit C-1 is deleted in its entirety and replaced with Exhibit C-1 attached to this Amendment.
2. The amendments set forth in Section 1 hereof shall become effective as of the date that the following conditions shall have been satisfied (the date that such amendments take effect being the "Amendment Effective Date"), provided, however, that the amendments set forth in Section 1 hereof shall not take effect unless such conditions have been satisfied on or before March 31, 2005.
(a) The Lenders shall have executed this Amendment and shall have received a copy of this Amendment duly executed by the Borrower, the Borrowing Subsidiaries and the Guarantors.
(b) The Borrower shall have paid to counsel for the Agent the amount of reasonable fees and disbursements owed to such counsel in connection with the Credit Agreement, this Agreement and matters related hereto and thereto, and the Borrower shall have paid the fees and disbursements owed to any consultants retained by the Agent in connection with the Credit Agreement and the Loans.
3. Except as amended, modified or supplemented by this Amendment, all of the terms, conditions, covenants, provisions, representations, warranties and conditions of the Credit Agreement shall remain in full force and effect and are hereby acknowledged, ratified, confirmed and continued as if fully restated hereby.
4. The invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of any other term or provision hereof or contained in the Credit Agreement.
5. It is the intention of the parties hereto that this Amendment shall not constitute a novation and shall in no way adversely affect or impair performance of the obligations of the Borrower under the Credit Agreement.
6. Regardless of whether the conditions in Section 2 hereof are satisfied and whether or not the amendments in Section 1, the Borrower hereby confirms and ratifies the O...
Mortgage Modification. As of the Sale Date, the terms of each Mortgage have not been modified, no party thereto has been released in whole or in part, and no part of the Mortgaged Property has been released, except as was approved by the applicable Agency, or was allowed by Agency Requirements. As of the Sale Date, the full original principal amount of each Mortgage has been advanced as provided for in the Mortgage Loan documents, and there is no requirement for any future advances.
