Mortgage of the Mortgaged Property Sample Clauses

Mortgage of the Mortgaged Property. The Mortgagor hereby mortgages all of the Mortgagor’s estate and interest in the Mortgaged Property as continuing collateral security for the payment to the Mortgagee: (a) on demand of the Indebtedness after Default in accordance with the provisions of Article 7 hereof, despite any change in the nature or form, or the repayment and readvance from time to time of the whole or any part of the Indebtedness, or the renewal, exchange or substitution of any promissory note, xxxx of exchange or other instrument evidencing the whole or any portion of the Indebtedness, but the security hereby granted shall be limited to the aggregate of the Principal, plus Interest at the Interest Rate and the Mortgagor’s Obligations; (b) of all the Mortgagor’s Obligations; and (c) of all Interest at the Interest Rate on the Indebtedness and all of the Mortgagor’s Obligations.
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Mortgage of the Mortgaged Property. The Mortgagor hereby mortgages all of the Mortgagor’s estate and interest in the Mortgaged Property as continuing collateral security for the payment to the Mortgagee:
Sample 1
Mortgage of the Mortgaged Property. RELATING TO THE FACILITY (a) Sierra is currently negotiating an amendment to, and extension of, that certain Commercial Lease No.03-98637 dated April 18, 1991 by and between the State of Arizona, as lessor (by and through the Arizona State Land Department) and Sierra Tucson AC, Inc., as lessee, covering that portion of the Mortgaged Property relating to the Facility (the "Ground Lease"), which Ground Lease was assigned to Sierra pursuant to that certain Assignment of Lease dated as of November 13, 1996, but which Assignment of Lease requires the consent of the State of Arizona thereto. The terms and conditions of: (i) proposed modification and extension of the Ground Lease (the "Amendment"); and (ii) any required consents from the State of Arizona, as lessor or otherwise (collectively, the "Consent"), shall be subject to approval by Lender, and each shall be fully executed, effective and recorded on or before the date that is 150 days after the date hereof. Upon the execution of the Amendment and the Consent and in no event later than 150 days after the date hereof, Borrower shall deliver to Lender with respect to the Mortgaged Property relating to the Facility, in form and substance required by Lender: (A) such certificates of Sierra and its managing member with respect to their respective organizational documents, respective authorizations to take all necessary actions and execute all necessary documents and instruments required by this Section and incumbencies of their respective signatories; (B) certificates of the Secretary of State of each of the States of Delaware and Arizona dated within thirty days of the execution of the Amendment and Consent, certifying to the good standing of Sierra and its managing member in such respective jurisdictions; (C) a Deed of Trust, Assignment of Leases and Rents and Security Agreement securing the amount of the Loan and an Assignment of Leases and Rents, in each case from Sierra for the benefit of Lender, and such other documents or instruments, including, without limitation, UCC-1 Financing Statements, reasonably necessary for Lender to hold a first priority lien on, and security interest in, the Mortgaged Property relating to the Facility; (D) such assurances and subordination of interests from each holder of an interest in the Mortgaged Property relating to the Facility, and each holder of any mortgage encumbering any such interest; (E) certified copies of all non-residential leases with tenants, including all gu...
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Mortgage of the Mortgaged Property. NOW THEREFORE, to secure the payment of an indebtedness in the principal sum of and /100 Dollars ($ ), lawful money of the United States of America, to be paid with interest (said indebtedness, interest and all other sums which may or shall become due hereunder or secured hereby, collectively, the “Debt”) according to a certain Note dated the date hereof given by the Mortgagor to the Mortgagee (the “Note”), the Mortgagor hereby mortgages to the Mortgagee, and grants the Mortgagee a security interest in, all right, title and interest of the Mortgagor now owned, or hereafter acquired, in and to the following property, rights and interests (such property, rights and interests, collectively, the “Mortgaged Property”):
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Related to Mortgage of the Mortgaged Property

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Occupancy of the Mortgaged Property As of the related Closing Date the Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. The Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor's primary residence;

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Photograph of the Mortgaged Property Survey of the Mortgaged Property, unless a survey is not required by the title insurer.

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

  • Type of Mortgaged Property With respect to a Mortgage Loan that is not a Co-op Loan and is not secured by an interest in a leasehold estate, the Mortgaged Property is a fee simple estate that consists of a single parcel of real property with a detached single family residence erected thereon, or a two- to four-family dwelling, or an individual residential condominium unit in a condominium project, or an individual unit in a planned unit development (or, with respect to each Co-op Loan, an individual unit in a residential cooperative housing corporation); provided, however, that any condominium unit, planned unit development or residential cooperative housing corporation shall conform with the Underwriting Guidelines. No portion of the Mortgaged Property (or underlying Mortgaged Property, in the case of a Co-op Loan) is used for commercial purposes, and since the date of origination, no portion of the Mortgaged Property has been used for commercial purposes; provided, that Mortgaged Properties which contain a home office shall not be considered as being used for commercial purposes as long as the Mortgaged Property has not been altered for commercial purposes and is not storing any chemicals or raw materials other than those commonly used for homeowner repair, maintenance and/or household purposes. None of the Mortgaged Properties are Manufactured Homes, log homes, mobile homes, geodesic domes or other unique property types. This representation and warranty is a Deemed Material and Adverse Representation;;

  • Entry on Mortgaged Property Enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon. If Mortgagor remains in possession of the Mortgaged Property following the occurrence and during the continuance of an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

  • Releases of Mortgaged Property Except as described in the next sentence, no Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property that was included in the appraisal for such Mortgaged Property, and/or generates income from the lien of the related Mortgage except upon payment in full of all amounts due under the related Mortgage Loan or in connection with the defeasance provisions of the related Note and Mortgage. The Mortgages relating to those Mortgage Loans identified on Schedule A hereto require the mortgagee to grant releases of portions of the related Mortgaged Properties upon (a) the satisfaction of certain legal and underwriting requirements and/or (b) the payment of a predetermined or objectively determinable release price and prepayment consideration in connection therewith. Except as described in the first sentence hereof and for those Mortgage Loans identified on Schedule A, no Mortgage Loan permits the full or partial release or substitution of collateral unless the mortgagee or servicer can require the Borrower to provide an opinion of tax counsel to the effect that such release or substitution of collateral (a) would not constitute a "significant modification" of such Mortgage Loan within the meaning of Treas. Reg. ss.1.1001-3 and (b) would not cause such Mortgage Loan to fail to be a "qualified mortgage" within the meaning of Section 860G(a)(3)(A) of the Code.

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