Mortgage Requirements Clause Samples

Mortgage Requirements. Insurance shall be maintained in a manner consistent with the terms and conditions of any Mortgage and any conflict between those terms and conditions and the provisions of this Agreement shall be resolved in favor of the Mortgage.

Mortgage Requirements. No later than 90 days following the Tranche B-11 Effective Date, the Borrower shall deliver or cause to be delivered to the Collateral Agent: (a) No Mortgage Amendment Necessary

Mortgage Requirements. Actions as to damage or destruction and condemnation shall be taken only in a manner that is consistent with the terms and conditions of the Mortgage and any conflict between those terms and conditions and the provisions of this Agreement shall be resolved in favor of the Mortgage.

Mortgage Requirements. Landlord represents to Tenant that on the date this Lease is executed, the premises are not encumbered by or subject to any mortgages, deeds of trust, or ground leases. This Lease shall, however, be subject and subordinate at all times to all ground or underlying leases which may hereafter be executed affecting the building and/or the land upon which the building is situated and to the lien of any mortgages or deeds of trust in any amount or amounts whatsoever hereafter placed on or against said building and/or land or on or against the Landlord's interest or estate therein or on or against any ground or underlying lease without the necessity of having further instruments on the part of Tenant to effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver, upon demand, such further reasonable instruments evidencing such subordination of this Lease to such ground or underlying leases and to the lien of any such mortgages or deeds of trust as may be required by Landlord. Tenant hereby irrevocably appoints Landlord the attorney in fact of the Tenant to execute and deliver any such instrument or instruments for or in the name of Tenant. In the event any mortgagee shall elect to have this Lease a prior lien to its mortgage, then and in such event, upon such mortgagee notifying the Tenant in writing to that effect, this Lease shall have priority of the lien of such mortgage to the same extent as if the same have been placed on record prior to such mortgage. In the event of any sale, assignment or hypothecation of the building of which the premises are a part, and/or of any leasehold interest therein by Landlord, if a statement shall be required from Tenant as to offsets against the Landlord, Tenant agrees to furnish said statement to the party demanding the same accurately and promptly. In the event of termination of any ground or underlying lease, or in the event of sale, foreclosure or exercise of any power of sale under any mortgage or deed of trust superior to this Lease or to which this Lease is subject or subordinate, Tenant covenants and agrees that it will, upon request by the purchaser, attorn to the purchaser upon any foreclosure or sale and recognize such purchaser as the Landlord under this Lease, it being the intent hereof that if this Lease should be terminated by such foreclosure or sale, it shall, upon request by the purchaser be reinstated as a lease between the purchaser and the Tenant. Tenan...

Mortgage Requirements. The Land Commission and the Comprehensive Housing Division shall jointly develop rules governing the requirements of mortgages entered into by the Comprehensive Housing Division. At a minimum, the Land Commission and the Comprehensive Housing Division shall ensure that the mortgage requirement rules:

Mortgage Requirements. (a) With respect to any Real Property (other than Excluded Real Property) acquired after the Effective Date and owned in fee by a Loan Party, within 90 days of the acquisition thereof, such Loan Party shall deliver to the Administrative Agent or its designee (such Person, the “Applicable Person”) a security interest in and Mortgage on each Real Property owned in fee by such Loan Party and, with respect to any Excluded Real Property described in clause (i) or clause (ii) of the definition thereof, within 90 days of the filing or recording of a subdivision plat, map or similar instrument, or the supplemental declaration, as the case may be, with respect to the applicable Entitled Land, the applicable Loan Party shall deliver to the Applicable Person a security interest in and Mortgage on such Entitled Land (which, in the case of such clause (ii) shall cover individual condominium units) and such Entitled Land shall no longer constitute Excluded Real Property. (b) The Administrative Borrower shall use its commercially reasonable efforts to cause each such Mortgage to be recorded in the appropriate land records of the applicable Governmental Authority within 30 days of the date of delivery of such Mortgage pursuant to Section 6.17(a). At the time the Administrative Borrower delivers a monthly Borrowing Base Certificate to the Administrative Agent, the Administrative Borrower shall also provide or cause to be provided to the Administrative Agent a reasonably detailed status report of the recording process with respect to such Mortgages. (c) The Administrative Borrower shall use its commercially reasonable efforts to cause the Mortgage Requirements (other than clause (ii) of the definition of “Mortgage Requirements”) with respect to each Mortgage delivered pursuant to Section 6.17(a) to be fully satisfied, at the sole expense of the Loan Parties, within 60 days of the date of delivery of such Mortgage. (d) Simultaneously with delivery of a Borrowing Base Certificate calculated as of the end of each March, June, September and December, the Administrative Borrower shall provide a recalculation of the Required Title Insurance Amount with respect to each ALTA lender’s policy of title insurance insuring a Mortgage (other than a Mortgage of Real Property located in the state of Texas) and if the amount of such policy is less than the Required Title Insurance Amount for such policy taking into account applicable tie-in endorsements, the Administrative Borrower shall wi...

Mortgage Requirements. The following conditions (the “Mortgage Requirements”) will be satisfied at the expense of the Borrowers in connection with the granting of any Mortgage: (i) the Mortgage will be recorded in the appropriate land records of the applicable Governmental Authority, provided that in connection with such recording, subject to the prior approval of the Administrative Agent, the Borrowers may undertake customary procedures to reduce mortgage recording, transfer, documentary stamp, intangible and similar taxes to be imposed as a result of such recording; (ii) the Mortgage will provide, so long as no Event of Default has occurred and is continuing, for the release from the Lien of such Mortgage (A) of any Unit upon payment of a release price equal to the net sales proceeds under a Contract for Sale for the applicable Unit and (B) any Finished Lots, Land/Lots Under Development and Unimproved Land without release consideration as set forth in Section 6.15(c); (iii) determination of appraised value by a third party independent appraiser meeting FIRREA requirements and selected by the Administrative Agent (for the account of the Lenders) based upon FIRREA requirements, including, where appropriate, standards for mass appraisals, and otherwise in form and substance satisfactory to the Administrative Agent; provided that (A) no determination of appraised value shall be required with respect to any Sold Home and (B) determination of value of Finished Lots, Land/Lots Under Development and Unimproved Land shall be required only to the extent such Finished Lot, Land/Lots Under Development or Unimproved Land is a Borrowing Base Asset; (iv) a Phase I environmental reports reviewed (and, as appropriate, updated) by an independent environmental consultant retained by the Administrative Agent on behalf of the Lenders, in form and substance satisfactory to the Administrative Agent; (v) a fully paid ALTA lender’s policy of title insurance (which may initially be in the form of a “marked-up” title commitment or pro forma policy, provided that the final policy is delivered within a reasonable time thereafter) an amount equal to the amount of the Mortgage, showing no exceptions that would materially impair the value of the applicable Mortgaged Property, containing customary endorsements and otherwise in form and substance satisfactory to the Administrative Agent, insuring the applicable Mortgage to be a valid first and subsisting Lien on the applicable Mortgaged Property; (vi) a certif...

Mortgage Requirements. This Lease and all rights of Lessee --------------------- under this Lease are hereby subordinate hereunder to any lien of any mortgage or mortgages or lien or other security interest resulting from any other method of financing or refinancing, now or hereafter in force against the Leased Property. The provisions of this Article notwithstanding, so long as Lessee is not in default hereunder, this Lease shall remain in full force and effect for the full term hereof and shall not be terminated as a result of any foreclosure or sale or transfer in lieu of such proceedings pursuant to a mortgage or other instrument to which Lessee has subordinated its rights pursuant hereto. In the event of the sale or assignment of Lessor's interest in the Leased Property, or in the event of any proceeding brought for the foreclosure of, or in the event of exercise of the power of sale under any mortgage or other security instrument made by Lessor covering the Leased Property, Lessee shall attorn to the assignee or purchaser and recognize such purchaser as Lessor under this Lease.

Mortgage Requirements. No later than 90 days following the Tranche B-9 Effective Date, the Borrower shall deliver or cause to be delivered to the Collateral Agent: (a) No Mortgage Amendment Necessary Written or e-mail confirmation from local counsel in the jurisdiction in which the Mortgaged Property is located substantially to the effect that: (i) the recording of the existing Mortgage (and any related fixture filing) is the only filing or recording necessary to give constructive notice to third parties of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by this Agreement and the other documents executed in connection herewith, for the benefit of the Secured Parties, and (ii) no other documents, instruments, filings, recordings, re-recordings, re-filings or other actions, including, without limitation, the payment of any mortgage recording taxes or similar taxes are necessary or appropriate under applicable law in order to maintain the continued enforceability, validity or priority of the lien created by such Mortgage as security for the Obligations, including the Obligations evidenced by this Agreement and the other documents executed in connection herewith, for the benefit of the Secured Parties, unless any such mortgage recording taxes are payable in connection with the transactions contemplated by this Agreement, in which case such written confirmation shall so state; or, for any Mortgage recorded in a jurisdiction in which local counsel is unable to provide the foregoing written or email confirmation, with respect to such Mortgage, the deliverables listed in Section 5(b) below.