Mortgage Situation Clause Samples

Mortgage Situation. The mortgage situation of the Commercial House is as 2 below. 1. The Commercial House is not encumbered with mortgage. 2. The Commercial House is already encumbered with mortgage. The mortgagee is Beijing Jianguomen Branch of Huaxia Bank Co., Ltd., the mortgage registration department is Beijing State-owned Land and Resources Administration Chaoyang Branch, and the date of mortgage registration is March 1, 2006. Please refer to Appendix 3 for the relevant provisions about mortgage.

Mortgage Situation. The property is sold to be handed over free from all preferential and mortgage charges and of any impediments of any kind. This sale is agreed to under the suspensive condition that any registered creditors or transcribed creditors who have executed an attachment, as shown in the mortgage schedule or any notifications/ services or transfers of receivables executed by the notary drawing up the deed, agree to grant discharge no later than the time of signature of the official deed of sale. This condition is stipulated in the interests of the purchaser, who is the only party entitled to avail itself thereof. Consequently, the purchaser agrees that the notary drawing up the deed shall deduct from the selling price any monies necessary to pay off preferential and mortgage creditors, and it therefore waives the benefit of Article 1653 of the Civil Code. The seller shall notify, as soon as possible, the notary appointed to execute the official deed of sale, of any mortgage registration(s) and record(s) of attachments, mortgage mandate(s) or other types of mandate encumbering the property sold, including any that it becomes aware of between the date hereof and that of the deed of sale.