Mortgaged Real Property Sample Clauses

Mortgaged Real Property. After giving effect to the recording of the Mortgages, real property identified on Schedule 1.1C shall be subject to a recorded first lien mortgage, deed of trust or similar security instrument (subject to Permitted Liens).

Mortgaged Real Property. 5.4.1 With respect to each real property of such Grantor subject to a Mortgage: (a) If any portion of any such property is located in an area identified as a special flood hazard area by the Federal Emergency Management Agency or other applicable agency, such Grantor shall maintain or cause to be maintained, flood insurance to the extent required by law. (b) Such Grantor shall comply with and conform to (i) all provisions of each insurance policy maintained with respect to such property pursuant to subsection 5.2.2, and (ii) all requirements of the insurers of such property applicable to such Grantor or such property or to the use, manner of use, occupancy, possession, operation, maintenance, alteration or repair of such property, except for such non-compliance or non-conformity as would not reasonably be expected to have a Material Adverse Effect. The Grantor shall not use or permit the use of such property in any manner that would reasonably be expected to result in the cancellation of, or to void coverage under, any insurance policy required to be maintained with respect to such property pursuant to subsection 5.2.2, except as would not reasonably be expected to have a Material Adverse Effect. (c) If such Grantor is in default of its obligations to obtain any such insurance policy required to be maintained with respect to such property pursuant to subsection 5.2.2, the result of which would reasonably be expected to have a Material Adverse Effect, then the Note Collateral Agent, at its option upon 10 days’ written notice to the Company, may effect such insurance from year to year at rates substantially similar to the rate at which the Company or any Subsidiary thereof had insured such property, and pay the premium or premiums therefor, and such Grantor or the Company shall pay to the Note Collateral Agent on demand such premium or premiums so paid by the Note Collateral Agent. 5.4.2 If such property, or any part thereof, shall be destroyed or damaged and the reasonably estimated cost thereof would exceed $50,000,000 the Company shall give prompt notice thereof to the Note Collateral Agent. All insurance proceeds paid or payable in connection with any damage or casualty to any property shall be applied in the manner specified in subsection 5.2.2. 5.4.3 Each Grantor that owns one or more of the real properties listed on Schedule 7 hereof agrees to use its commercially reasonable efforts to (a) deliver to the Note Collateral Agent the deliverables (which s...

Mortgaged Real Property. The Borrowers may elect to use the Mortgaged Real Estate to support the Letters of Credit Obligations upon satisfaction of the following conditions (collectively, the "Mortgaged Real Estate Conditions"): (1) The Agent shall receive the Borrowers' written notification not later than ninety (90) days after the Agreement Date of its election to use the Mortgaged Real Estate as support for the Letters of Credit Obligations; (2) The Agent shall receive the following documents in form satisfactory to the Agent in its sole discretion: (i) an executed Mortgage in form and substance satisfactory to the Agent, conveying to the Agent, for the benefit of itself and the Lenders, a first priority lien on the Mortgaged Real Estate, subject only to such prior liens as the Agent shall consent to in writing, (ii) an appraisal indicating a fair market value of the Mortgaged Real Estate in an amount of at least $5,000,000, performed at the sole cost and expense of the Borrowers by an appraiser retained by the Agent; (iii) an environmental audit and risk assessment performed at the sole cost and expense of the Borrowers by an environmental engineering company retained by the Agent; (iv) a mortgagee title insurance policy in favor of the Agent and the Lenders insuring such mortgage to create and convey such first priority lien, subject only to to such exceptions consented to by the Agent; and (v) such materials and other information concerning the Mortgaged Real Estate as the Agent may require, including, without limitation, (A) current and accurate surveys of the Mortgaged Real Estate satisfactory to the Agent, (B) zoning letters as to the zoning status of all of the Mortgaged Real Estate, and (C) owner's affidavits as to such matters relating to the Mortgaged Real Estate as the Agent may request.

Mortgaged Real Property. (i) a Mortgage encumbering each Mortgaged Real Property in favor of Collateral Agent, for the benefit of the Secured Parties, duly executed and acknowledged by each Loan Party that is the owner of or holder of any interest in such Mortgaged Real Property, and otherwise in form for recording or filing, as applicable, in the recording office of each county where each such Mortgaged Real Property is situated, together with such certificates, affidavits, questionnaires or returns as shall be required in connection with the recording or filing thereof to create a mortgage lien under applicable law, and financing statements relating to the fixtures located on such Mortgage Property, all of which shall be in form and substance reasonably satisfactory to Collateral Agent, and any other instruments necessary to grant a mortgage lien under the laws of any applicable jurisdiction; (ii) such consents, approvals, amendments, supplements, tenant subordination agreements (to the extent reasonably obtainable) or other instruments as shall reasonably be deemed necessary by the Collateral Agent in order for the owner or holder of the fee or leasehold interest constituting such Mortgaged Real Property to grant the Lien contemplated by the Mortgage with respect to such Mortgaged Real Property; provided, however, no subordination agreements shall be required with respect to the Existing Leases; (iii) evidence reasonably acceptable to the Collateral Agent of payment by Borrower of any mortgage recording taxes, fees, charges, costs and expenses required for the recording of the Mortgages referred to subparagraph (i) above; (iv) with respect to each Real Property owned by any of the Companies or Mortgaged Real Property, copies of all Leases in which Borrower or any Subsidiary holds the lessor’s interest or other agreements relating to possessory interests, if any; (v) Borrower and each Subsidiary shall have made all notification, registrations and filings, to the extent required by, and in accordance with, all Governmental Real Property Disclosure Requirements applicable to such Mortgaged Real Property; and (vi) casualty and property insurance reasonably acceptable to the Collateral Agent.

Mortgaged Real Property. All of each Borrower's right, title, and interest in and to any Land, Unit, Common Element, Interval, and other real property of any and every type, together with all easements and other appurtenances thereto, that is encumbered by the Lien of a Construction Mortgage or an Inventory Mortgage and located within an Applicable Resort.

Mortgaged Real Property. 39 SECTION 6 Remedial Provisions..........................................................................................40

Mortgaged Real Property. Except as set forth on Schedule 8.25(a) or as would not reasonably be expected to have a Material Adverse Effect, with respect to each Mortgaged Real Property, as of the Closing Date (a) there has been issued a valid and proper certificate of occupancy or other local equivalent, if any, for the use then being made of such Mortgaged Real Property to the extent required by applicable Requirements of Law and there is no outstanding citation, notice of violation or similar notice indicating that the Mortgaged Real Property contains conditions which are not in compliance with local codes or ordinances relating to building or fire safety or structural soundness and (b) except as set forth on Schedule 8.25(b), there are no material disputes regarding boundary lines, location, encroachment or possession of such Mortgaged Real Property and no Responsible Officer of Borrower has actual knowledge of any state of facts existing which could give rise to any such claim other than those that would not reasonably be expected to have a Material Adverse Effect; provided, however, that with respect to any Mortgaged Real Property in which Borrower or a Restricted Subsidiary has a leasehold estate, the foregoing certifications shall be to Borrower’s knowledge only.

Mortgaged Real Property. For each parcel of Mortgaged Real Property, the Administrative Agent shall have received the following: (i) an ALTA Loan Title Insurance Policy, issued by an insurer acceptable to the Agents, insuring the Administrative Agent's Lien on such Mortgaged Real Property and containing such endorsements as the Administrative Agent may reasonably require (it being understood that the amount of coverage (which coverage will not exceed the estimated fair market value of such Mortgaged Real Property), exceptions to coverage and status of title set forth in such policy shall be reasonably acceptable to the Agents); (ii) copies of all documents of record concerning such Mortgaged Real Property as shown on the commitment for the ALTA Loan Title Insurance Policy referred to above; (iii) loss payable and/or additional insured endorsements to the insurance policies required to be maintained with respect to such Mortgaged Real Property by this Agreement, the applicable Mortgage or any other Loan Document; (iv) a survey certified to the Administrative Agent meeting such standards as the Agents may reasonably establish and otherwise reasonably satisfactory to the Agents; and (v) a flood insurance policy concerning such Mortgaged Real Property, reasonably satisfactory to the Agents, if required by the Flood Disaster Protection Act of 1973.

Mortgaged Real Property. To the extent that any Building that is located on real property that is subject to (or is intended to be subject to) a Mortgage, the Borrower shall, or shall cause the relevant Subsidiary to, promptly provide the Administrative Agent (for distribution to the Lenders) such information as the Administrative Agent (on behalf of itself or any Lender) may reasonably request in order for the Administrative Agent (or such Lender) to obtain a standard life of loan flood hazard determination form for such property and otherwise confirm compliance with the Flood Insurance Laws. Notwithstanding anything in any Credit Document to the contrary, to the extent that any Credit Party is required to grant a Mortgage on any real property on which any Building is located (the “Additional Improved Real Property”), prior to the execution and delivery of such Mortgage with respect to such Additional Improved Real Property, the Administrative Agent shall provide to the Lenders (which may be delivered electronically) (i) a standard life of loan flood hazard determination form for such Additional Improved Real Property, and (ii) if such Additional Improved Real Property is in a special flood hazard area, (A) a notice acknowledged by the Borrower of that fact and (if applicable) that flood insurance coverage is not available and (B) if flood insurance is available in the community in which such Additional Improved Real Property is located, a policy of flood insurance in compliance with Flood Insurance Laws. To the extent that any such Additional Improved Real Property is subject to the provisions of the Flood Insurance Laws, upon the earlier of (i) twenty (20) Business Days from the date the information required by the immediately preceding sentence is provided to the Lenders and (ii) receipt by the Administrative Agent of a notice from each Lender (which may be delivered electronically) that such Lender has completed all necessary flood insurance diligence with respect to such Additional Improved Real Property, the Administrative Agent may permit the execution and delivery of the applicable Mortgage in favor of the Administrative Agent.

Mortgaged Real Property. Except for those certain properties described on Schedule 6.30, after giving effect to the recording of the Mortgages, all real property that is either owned in fee simple or leased pursuant to a ground lease having a term of at least fifteen (15) years by the Loan Parties (whether individually or collectively) and located in the United States shall be subject to a recorded first lien mortgage, deed of trust or similar security instrument (subject to Permitted Liens), except where the grant of such a lien (a) is legally impermissible, (b) is contractually prohibited (and waiver of such prohibition has not been obtained), or (c) would give rise to the obligation to create a Lien in favor of any other Person as set forth in Schedule 6.30 hereto.