Common use of Multiple Mortgages Clause in Contracts

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Section 18 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 18, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 and holders of junior Mortgages have provided written notice to the Agency under Section 18.4. No failure by the senior Mortgagee to exercise its rights under this Section 18 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or Mortgagee’s rights under this Section 18. For purposes of this Section 18.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San Francisco, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Section 18 Article 20 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 18Article 20, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 Article 20 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 Article 20 and holders of junior Mortgages have provided written notice to the Agency under Section 18.420.4. No failure by the senior Mortgagee to exercise its rights under this Section 18 Article 20 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or any Mortgagee’s rights under this Section 18Article 20. For purposes of this Section 18.820.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San FranciscoCity, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site Property or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Section 18 13 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 1813, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 13 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 13 and holders of junior Mortgages have provided written notice to the Agency under Section 18.413.4. No failure by the senior Mortgagee to exercise its rights under this Section 18 13 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Vertical Developer’s or any Mortgagee’s rights under this Section 1813. For purposes of this Section 18.813.9, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San FranciscoCity, setting forth the order of priorities of the liens of Mortgages on real property property, may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien with respect to such portion or interest of the Mortgagee prior in time to all others on that portion of the mortgaged property or interest shall be vested with the rights under this Section 18 Article 10 to the exclusion of the holder of any other MortgageMortgage with respect to such portion or interest; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 18Article 10, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 Article 10 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 Article 10 and holders of junior Mortgages have provided written notice to the Agency City under Section 18.410.3. No failure by the senior Mortgagee to exercise its rights under this Section 18 Article 10 and no delay in the response of any Mortgagee to any notice by the Agency City shall extend any cure period or Developer’s or any Mortgagee’s rights under this Section 18Article 10. For purposes of this Section 18.810.8, in the absence of an order of a court of competent jurisdiction that is served on the AgencyCity, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San FranciscoCity, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency City as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Section 18 Article 20 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 18Article 20, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 Article 20 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 Article 20 and holders of junior Mortgages have provided written notice to the Agency Authority under Section 18.420.4. No failure by the senior Mortgagee to exercise its rights under this Section 18 Article 20 and no delay in the response of any Mortgagee to any notice by the Agency Authority shall extend any cure period or Developer’s or any Mortgagee’s rights under this Section 18Article 20. For purposes of this Section 18.820.8, in the absence of an order of a court of competent jurisdiction that is served on the AgencyAuthority, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San FranciscoCity, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency Authority as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Section 18 Article 20 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Section 18Article 20, each holder of a junior Mortgage shall succeed to the rights set forth in this Section 18 Article 20 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Section 18 Article 20 and holders of junior Mortgages have provided written notice to the Agency under Section 18.420.4. No failure by the senior Mortgagee to exercise its rights under this Section 18 Article 20 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or any Mortgagee’s rights under this Section 18Article 20. For purposes of this Section 18.820.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City of San FranciscoCity, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.