Common use of New Mortgages Clause in Contracts

New Mortgages. The Administrative Agent shall have received, with respect to each Mortgaged Property (other than any Mortgaged Property that was subject to a Mortgage in favor of Collateral Agent prior to the Restatement Date), each of the following (except as otherwise set forth on Schedule 8.17), in form and substance reasonably satisfactory to the Administrative Agent: (i) an executed Mortgage; (ii) evidence that a counterpart of such Mortgage has been recorded, or that arrangements for recording reasonably satisfactory to Administrative Agent have been made, in the place necessary, in the Administrative Agent’s reasonable judgment, to create a valid and enforceable first priority Lien in favor of the Administrative Agent for the benefit of itself, the Lenders and the other Secured Parties; and (iii) an ALTA or other mortgagee’s title insurance policy with respect to such Mortgage.

New Mortgages. The Administrative Agent shall have received, with respect to each Mortgaged Property (other than any Mortgaged Property that was subject to a Mortgage in favor of the Collateral Agent prior to the Restatement Date), each of the following (except as otherwise set forth on Schedule 8.178.178.15), in form and substance reasonably satisfactory to the Administrative Agent: (i) an executed Mortgage; (ii) evidence that a counterpart of such Mortgage has been recorded, or that arrangements for recording reasonably satisfactory to the Administrative Agent have been made, in the place necessary, in the Administrative Agent’s reasonable judgment, to create a valid and enforceable first priority Lien in favor of the Administrative Agent for the benefit of itself, the Lenders and the other Secured Parties; and (iii) an ALTA or other mortgagee’s title insurance policy with respect to such Mortgage.