New Real Property Clause Samples
The "New Real Property" clause defines how newly acquired or constructed real estate is treated under the agreement. It typically outlines the process for notifying the other party about the acquisition, the conditions under which the new property becomes subject to the agreement, and any requirements for documentation or approval. This clause ensures that any additions to the real estate portfolio are properly integrated into the contractual relationship, preventing disputes over coverage and maintaining clarity regarding the parties' rights and obligations concerning new properties.
New Real Property. If any Credit Party acquires at any time or times hereafter any fee simple interest in real property, then within ninety (90) days of the acquisition thereof such Credit Party shall execute and deliver to Agent, as additional security and Collateral for the obligations, deeds of trust, security deeds, mortgages or other collateral assignments reasonably satisfactory in form and substance to Agent and its counsel (herein collectively referred to as “New Mortgages”) covering such real property. The New Mortgages shall be duly recorded (at the Credit Parties’ expense) in each office where such recording is required to constitute a valid lien on the real property covered thereby. In respect of any New Mortgage, Credit Parties shall deliver to Agent, at Credit Parties’ expense, mortgagee title insurance policies issued by a title insurance company reasonably satisfactory to Agent, which policies shall be in form and substance reasonably satisfactory to Agent and shall insure a valid lien in favor of Agent on the property covered thereby, subject only to Permitted Liens and those other exceptions reasonably acceptable to Agent and its counsel. Credit Parties shall also deliver to Agent such other usual and customary documents, including ALTA surveys of the real property described in the New Mortgages, as Agent and its counsel may reasonably request relating to the real property subject to the New Mortgages.
New Real Property. Debtor may acquire real property within the continental United States provided Debtor (a) gives Secured Party sixty (60) days prior written notice from Debtor of the intended acquisition of real property and (b) executes and delivers, or causes to be executed and delivered, to Secured Party such agreements, documents, and instruments as Secured Party may deem necessary or desirable.
New Real Property. Upon the request of Lender, Borrower Representative shall provide and shall cause each Subsidiary of Parent to provide Lender with copies of all material leases or similar agreements (and all amendments thereto) entered into by Parent or any Subsidiary of Parent after the Funding Date, whether as lessor or lessee. Parent shall and shall cause the appropriate Subsidiary: