No Subordinate Financing Sample Clauses
The "No Subordinate Financing" clause prohibits the borrower from obtaining additional loans or liens that would be subordinate to the primary lender's interest in the property. In practice, this means the borrower cannot take out a second mortgage or any other form of junior debt secured by the same collateral without the primary lender's consent. This clause ensures that the primary lender maintains priority in the event of default, thereby protecting their security interest and reducing the risk of loss.
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No Subordinate Financing. Except as otherwise expressly approved by Lend▇▇ ▇▇ writing, no part of the Property is, or will become, subject to a second mortgage, deed of trust or other type of subordinate lien.
No Subordinate Financing. There is no subordinate financing on the Mortgaged Property.
No Subordinate Financing. The Mortgagor shall not execute or deliver, or suffer to exist, any pledge, security agreement, or mortgage (other than this Mortgage and the Permitted Encumbrances) covering all or any portion of the Mortgaged Property except as expressly permitted under Section 1014 of the Indenture.
No Subordinate Financing. Notwithstanding anything to the contrary contained in the Maker's venture agreement (the "MSDI Agreement"), in no event shall Maker be permitted to incur any additional indebtedness under the MSDI Agreement or otherwise on behalf of Maker.
No Subordinate Financing. Except as otherwise expressly approved by Beneficiary in writing, no part of any property subject to the Deed of Trust is, or will become, subject to a second mortgage, deed of trust or other type of subordinate lien.
No Subordinate Financing. Borrower covenants and agrees that it will not further encumber, mortgage, pledge, or grant a security interest in the Property or any part thereof or any direct or indirect interest therein. Borrower further covenants and agrees that it will not obtain any Property-Assessed Clean Energy financing (a “PACE Loan”) with respect to the Property.