Notes and Mortgages Sample Clauses

Notes and Mortgages. The original Note, if available, shall be delivered to Purchaser as part of the Collateral File. The original Note will subsequently be endorsed ―Pay to the order of [Purchaser Name], without recourse‖ and signed by facsimile or manual signature by HUD. If the original Note is not available, a lost note affidavit or bailee letter (if applicable) and assignment shall be executed and delivered to the Purchaser (along with a copy of the Note, if available) by HUD. For Mortgage Loans not registered in MERS, HUD also shall deliver to Purchaser as part of the Collateral File an Assignment of Mortgage setting forth the assignment of the Mortgage to HUD and an Assignment of Mortgage setting forth the assignment of the Mortgage by HUD to Purchaser. For Mortgage Loans not registered in MERS, Purchaser (at its expense) shall deliver or shall cause to be delivered both such Assignments of Mortgage for recordation, in the proper order, within thirty (30) Business Days after receipt by Purchaser from HUD. Purchaser shall (or shall cause the New Servicer to) review the Collateral File immediately upon delivery and, within sixty (60) calendar days after receipt of the Collateral File by Purchaser, notify HUD in writing of any documents missing there from and any endorsements missing from the Note (including endorsements required to reflect transfers occurring prior to the transfer to HUD). If Purchaser fails to identify and provide notice to HUD of any deficiencies in the Collateral File in accordance with the preceding sentence, Purchaser shall be deemed to have waived any rights it may have against HUD for such deficiencies (including any rights it may have had under Section 3.05. For each Associated PPC Loan, if so requested by HUD, Purchaser (at its expense) shall deliver or shall cause to be delivered to HUD an Assignments of Mortgage for execution by HUD. Purchaser (at its expense) shall also deliver or shall cause to be delivered such Assignments of Mortgage for recordation, in the proper order, within thirty (30) Business Days after receipt by Purchaser from HUD.
Sample 1
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Notes and Mortgages. The Gap Note and the Note, duly completed and executed; and duly recorded first Mortgages (the "Initial Mortgages") which shall constitute valid first mortgage liens on the fee simple title to the Initial Collateral Properties and which shall secure the Loans and the Borrower's obligations under the Loan Documents, subject only to such Liens, restrictions, easements and other title exceptions as shall be approved by the Lender; provided that, with respect to any Jurisdictional Capped Mortgage, such Mortgage shall secure the principal amount of the Loans only to the extent of the Allocated Title Amount of the Initial Collateral Property in question.
Sample 1
Notes and Mortgages. On the date hereof MAID has executed and delivered a Note in the principal amount of Two Million and 00/100 Dollars ($2,000,000-00) in favor of PIDA (the PIDA Note"), and MAID has granted a mortgage lien on the premises in the principal amount of Two Million and 00/100 Dollars ($2, 000, 000. 00) in favor of PIDA (the "PIDA Mortgage") in order to secure the PIDA Note. On the date of this Agreement, the Buyer has executed and delivered a note in the principal amount of Five Thousand and 00/100 Dollars ($5,000.00) in favor of MAID (the "MAID NOTE"). The Bank Note, PIDA Note and MAID Note are hereinafter sometimes collectively referred to as the "Notes", and the PIDA Mortgage is hereinafter sometimes collectively referred to as the "Mortgages." All Notes and Mortgages are hereinafter sometimes collectively referred to as the "Notes and Mortgage." PIDA in hereinafter sometimes collectively referred to as the "Mortgagees."
Sample 1

Related to Notes and Mortgages

  • SUBORDINATION AND MORTGAGES In the event Landlord's title or leasehold interest is now or hereafter encumbered by a deed of trust, upon the interest of Landlord in the land and buildings in which the demised Premises are located, to secure a loan from a lender (hereinafter referred to as "Lender") to Landlord, Tenant shall, at the request of Landlord or Lender, execute in writing an agreement subordinating its rights under this Lease to the lien of such deed of trust, or, if so requested, agreeing that the lien of Lender's deed of trust shall be or remain subject and subordinate to the rights of Tenant under this Lease. Notwithstanding any such subordination, Tenant's possession under this Lease shall not be disturbed if Tenant is not in default and so long as Tenant shall pay all rent and observe and perform all of the provisions set forth in this Lease.

  • Open-End Mortgage Assignment of Leases and Rents, Security Agreement and Fixture Filing, made as of July 29, 1997, by Borrower to Subordinated Creditor, relating to mortgaged property located in Columbus, in the County of Franklin, in the State of Ohio.

  • The Mortgages In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling in the case of fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral.

  • SUBORDINATION TO MORTGAGES This Lease and all of Tenant's rights hereunder are subject and subordinate to any Mortgage now or hereafter placed on or affecting the Building, and all renewals, modifications, replacements, amendments and extensions thereof. Upon written request or notice by Landlord, concurred in by any Mortgagee of the Building or any part thereof which includes the Premises, or by any person, firm or corporation intending to become a Mortgagee, Tenant agrees to subordinate its rights under this Lease to the lien or liens of any Mortgage and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the Mortgagee named in a Mortgage shall agree to recognize the lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant also agrees that any Mortgagee may elect to have this Lease prior to the lien of its Mortgage, and in the event of such election and upon notification by such Mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to the Mortgage, whether this Lease is dated prior to or subsequent to the date of the Mortgage. Tenant agrees that, upon the request of Landlord or any Mortgagee named in such Mortgage, it will execute and deliver whatever instruments may be required for such purposes. Tenant will, in the event of the sale or assignment of Landlord's interest in the Building or in the event of any proceedings brought for the foreclosure of, or in the event of the exercise of the power of sale under any Mortgage covering the Building, attorn to and recognize such purchaser or Mortgagee as Landlord under this Lease to the same extent and effect as the original Landlord.

  • Mortgages and Deeds of Trust The notes secured by the mortgages and deeds of trust encumbering the Portfolio Properties (except with respect to each property described in the Prospectus as held by the Company through a joint venture) are not convertible, except where the conversion of such notes would not have a Material Adverse Effect, and said mortgages and deeds of trust are not cross-defaulted or cross-collateralized to any property that is not a Portfolio Property, except where such cross-default or cross-collateralization, if triggered, would not have a Material Adverse Effect.

  • Other Mortgage Liens None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.

  • Mortgage Lessee does hereby agree to make reasonable modifications of this Lease requested by any Mortgagee of record from time to time, provided such modifications are not substantial and do not increase any of the Rents or obligations of Lessee under this Lease or substantially modify any of the business elements of this Lease.

  • Deeds of Trust In the event the Mortgage constitutes a deed of trust, a trustee, authorized and duly qualified under applicable law to serve as such, has been properly designated and currently so serves and is named in the Mortgage, and no fees or expenses are or will become payable by the Purchaser to the trustee under the deed of trust, except in connection with a trustee's sale after default by the Mortgagor;

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