Permitted Mortgage. Attached hereto and incorporated by reference herein is Exhibit E: Permitted Mortgage. This Exhibit sets forth the rights and obligations of the Lessee, Lessor, CLT, and the Permitted Lender with regard to the Permitted Mortgage.
Permitted Mortgage. 6 Person . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Permitted Mortgage. 7 Person.................................................... 7 principal................................................. 8
Permitted Mortgage. Homeowner may mortgage the Leased Premises only with the written consent of CHT. Not less than thirty (30) days prior to the date on which Homeowner (or a prospective homeowner who has contracted to purchase the Improvements) requests CHT’s consent to a mortgage to be effective, Homeowner (or prospective homeowner) shall furnish to CHT copies of every document to be executed in connection with the transaction represented by such mortgage. CHT may choose to consent to any mortgage, and in so doing shall designate such mortgage as a “Permitted Mortgage.” However, CHT shall be required to consent to a mortgage only if (a) at the time such copies of documents are submitted and at the time proposed by Homeowner (or prospective Homeowner) for the execution of such documents, no default is then outstanding; and (b) The mortgage so submitted is a Standard Permitted Mortgage as defined in the attached Exhibit PERMITTED MORTGAGES. Homeowner shall pay to CHT at CHT’s option, as additional Ground Lease Fee, all fees, costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by CHT in connection with any Permitted Mortgage.
Permitted Mortgage. 5 Person................................... 6
Permitted Mortgage. A mortgage on the Home and Homeowner’s right to possess, occupy and use the Home and the Leased Land granted to a lender by the Homeowner with TapRoot CLT’s written permission. The Homeowner may not mortgage TapRoot CLT’s interest in the Leased Land, and may not grant any mortgage without TapRoot CLT’s written permission.
Permitted Mortgage. A “Permitted Mortgage” shall be a mortgage, deed of trust or Declaration of Restrictive Covenants (hereinafter “Mortgage”) which meets the following requirements:
(a) The Mortgage must run in favor of either (i) a so-called “institutional lender” such as, but not limited to, a federal, state, or local housing finance agency, a bank (including savings and loan association or insured credit union), an insurance company, a pension and/or profit-sharing fund or trust, or any combination of the foregoing, the policies and procedures of which institutional lender are subject to direct governmental supervision, (ii) a “community development financial institution” as certified by the U.S. Department of the Treasury, or similar non-profit lender to housing projects for low and moderate income people, or (iii) if a Declaration of Restrictive Covenants, WCDA, which shall be deemed the “Permitted Mortgagee” with respect to such ;
(b) Notwithstanding anything to the contrary in this Lease, prior to exercising any remedy for any Event of Default, the Owner shall provide notice of such Event of Default to each Permitted Mortgagee, and shall allow an additional cure period during which any Permitted Mortgagee may cure the Event of Default, which cure period shall be an additional sixty (60) days after the later of (i) the expiration of any cure period provided to the Lessee under this Lease, and (ii) receipt by such Permitted Mortgagee of such notice; provided, however, that if such Event of Default cannot with reasonable diligence be cured within sixty (60) days, then such period will be as is reasonably practicable so long as the Lessee or another party has commenced a cure with reasonable promptness and continues to make diligent and reasonable efforts to cure such default as soon as practicable. In addition, in the case of an Event of Default that can only be cured by the applicable Permitted Mortgagee obtaining possession of the property through foreclosure or otherwise, the Owner shall grant to such Permitted Mortgagee such additional period of time which is necessary to obtain possession of the property. The Owner agrees to accept payment or performance of any obligation of the Lessee hereunder, or the cure of any Event of Default hereunder, by any Permitted Mortgagee as though such payment, performance, or cure had been rendered by the Lessee;
(c) The Mortgage, the note which it secures, and related documentation must not contain any provisions which could be con...
Permitted Mortgage. Any mortgage, deed of trust, agreement for sale or other security device creating a first lien on Xxxxxx’s Leasehold Estate, a true and complete copy of which has been properly delivered to Lessor.
Permitted Mortgage. Homeowner may mortgage the Leased Premises only with the written consent of VCLT. Not less than thirty (30) days prior to the date on which Homeowner (or a prospective Homeowner who has contracted to purchase the Improvements) requests VCLT’s consent to a mortgage, Homeowner (or prospective Homeowner) shall furnish to VCLT copies of every document to be executed in connection with the transaction represented by such mortgage. VCLT may choose to consent to any mortgage, and in so doing shall designate such mortgage as a “Permitted Mortgage.” Homeowner shall pay to VCLT at VCLT’s option, as additional Ground Lease Fee, all fees, costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by VCLT in connection with any Permitted Mortgage.
Permitted Mortgage. Homeowner may mortgage the Leased Premises or grant a security interest in the Improvements, either for the purchase or refinance of Improvements located thereon, only with the prior written consent of IHT and only pursuant to a mortgage or other security instrument satisfying all of the requirements for a Permitted Mortgage. By signing this Lease, IHT gives written permission for any mortgage signed by the Homeowner effective on the day this Lease is signed for the purpose of financing Homeowner’s purchase of the Improvements.
