Prior Mortgage Clause Samples

The Prior Mortgage clause defines the rights and obligations related to any existing mortgage on a property that predates the current agreement. It typically clarifies that the new agreement is subject to the terms and conditions of the earlier mortgage, and may specify how payments, defaults, or priorities are handled in relation to the prior lender. This clause ensures that all parties acknowledge the existence of the earlier mortgage and understand that it takes precedence, thereby preventing disputes over priority and protecting the interests of the original mortgage holder.
POPULAR SAMPLE Copied 1 times
Prior Mortgage. If Bank has consented and agreed, in writing specifically permitted that this Mortgage is to be second and subordinate to a prior recorded mortgage, Grantor expressly covenants and agrees that Grantor shall not borrow any additional sum, nor incur any additional indebtedness or other obligation secured by the prior mortgage.
View SourceView Similar (3)
Prior Mortgage. The rights of Grantee hereunder are subject to rights of the holders of Prior Mortgage. Grantor covenants and agrees to comply with all the terms and provisions of the Prior Mortgage on the part of grantor named therein to be complied with. Any uncured default in the performance of any term or provision contained in the Prior Mortgage (except a default by reason of the execution, delivery and recordation of this Deed of Trust), or any default in the payment of the indebtedness and obligations secured thereby (including, without limitation, payments due upon acceleration of the indebtedness and obligations secured by the Prior Mortgage by reason of the execution, delivery and recordation of this Deed of Trust), whether or not waived, shall constitute an immediate Event of Default under the terms hereof, and in such case Grantee may, but need not, make any payment or perform any act deemed necessary or desirable by Grantee, in its sole discretion, and may, but need not, make full or partial payment of principal or interest or other charge secured by any Prior Mortgage, or purchase, discharge, compromise or settle any Prior Mortgage, or redeem from any sale or forfeiture affecting the Mortgaged Premises. All sums advanced or expended in connection therewith shall be immediately due and payable by Grantor to Grantee, shall bear interest at the Default Rate from the date of payment until paid and shall be added to and become a part of the Obligations. Grantor further covenants and agrees that, to the extent the Grantee pays any installments of principal or interest or any other sums due or which are paid pursuant to the provisions of any Prior Mortgage, Grantee shall become entitled to a lien on the Mortgaged Premises hereunder equal in rank and priority to such Prior Mortgage, and in addition, to the extent necessary to make effective such rank and priority, (i) Grantee shall become subrogated to and receive and enjoy all the rights, liens, powers and privileges granted to the mortgagee under such Prior Mortgage, and (ii) such Prior Mortgage shall remain in existence for the benefit of and to secure further the Obligations.
View SourceView Similar (6)
Prior Mortgage. The parties understand and agree that the Property is subject to a prior mortgage in favor of LMT Finance, LLC, dated May 31, 2012. The Lessor shall remain bound to the term and conditions thereof and shall do and perform all acts and things necessary to maintain the mortgage, including the timely payment of the underlying obligation secured by the mortgage. Y City Recycling, LLC By: /s/ B▇▇▇▇ ▇▇▇▇ Witness Printed: B▇▇▇▇ ▇▇▇▇ Title: President
View Source
Prior Mortgage. Upon the execution and delivery of this Mortgage by the Mortgagor hereunder, this Mortgage shall supersede all provisions of the Prior Mortgage as of such date. The Mortgagor hereby agrees that, notwithstanding the execution and delivery of this Mortgage, the lien and security interest created and provided for under the Prior Mortgage continue in effect under and pursuant to the terms of this Mortgage for the benefit of all of the Obligations secured hereby. Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Prior Mortgage as to the indebtedness and obligations which would otherwise be secured hereby prior to giving effect to this Mortgage.
View Source
Prior Mortgage. With regard to the Prior Mortgage, Mortgagor hereby agrees to: (i) Pay promptly, when due, all installments of principal and interest and all other sums and charges made payable by the Prior Mortgage; (ii) Promptly perform and observe all of the terms, covenants and conditions required to be performed and observed by Mortgagor under the Prior Mortgage, within the period provided in said Prior Mortgage; (iii) Promptly notify Mortgagee of any default, or notice claiming any event of default by Mortgagor in the performance or observance of any term, covenant or condition to be performed or observed by Mortgagor under any such Prior Mortgage. (iv) Mortgagor will not request nor will it accept any voluntary future advances under the Prior Mortgage without Mortgagee's prior written consent, which consent shall not be unreasonably withheld.
View Source
Prior Mortgage. With regard to the Prior Mortgage, Mortgagor hereby agrees to: (i) Pay promptly, when due, all installments of principal and interest and all other sums and charges made payable by the Prior Mortgage; (ii) Promptly perform and observe all of the terms, covenants and conditions required to be performed and observed by Mortgagor under the Prior Mortgage, within the period provided in said Prior Mortgage; (iii) Promptly notify Mortgagee of any default, or notice claiming any event of default by Mortgagor in the performance or observance of any term, covenant or condition to be performed or observed by Mortgagor under any such Prior Mortgage.
View Source
Prior Mortgage. Notwithstanding anything to the contrary contained herein, as long as the Leasehold Mortgage and Security Agreement in favor of Lender dated February 1, 2011 and recorded February 4, 2011 in Book 201102 at Page 002193 (“Prior Mortgage”) remains in full force and effect, this Leasehold Mortgage shall be deemed a second leasehold mortgage junior and subordinate only to such Prior Mortgage.
View Source

Related to Prior Mortgage

  • 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.

  • SUPERIOR LEASE 3.18.1 To comply with all the conditions of any Superior Lease of which the Tenant has been given notice prior to signing this Tenancy Agreement, under which the Landlord owns the Property (if applicable) except for the payment of ground rent and maintenance charges, and to perform any covenants in the Superior Lease. 3.18.2 To agree to enter into any agreement, deed of covenant or licence with the Superior Landlord to observe and perform the covenants of the Superior Lease if reasonably required to do so.

  • 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.

  • Subordination to Mortgage This Lease, and any sublease entered into by Tenant under the provisions of this Lease, shall be subject and subordinate to any ground lease, mortgage, deed of trust, sale/leaseback transaction or any other hypothecation for security now or hereafter placed upon the Premises, the Building, the Center, or any of them, and the rights of any assignee of Landlord or of any ground lessor, mortgagee, trustee, beneficiary or leaseback lessor under any of the foregoing, and to any and all advances made on the security thereof and to all renewals, modifications, consolidations, replacements and extensions thereof; provided, however, that such subordination in the case of any future ground lease, mortgage, deed of trust, sale/leaseback transaction or any other hypothecation for security placed upon the Premises, the Building, the Center, or any of them shall be conditioned on Tenant’s receipt from the ground lessor, mortgagee, trustee, beneficiary or leaseback lessor of a Non-Disturbance Agreement in a form reasonably acceptable to Tenant (i) confirming that so long as Tenant is not in material default hereunder beyond any applicable cure period (for which purpose the occurrence and continuance of any event of default under Section 14.1 hereof shall be deemed to be “material”), Tenant’s rights hereunder shall not be disturbed by such person or entity and (ii) agreeing that the benefit of such Non-Disturbance Agreement shall be transferable to any transferee under a Permitted Transfer and to any other assignee or subtenant that is acceptable to the ground lessor, mortgagee, trustee, beneficiary or leaseback lessor at the time of transfer. If any mortgagee, trustee, beneficiary, ground lessor, sale/leaseback lessor or assignee elects to have this Lease be an encumbrance upon the Center prior to the lien of its mortgage, deed of trust, ground lease or leaseback lease or other security arrangement and gives notice thereof to Tenant, this Lease shall be deemed prior thereto, whether this Lease is dated prior or subsequent to the date thereof or the date of recording thereof. Tenant, and any sublessee, shall execute such documents as may reasonably be requested by any mortgagee, trustee, beneficiary, ground lessor, sate/leaseback lessor or assignee to evidence the subordination herein set forth, subject to the conditions set forth above, or to make this Lease prior to the lien of any mortgage, deed of trust, ground lease, leaseback lease or other security arrangement, as the case may be. Upon any default by Landlord in the performance of its obligations under any mortgage, deed of trust, ground lease, leaseback lease or assignment, provided that Tenant has received such a Non-Disturbance Agreement from the applicable party, Tenant (and any sublessee) shall, notwithstanding any subordination hereunder, attorn to the mortgagee, trustee, beneficiary, ground lessor, leaseback lessor or assignee thereunder upon demand and become the tenant of the successor in interest to Landlord, at the option of such successor in interest, and shall execute and deliver any instrument or instruments confirming the attornment herein provided for. Landlord represents and warrants to Tenant that as of the date of this Lease, neither the Premises, the Building nor the Center is subject to any existing ground lease, mortgage, deed of trust, sale/leaseback transaction or any other hypothecation for security.

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):