Regarding Real Property Sample Clauses
The 'Regarding Real Property' clause defines the terms and conditions that apply to any real estate or land involved in the agreement. It typically outlines the rights, responsibilities, and obligations of the parties concerning the use, transfer, or maintenance of real property, such as specifying who is responsible for property taxes, insurance, or repairs. This clause ensures that all parties have a clear understanding of how real property is to be handled within the context of the contract, thereby reducing the risk of disputes related to ownership, use, or liability.
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Regarding Real Property. If the Released Asset is only a portion of a discrete parcel of Real Property, evidence that a title company shall have committed to issue an endorsement to the title insurance policy relating to the affected Mortgaged Property confirming that after such release, the Lien of the applicable Mortgage continues unimpaired as a perfected Lien having the priority set forth in Section 10.01(a) upon the remaining Mortgaged Property subject only to Prior Liens;
Regarding Real Property. If any Released Interest is only a portion of a discrete parcel of real property, evidence that Canadian counsel to PCI shall have committed to issue to the Collateral Agent a title opinion relating to the affected property, confirming that after such release, the Lien of the applicable Collateral Documents shall continue unimpaired as a first priority perfected Lien upon the remaining Collateral encumbered thereby subject only to Excepted Liens and that the remaining Collateral satisfies all applicable subdivision, zoning and land use requirements and is not part of a larger tax lot;
Regarding Real Property. If any Released Interest is only a portion of a discrete parcel of real property, evidence that a title company shall have committed to issue an endorsement to the title insurance policy relating to the affected Mortgaged Property, confirming that after such release, the Lien of the applicable Mortgage shall continue unimpaired as a first priority perfected Lien 18 18 upon the remaining Mortgaged Property subject only to Excepted Liens (as defined in the applicable Mortgage), and that the remaining Mortgaged Property satisfies all applicable subdivision, zoning and land use requirements and is not part of a larger tax lot;
Regarding Real Property. With respect to any Property which has been pledged as security under any Assigned Loan which is part of the Borrowing Base Collateral:
(a) The applicable Mortgagor has or shall have, upon recordation of the applicable Deed of Trust, good and marketable title to the Property, subject only to such exceptions as have been set forth in the applicable Title Policy.
(b) Except as otherwise disclosed to Bank, Borrower has not received any notice from any governmental or quasi-governmental body or agency or from any person or entity with respect to any actual or threatened taking of the Property or any portion thereof for any public or quasi-public purpose by the exercise of a right of condemnation or eminent domain and Borrower has no knowledge of any such actual or threatened taking of the Property.
(c) Except as otherwise disclosed to Bank, to the best of Borrower's knowledge, the Property and any improvements thereon are not currently and have never been subject to Hazardous Materials (as hereinafter defined), hazardous or toxic substances or wastes, or their effects. The term "Hazardous Materials" shall mean any flammables, explosive or radioactive materials, hazardous wastes, toxic substances or related materials including, without limitation, substances defined as "hazardous substances", "hazardous materials", "hazardous wastes" or "toxic substances" in the Comprehensive Environmental Response, Compensation and Liability Act of 1980 as amended, 42 U.S.C. Sec. 9601, et seq.; the Hazardous Materials Transportation Act, 49 U.S.C. Sec. 1801, et seq.; the Resource Conservation and Recovery Act, 42 U.S.C. Sec. 6901, et seq.; Section 25117 of the California Health and Safety Code; Section 25316 of the California Health and Safety Code; and those chemicals known to cause cancer or reproductive toxicity published pursuant to the Safe Drinking Water and Toxic Enforcement Act of 1986, Section 25249.5, et seq. of the California Health & Safety Code; and in the regulations adopted
Regarding Real Property. If the Collateral to be released is (i) ----------------------- only a portion of a discrete parcel of Real Property, in the case of Mortgaged Property located in the United States, an endorsement to the title insurance policy and in the case of Mortgaged Property located in a jurisdiction other than the United States or a state thereof or the District of Columbia, an Opinion of Counsel, in each case, confirming that after such release, the Lien of the applicable Mortgage continues unimpaired as a first priority perfected Lien upon the remaining Mortgaged Property subject only to those Liens permitted by the applicable Mortgage; and (ii) Mortgaged Property having a fair value in excess of $1,000,000, Issuer shall have delivered to the Trustee a Survey depicting the Real Property to be released; and