Common use of Sale or Transfer of the Mortgaged Property Clause in Contracts

Sale or Transfer of the Mortgaged Property. If within fifteen (15) years from the date of the Note all or any part of the Mortgaged Property, or if all or any part of Borrowers’ and Accommodation Parties’ interest in the Mortgaged Property, is sold or transferred, whether by lease, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Mortgage will be immediately due and payable. Notwithstanding the foregoing (i) if Borrowers and Accommodation Parties own the Mortgaged Property as co-tenants, a transfer of the Mortgaged Property, or any interest in the Mortgaged Property, from one co-tenant to another co-tenant, whether by reason of death or otherwise, will not be considered a transfer; (ii) a taking by eminent domain will not be considered a transfer unless it is a total taking and the payment is made for the full value of the Mortgaged Property, (iii) the creation of a lien or encumbrance which has been consented to by Xxxxxx in writing and is subordinate to the lien created by this Mortgage will not be considered a transfer, and (iv) the creation of a purchase money security interest for household appliances will not be considered a transfer.

Sale or Transfer of the Mortgaged Property. If within fifteen (15) years from the date of the Note all or any part of the Mortgaged Property, or if all or any part of the Borrowers’ and the Accommodation Parties’ interest in the Mortgaged Property, is sold or transferred, whether by lease, deed, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Mortgage will be immediately due and payable. Notwithstanding the foregoing (i) if the Borrowers and the Accommodation Parties own the Mortgaged Property as co-tenants, a transfer of the Mortgaged Property, or any interest in the Mortgaged Property, from one co-tenant to another co-tenant, whether by reason of death or otherwise, will not be considered a transfer; (ii) a taking by eminent domain will not be considered a transfer unless it is a total taking and the payment is made for the full value of the Mortgaged Property, (iii) the creation of a lien or encumbrance which has been consented to by Xxxxxx in writing and is subordinate to the lien created by this Mortgage will not be considered a transfer, and (iv) the creation of a purchase money security interest for household appliances will not be considered a transfer.,

Sale or Transfer of the Mortgaged Property. If within fifteen (15) years from the date of the Note all or any part of the Mortgaged Property, or if all or any part of Borrowers’ and Accommodation Parties’ interest in the Mortgaged Property, is sold or transferred, whether by lease, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Mortgage will be immediately due and payable. Notwithstanding the foregoing (i) if Borrowers and Accommodation Parties own the Mortgaged Property as co-tenants, a transfer of the Mortgaged Property, or any interest in the Mortgaged Property, from one co-tenant to another co-tenant, whether by reason of death or otherwise, will not be considered a transfer; (ii) a taking by eminent domain will not be considered a transfer unless it is a total taking and the payment is made for the full value of the Mortgaged Property, (iii) the creation of a lien or encumbrance which has been consented to by Xxxxxx Lender in writing and is subordinate to the lien created by this Mortgage will not be considered a transfer, and (iv) the creation of a purchase money security interest for household appliances will not be considered a transfer.

Sale or Transfer of the Mortgaged Property. If within fifteen ten (1510) years from the date of the Note all or any part of the Mortgaged Property, or if all or any part of Borrowers’ and Accommodation Parties’ interest in the Mortgaged Property, is sold or transferred, whether by lease, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Mortgage will be immediately due and payable. Notwithstanding the foregoing (i) if Borrowers and Accommodation Parties own the Mortgaged Property as co-tenants, a transfer of the Mortgaged Property, or any interest in the Mortgaged Property, from one co-tenant to another co-tenant, whether by reason of death or otherwise, will not be considered a transfer; (ii) a taking by eminent domain will not be considered a transfer unless it is a total taking and the payment is made for the full value of the Mortgaged Property, (iii) the creation of a lien or encumbrance which has been consented to by Xxxxxx Lender in writing and is subordinate to the lien created by this Mortgage will not be considered a transfer, and (iv) the creation of a purchase money security interest for household appliances will not be considered a transfer.

Sale or Transfer of the Mortgaged Property. If within fifteen (15) years from the date of the Note all or any part of the Mortgaged Property, or if all or any part of the Borrowers’ and Accommodation Parties’ interest in the Mortgaged Mortgage Property, is sold or transferred, whether by lease, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Mortgage will be immediately due and payable. Notwithstanding the foregoing (i) if the Borrowers and Accommodation Parties own the Mortgaged Property as co-tenants, a transfer of the Mortgaged Property, or any interest in the Mortgaged Mortgage Property, from one co-tenant to another co-tenant, whether by reason of death or otherwise, will not be considered a transfer; (ii) a taking by eminent domain will not be considered a transfer unless it is a total taking and the payment is made for the full value of the Mortgaged Property, (iii) the creation of a lien or encumbrance which has been consented to by Xxxxxx the Lender in writing and is subordinate to the lien created by this Mortgage will not be considered a transfer, and (iv) the creation of a purchase money security interest for household appliances will not be considered a transfer.