Common use of Sales of Mortgaged Property Clause in Contracts

Sales of Mortgaged Property. Not, without the prior written consent of Beneficiary, sell, trade, transfer, convey, assign, exchange, pledge, encumber, or create any lien (except a Permitted Lien) with respect to or otherwise dispose of the Mortgaged Property or any part thereof, or any interest therein, except items of Personal Property or any part thereof, which have become obsolete or worn beyond practical use and which have been replaced by adequate substitutes having a value equal to or greater than the replaced items when new.