Second Mortgages Sample Clauses

Second Mortgages. With respect to each Mortgage Loan secured by a second lien on the related Mortgaged Property:
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Second Mortgages. Simultaneously with the Closing of the Loan, Borrower has delivered to Lender second mortgages on the Marriott Marquis and the Drake Swissôtel in an amount equal to twenty-five percent (25%) of the Allocated Loan Amount for such Individual Properties (together, the “Second Mortgages”). In the event that the Base Profit declines by more than $20,000,000 (as reduced by the product of (1) the Allocated Percentage with respect to any Individual Property that has been the subject of a Partial Defeasance or the reduction in the Allocated Percentage with respect to any Individual Property that has had its Allocated Loan Amount reduced due to the application of Net Proceeds and (2) $20,000,000) below the 1998 Base Profit (as reduced by the product of (1) the Allocated Percentage with respect to any Individual Property that has been the subject of a Partial Defeasance or the reduction in the Allocated Percentage with respect to any Individual Property that has had its Allocated Loan Amount reduced due to the application of Net Proceeds and (2) the 1998 Base Profit), Lender shall have the right to record the Second Mortgages. Within fifteen (15) days after notice from Lender to Borrower that the Second Mortgages will be recorded, Borrower shall deliver to Lender amounts sufficient to pay all recording taxes and other fees necessary to record the Second Mortgages, together with such other items as may be reasonably requested by Lender in connection therewith. Borrower shall also deliver, at Borrower’s expense, a title insurance policy insuring the Lien of each of the Second Mortgages, with coverage in the amount of Second Mortgages and insuring Lender that each of the Second Mortgages creates a valid second lien on the related Individual Property, subject only to the Permitted Encumbrances. In the event that Borrower fails to pay all taxes, fees, title insurance premiums and other expenses with respect to the Second Mortgages pursuant to the provisions of this Section 2.8, all excess cash flow will be deposited into the Second Mortgage Account (as defined in the Cash Management Agreement) until such time as a sufficient amount has been deposited in the Second Mortgage Account for the payment of such expenses. Lender shall have the right, but not the obligation, to apply funds on deposit in the Second Mortgage Account to the payment of any expense payable by Borrower pursuant to this Section 2.8. Provided no Event of Default shall have occurred and be continuing, Lend...
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Second Mortgages. Borrower shall deliver, or cause Guarantor to deliver, no later than the date hereof, in form and substance reasonably acceptable to Lenders:
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Second Mortgages. Borrowers and the Lenders acknowledge that the Second Mortgage executed by each Borrower is intended to secure the obligations of such Borrower under the Secured Guaranty executed by such Borrower in an amount equal to the amount of all Loans, other than the Loans represented and evidenced by the Notes executed by such Borrower and secured by the related First Mortgage of such Borrower. Notwithstanding the foregoing, at Borrowers’ request, Administrative Agent and the Lenders have agreed that certain Second Mortgages shall secure an amount (the “Apportioned Amount”) less than the amount of all Loans other than the Loans represented and evidenced by the Notes executed by such Borrower and secured by the related First Mortgage of such Borrower. With respect to each Second Mortgage securing an Apportioned Amount and notwithstanding the Principal Repayment Allocations, each Borrower agrees that all amounts received by Administrative Agent and the Lenders which are required or otherwise applied to payment of the principal amount of the Loans shall first be applied to the principal amount of all Loans other than those comprising any part (or all) of the Apportioned Amount (the “Excess Obligations”), and only when the Excess Obligations have been paid in full shall subsequent payments in respect of the principal amount of the Loans be credited against the Apportioned Amount.
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Second Mortgages. Mortgagor will not, without the prior written consent of Mortgagee, mortgage or pledge the premises as security for any other loan or obligation of Mortgagor. If any such mortgage or pledge is entered into without the prior written consent of Mortgagee, the entire Indebtedness may, at Mortgagee’s option, be declared immediately due and payable without notice. Further, Mortgagor shall also pay any and all other obligations, liabilities, or debts that may become liens, security interests, or encumbrances on or charges against the premises for any repairs or improvements that are now or may later be made and shall not, without Mortgagee’s prior written consent, permit any lien, security interest, encumbrance, or charge of any kind to accrue and remain outstanding against the premises, any part, or any improvements, irrespective of whether the lien, security interest, encumbrance, or charge is junior to the lien of this Mortgage. Notwithstanding the above, if Mortgagor purchases and installs, affixes, or places any personal property by way of additions, replacements, or substitutions on the premises under a security agreement for which the lien or title is superior to the lien created by this Mortgage, all the right, title, and interest of Xxxxxxxxx in and to that personal property, together with the benefit of any deposits or payments made by Mortgagor, shall nevertheless be assigned to Mortgagee and covered by the lien of this Mortgage. Notwithstanding the foregoing, Xxxxxxxxx shall have the right to place a subordinate mortgage on the premises so long as the combined loan to value of the Mortgage and second mortgage does not exceed eighty percent (80%).
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Second Mortgages. Contemporaneously with the execution of this Agreement, Debtors will cause to be executed and delivered to Bank, all in form and substance satisfactory to Bank in its sole judgment: (a) a non-recourse guaranty by W.H. 2, LLC in favor of Bank, guaranteeing all of the Obligations, which guaranty will be secured by a second mortgage granted by W.H. 2, LLC in favor of Bank on certain real property located in Clermont County, Ohio, and (ii) a non-recourse guaranty by Restaurant Management Group, LLC in favor of Bank, guaranteeing all of the Obligations, which guaranty will be secured by a second mortgage in favor of Bank with respect to real property located in Hxxxxxxx County, Indiana and by a second mortgage in favor of Bank with respect to real property located in Mxxxxxxxxx County, Ohio. Failure of Debtors to comply with the obligations under this Section 2.8 will constitute a Forbearance Default.
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Second Mortgages more than 35% of the sum of (i) Borrower's direct lending portfolio (including commercial, residential, and installment loans), plus (ii) Liquid Assets to finance loans secured by second liens on real property;
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Second Mortgages. The Hillsborough Authority's program also contemplates the provision to each borrower of a second mortgage loan to assist with down- payment and other costs. The Jacksonville Authority agrees to purchase any second mortgage loan originated under the program with respect to residences in Xxxxx County, provided that (i) prior to the purchase of such second mortgage loan by the Hillsborough Authority, the Jacksonville Authority shall have the opportunity to review and approve the documentation for the second mortgage loan, and (ii) the Jacksonville Authority designates from time to time a maximum amount for second mortgage loans under the program. The Hillsborough Authority agrees to cause any second mortgage loans originated within Xxxxx County to be serviced pursuant to the Hillsborough Authority's servicing agreement for the program.
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Related to Second Mortgages

  • Open-End Mortgage Assignment of Leases and Rents, Security Agreement and Fixture Filing, made as of July 29, 1997, by Borrower to Subordinated Creditor, relating to mortgaged property located in Columbus, in the County of Franklin, in the State of Ohio.

  • SUBORDINATION AND MORTGAGES In the event Landlord's title or leasehold interest is now or hereafter encumbered by a deed of trust, upon the interest of Landlord in the land and buildings in which the demised Premises are located, to secure a loan from a lender (hereinafter referred to as "Lender") to Landlord, Tenant shall, at the request of Landlord or Lender, execute in writing an agreement subordinating its rights under this Lease to the lien of such deed of trust, or, if so requested, agreeing that the lien of Lender's deed of trust shall be or remain subject and subordinate to the rights of Tenant under this Lease. Notwithstanding any such subordination, Tenant's possession under this Lease shall not be disturbed if Tenant is not in default and so long as Tenant shall pay all rent and observe and perform all of the provisions set forth in this Lease.

  • The Mortgages In the event that any of the Collateral hereunder is also subject to a valid and enforceable Lien under the terms of any Mortgage and the terms of such Mortgage are inconsistent with the terms of this Agreement, then with respect to such Collateral, the terms of such Mortgage shall be controlling in the case of fixtures and real estate leases, letting and licenses of, and contracts and agreements relating to the lease of, real property, and the terms of this Agreement shall be controlling in the case of all other Collateral.

  • Mortgages; Deeds of Trust The Company has provided to the Sales Agent true and complete copies of all credit agreements, mortgages, deeds of trust, guaranties, side letters, and other material documents evidencing, securing or otherwise relating to any secured or unsecured indebtedness of the Company or any of its subsidiaries, and none of the Company and its subsidiaries that is party to any such document is in default thereunder, nor has an event occurred which with the passage of time or the giving of notice, or both, would become a default by any of them under any such document.

  • SUBORDINATION TO MORTGAGES This Lease and all of Tenant's rights hereunder are subject and subordinate to any Mortgage now or hereafter placed on or affecting the Building, and all renewals, modifications, replacements, amendments and extensions thereof. Upon written request or notice by Landlord, concurred in by any Mortgagee of the Building or any part thereof which includes the Premises, or by any person, firm or corporation intending to become a Mortgagee, Tenant agrees to subordinate its rights under this Lease to the lien or liens of any Mortgage and to any and all advances to be made thereunder, and to the interest thereon, and all renewals, replacements and extensions thereof, provided the Mortgagee named in a Mortgage shall agree to recognize the lease of Tenant in the event of foreclosure if Tenant is not in default. Tenant also agrees that any Mortgagee may elect to have this Lease prior to the lien of its Mortgage, and in the event of such election and upon notification by such Mortgagee to Tenant to that effect, this Lease shall be deemed prior in lien to the Mortgage, whether this Lease is dated prior to or subsequent to the date of the Mortgage. Tenant agrees that, upon the request of Landlord or any Mortgagee named in such Mortgage, it will execute and deliver whatever instruments may be required for such purposes. Tenant will, in the event of the sale or assignment of Landlord's interest in the Building or in the event of any proceedings brought for the foreclosure of, or in the event of the exercise of the power of sale under any Mortgage covering the Building, attorn to and recognize such purchaser or Mortgagee as Landlord under this Lease to the same extent and effect as the original Landlord.

  • Leasehold Mortgages A. Notwithstanding any other provision hereof to the contrary, Tenant shall have the right, from time to time, to convey or encumber by mortgage, deed to secure debt, deed of trust, or similar financing instrument, Tenant’s leasehold estate and interest in and to the Demised Premises or any part thereof (each such leasehold mortgage, deed to secure debt, deed of trust, or other financing instrument being hereinafter referred to as a “Leasehold Mortgage” and the holder thereof as a “Leasehold Mortgagee”) provided that the rights acquired under such mortgage shall be subject to each and all of the covenants, conditions, and restrictions set forth in this Lease and to all rights and interest of Landlord herein, none of which covenants, conditions or restrictions is or shall be waived by Landlord by reason of the right given to so mortgage such interest in this Lease, except as expressly provided herein. The execution and delivery of a Leasehold Mortgage shall not, in and of itself, be deemed to constitute an assignment or transfer of this Lease nor shall the Leasehold Mortgagee, as such, be deemed an assignee or transferee of this Lease so as to require such Leasehold Mortgagee to assume the performance of any of the covenants or agreements on the part of Tenant to be performed hereunder. Tenant shall also have the right from time to time to obtain financing by a “sale and leaseback” of Tenant’s leasehold interest hereunder (i.e., an assignment of Tenant’s leasehold estate under this Lease simultaneously with or subsequent to the making of a sublease of all of the Demised Premises to Tenant). If Tenant shall enter into any such financing arrangement, it shall deliver to Landlord true and complete copies of the instruments effecting such transaction within thirty (30) days of their execution. Simultaneously with the delivery to the Landlord of the aforesaid instruments effecting such transaction, Tenant shall also give Landlord notice of the name and address of the party providing such financing.

  • Assignment of Leases and Rents There exists as part of the related Mortgage File an Assignment of Leases (either as a separate instrument or incorporated into the related Mortgage). Subject to the Permitted Encumbrances and the Title Exceptions, each related Assignment of Leases creates a valid first-priority collateral assignment of, or a valid first-priority lien or security interest in, rents and certain rights under the related lease or leases, subject only to a license granted to the related Mortgagor to exercise certain rights and to perform certain obligations of the lessor under such lease or leases, including the right to operate the related leased property, except as the enforcement thereof may be limited by the Standard Qualifications. The related Mortgage or related Assignment of Leases, subject to applicable law, provides that, upon an event of default under the Mortgage Loan, a receiver is permitted to be appointed for the collection of rents or for the related Mortgagee to enter into possession to collect the rents or for rents to be paid directly to the Mortgagee.

  • Security Instruments (i) The Administrative Agent shall fail to have an Acceptable Security Interest in any portion of the Collateral or (ii) any Security Instrument shall at any time and for any reason cease to create the Lien on the Property purported to be subject to such agreement in accordance with the terms of such agreement, or cease to be in full force and effect, or shall be contested by the Borrower, any Guarantor or any of their respective Subsidiaries;

  • Mortgages and Deeds of Trust The notes secured by the mortgages and deeds of trust encumbering the Portfolio Properties (except with respect to each property described in the Prospectus as held by the Company through a joint venture) are not convertible, except where the conversion of such notes would not have a Material Adverse Effect, and said mortgages and deeds of trust are not cross-defaulted or cross-collateralized to any property that is not a Portfolio Property, except where such cross-default or cross-collateralization, if triggered, would not have a Material Adverse Effect.

  • Deed of Trust If the related Mortgage is a deed of trust, a trustee, duly qualified under applicable law to serve as such, is properly designated and serving under such Mortgage.

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