Several Parcels Clause Samples

The 'Several Parcels' clause defines how a contract applies when the subject property consists of more than one distinct parcel of land. Typically, this clause clarifies whether the rights, obligations, or conditions in the agreement pertain to each parcel individually or collectively as a group. For example, it may specify that a default or issue affecting one parcel does not automatically impact the others. The core function of this clause is to ensure clarity and prevent disputes by delineating how multiple parcels are treated within the contract, thereby allocating risk and responsibility appropriately.
Several Parcels. To the extent permitted by law, if any Event --------------- of Default shall have occurred and the Note shall have been declared due and payable, Trustee or Lender shall have the right to sell all or any portion of the Mortgaged Property, and the right of sale hereunder shall not be exhausted by one or more sales, but to the extent permitted by law successive sales may be had until all of the Mortgaged Property has been legally sold. To the extent permitted by law, in the event any sale hereunder is not completed or is defective in the opinion of Trustee or Lender, such sale shall not exhaust the power of sale hereunder, and Lender shall have the right to cause a subsequent sale or sales.
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Several Parcels. If any Event of Default shall have occurred and --------------- the Notes shall have been declared due and payable, the Mortgagee, in a Mortgage State or the State of Georgia, or the Deed Trustee, in a Deed of Trust State, shall have the right to sell all or any portion of the Mortgaged Properties in such order as it may determine, and the right of sale hereunder shall not be exhausted by one or more sales, but successive sales may be had until all of the Secured Obligations shall have been paid in full. In the event any sale hereunder is not completed or is defective in the opinion of the Mortgagee, in a Mortgage State or the State of Georgia, or the Deed Trustee, in a Deed of Trust State, such sale shall not exhaust the power of sale hereunder, and until all of the Secured Obligations shall have been paid in full, the Mortgagee, in a Mortgage State or the State of Georgia, or the Deed Trustee, in a Deed of Trust State, shall have the right to cause a subsequent sale or sales.
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Several Parcels. To the extent permitted by law, if any Event of Default shall have occurred and be continuing, Trustee or Beneficiary shall have the right to sell all or any portion of the Mortgaged Property or of the Other Mortgaged Properties (subject to the terms of the Other Mortgages) in such order as it may determine, and the right of sale hereunder shall not be exhausted by one or more sales, but to the extent permitted by law successive sales may be had until all of the Mortgaged Property and the Other Mortgaged Properties have been legally sold. To the extent permitted by law, in the event any sale hereunder is not completed or is defective in the opinion of Trustee or Beneficiary, such sale shall not exhaust the power of sale hereunder, and Beneficiary shall have the right to cause a subsequent sale or sales.
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Several Parcels. To the extent permitted by law, if any Event of Default shall have occurred and be continuing and the Notes shall have been declared due and payable, Agent shall have the right to sell all or any portion of the Mortgaged Property in such order as it may determine, and the right of sale hereunder shall not be exhausted by one or more sales, but to the extent permitted by law successive sales may be had until all of the Mortgaged Property shall have been legally sold. To the extent permitted by law, in the event any sale hereunder is not completed or is defective in the opinion of Agent, such sale shall not exhaust the power of sale hereunder, and Agent shall have the right to cause a subsequent sale or sales.
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Several Parcels. If any Event of Default shall have occurred and the Mortgage Notes shall have been declared due and payable, the Mortgagee shall have the right to sell each of the Properties individually or collectively in such manner and order as it may determine, and the right of sale hereunder shall not be exhausted by one or more sales, but successive sales may be had until all of the Properties have been legally sold. In the event any sale hereunder is not completed or is defective in the opinion of the Mortgagee, such sale shall not exhaust the power of sale hereunder, and the Mortgagee shall have the right to cause a subsequent sale or sales.
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Related to Several Parcels

  • Tax Parcels Each Mortgaged Property constitutes one or more complete separate tax lots or is subject to an endorsement under the related Title Policy insuring same, or in certain instances an application has been made to the applicable governing authority for creation of separate tax lots, which shall be effective for the next tax year.

  • Tax Lot Lender shall have received evidence that the Property constitutes one (1) or more separate tax lots, which evidence shall be reasonably satisfactory in form and substance to Lender.

  • Lots 5.1. The 1 (one) standard lot size is the measurement unit specified for each CFD. The Company may offer standard lots, micro-lots and mini-lots, in its discretion, as defined from time to time in the Contract Specifications or the Company’s Website.

  • Access; Utilities; Separate Tax Parcels Based solely on evaluation of the Title Policy (as defined in paragraph 8) and survey, if any, an engineering report or property condition assessment as described in paragraph 12, applicable local law compliance materials as described in paragraph 26, and the ESA (as defined in paragraph 43), each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has permanent access from a recorded easement or right of way permitting ingress and egress to/from a public road, (b) is served by or has access rights to public or private water and sewer (or well and septic) and other utilities necessary for the current use of the Mortgaged Property, all of which are adequate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been made or is required to be made to the applicable governing authority for creation of separate tax parcels (or the Mortgage Loan documents so require such application in the future), in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax parcels are created.

  • Access; Utilities; Separate Tax Lots Each Mortgaged Property (a) is located on or adjacent to a public road and has direct legal access to such road, or has access via an irrevocable easement or irrevocable right of way permitting ingress and egress to/from a public road, (b) is served by or has uninhibited access rights to public or private water and sewer (or well and septic) and all required utilities, all of which are appropriate for the current use of the Mortgaged Property, and (c) constitutes one or more separate tax parcels which do not include any property which is not part of the Mortgaged Property or is subject to an endorsement under the related Title Policy insuring the Mortgaged Property, or in certain cases, an application has been, or will be, made to the applicable governing authority for creation of separate tax lots, in which case the Mortgage Loan requires the Mortgagor to escrow an amount sufficient to pay taxes for the existing tax parcel of which the Mortgaged Property is a part until the separate tax lots are created.