Subordination Liens Sample Clauses
Subordination Liens. In connection with any governmental program under which a Mortgagor may obtain a benefit in the event the related Mortgaged Property is subject to a disaster provided that the Mortgagor files a covenant or other lien against the Mortgaged Property and is required to obtain the subordination thereto of the Mortgage, the Servicer may cause such subordination to be executed and filed provided that either (i) the related Mortgage Loan is in default or default with respect to such Mortgage Loan is imminent or (ii) such subordination and participation in such governmental program will not result in a change in payment expectations with respect to such Mortgage Loan. For purposes of the preceding sentence, a change in payment expectations occurs if, as a result of such subordination and participation in such governmental program, (1) there is a substantial enhancement of the Mortgagor's capacity to meet the payment obligations under the Mortgage Loan and that capacity was primarily speculative prior to such subordination and participation in such governmental program and is adequate after such subordination and participation in such governmental program or (2) there is a substantial impairment of the Mortgagor's capacity to meet the payment obligations under the Mortgage Loan and that capacity was adequate prior to such subordination and participation in such governmental program and is primarily speculative after such subordination and participation in such governmental program. The preceding sentence and clause (ii) of the second preceding sentence are intended to comply with Treasury Regulations Section 1.1001-3(e)(4) and shall be interpreted in accordance therewith.
Subordination Liens. 106 SECTION 3.20. Periodic Filings....................................... 106 SECTION 3.21. Indemnification by Trustee............................. 110
Subordination Liens a) Contractor acknowledges and understands that the Contract is subject and subordinate to all existing leases, easements, rights of way, declarations, restrictions or other matters of record and all existing agreements of the Customer with respect to the Site.
b) Customer represents and warrants as of the Effective Date that it has good and marketable title to the Site, subject to no liens, easements, options or other encumbrances. Customer shall not sell, lease, assign, mortgage, pledge or otherwise alienate or encumber the Site unless Customer shall have given Contractor at least thirty (30) days prior notice thereof, which Notice shall identify the transferee, the area of the Site to be so transferred and the proposed date of transfer. Customer agrees that this Site lease and the Easements granted in this Lease shall run with the Premises and survive any transfer of all or any portion of the Premises. In furtherance of the foregoing, Customer shall cause any purchaser, lessee, assignee, mortgagee, pledge, secured party or party to whom a lien on the Site has been granted to execute and deliver to the Contractor a commercially reasonable document pursuant to which such party acknowledges and consents to Contractor’s rights in the Site, the Easements, and the System.
c) Neither Party shall create, or suffer to be created or to remain, and shall promptly discharge, any mechanic’s, laborer’s or materialman’s lien upon the Site. Subject to a Financing Party’s rights (including an assignment of Contractor’s interests under this Contract), neither Party shall suffer any other matter or thing arising out of its use and occupancy of the Site whereby the estate, rights and interests of the other Party in the Site or any part thereof might be impaired.
Subordination Liens. 96 SECTION 3.20. Periodic Filings....................................... 97 SECTION 3.21. Indemnification by Trustee............................. 101 SECTION 3.22. Indemnification by Servicer............................ 101 SECTION 3.23. Prepayment Charge Reporting Requirements............... 102 SECTION 3.24. Statements to Trustee.................................. 102 SECTION 3.25. Further Indemnification by the Servicer................ 102 SECTION 3.26. Solicitation........................................... 103 SECTION 3.27. Existing Servicing Agreement........................... 103 SECTION 3.28. High Cost Mortgage Loans............................... 103 SECTION 3.29. [RESERVED]............................................. 103 ARTICLE IV DISTRIBUTIONS................................................. 103 SECTION 4.01. Advances............................................... 103 SECTION 4.02. Reduction of Servicing Compensation in Connection with Prepayment Interest Shortfalls......................... 103 SECTION 4.03. Distributions on the REMIC Interests................... 104 SECTION 4.04. Distributions.......................................... 104 SECTION 4.05. Monthly Statements to Certificateholders............... 104 ARTICLE V THE CERTIFICATES............................................... 118 SECTION 5.01. The Certificates....................................... 118 SECTION 5.02. Certificate Register; Registration of Transfer and Exchange of Certificates............................... 119 SECTION 5.03. Mutilated, Destroyed, Lost or Stolen Certificates...... 123 SECTION 5.04. Persons Deemed Owners.................................. 123 TABLE OF CONTENTS (continued)