Common use of Successor Mortgagor Clause in Contracts

Successor Mortgagor. In the event ownership of the Mortgaged Property or any portion thereof becomes vested in a person other than Mortgagor, except as permitted by the Secured Agreement or Section 35 of this Mortgage, Mortgagee may, without notice to the Mortgagor herein named, whether or not Mortgagee has given written consent to such change in ownership, deal with such successor or successors in interest with reference to this Mortgage and the Secured Obligations, and in the same manner as with the Mortgagor herein named, without in any way vitiating or discharging Mortgagor's liability hereunder or under the Secured Obligations.

Successor Mortgagor. In the event ownership of the Mortgaged Property or any portion thereof becomes vested in a person other than Mortgagorthe Mortgagors herein named, except as permitted by the Secured Agreement or Section 35 of this Junior Mortgage, Mortgagee may, without notice to the Mortgagor Mortgagors herein named, whether or not Mortgagee has given written consent to such change in ownership, deal with such successor or successors in interest with reference to this Junior Mortgage and the Secured Obligations, and in the same manner as with the Mortgagor Mortgagors herein named, without in any way vitiating or discharging Mortgagor's Mortgagors' liability hereunder or under the Secured Obligations.