Transfer of Mortgaged Property. No sale, lease, exchange, assignment, conveyance or other transfer (each, a “Transfer”) of the Mortgaged Property will extinguish the lien or security interest created by this Deed of Trust, except to the extent provided in Section 9.6 of this Deed of Trust or in the Pipelines Agreement. As a condition to any Transfer, Beneficiary may (a) require the express assumption of the Obligations by the transferee (with or without the release of Grantor from liability in respect thereof), and (b) require the execution of an assumption agreement, modification agreements, supplemental security documents and financing statements satisfactory in form and substance to Beneficiary.
Transfer of Mortgaged Property. Borrower shall not sell, transfer or convey all or any portion of the Mortgaged Property except as permitted by this Agreement; and the Borrower shall not transfer, whether voluntarily or involuntarily, sell or assign more than 50% of the ownership interest of Borrower without the prior consent of Lender. If Borrower transfers, whether voluntarily or involuntarily, sells or assigns any of the ownership interest of Borrower, Borrower will give written notice to Lender of the percentage of ownership interest transferred, sold or assigned and the parties to whom the ownership interest was transferred, sold or assigned within ten (10) days of the effective date of the transfer, sale or assignment.
Transfer of Mortgaged Property. Trustor shall not, ------------------------------ without the prior written consent of Beneficiary, directly or indirectly sell, transfer, convey, further encumber assign, grant any option, subordinate, convert to condominiums or grant any further lien or easement on all or any part of the Mortgaged Property, or enter into any agreement for any of the foregoing, whether by operation of law recorded or unrecorded, or voluntarily or involuntarily; provided, however, that if the Mortgaged Property consists of single-family lots or homes, condominiums or other residential properties to be sold, Trustor may accept sales reservations and enter into purchase and sales contracts so long as such actions are consistent with the Loan Documents, all rules and regulations of the California Department of Real Estate and all other applicable laws, rules and regulations. Trustor shall promptly notify Beneficiary in writing of any such intended event or agreement for which Beneficiary's consent may be required.
Transfer of Mortgaged Property. In the event that (a) any entity then having a lesser credit rating than Mortgagor shall acquire beneficial ownership of a majority interest in the voting stock of Mortgagor, (b) the Mortgagor shall merge with such an entity and shall not be the surviving corporation, or (c) the Mortgaged Property or a part thereof, while this Mortgage shall remain a lien thereon, shall be sold, conveyed or transferred by deed, any other voluntary or involuntary act or by operation of law or otherwise, the full balance of the indebtedness then remaining unpaid, with interest, shall at the option of the Mortgagee, or its assigns, be immediately due and payable without notice or demand unless the prior written consent of the Mortgagee to such acquisition, merger, or sale, conveyance or transfer shall have been obtained. A mortgage of the Mortgaged Property to any mortgagee other than the Mortgagee shall be deemed a conveyance for the purpose of this Section.
Transfer of Mortgaged Property. Without the prior written consent of Noteholder, Grantor sells, leases, exchanges, assigns, transfers, conveys or otherwise disposes of all or any part of the Mortgaged Property or any interest therein (except for the disposition of worn-out or obsolete personal property or fixtures under the circumstances described in Subparagraph 2.2(g) hereof), or legal or equitable title to the Mortgaged Property, or any interest therein, is vested in any other party, in any manner whatsoever, by operation of law or otherwise, it being understood that the consent of Noteholder required hereunder may be refused by Noteholder in its sole discretion or may be predicated upon any terms, conditions and covenants deemed advisable or necessary in the sole discretion of Noteholder, including, without limitation, the right to change the interest rate, date of maturity or payments of principal and/or interest on the Note, to require payment of any amount as additional consideration as a transfer fee or otherwise and to require assumption of the Note and this Mortgage; or
Transfer of Mortgaged Property. If Borrower shall transfer, or agree to transfer, in any manner, either voluntarily or involuntarily, by operation of law or otherwise, all or any portion of the Mortgaged Property, or any interest therein (including, without limitation, any air or development rights) without, in any such case, the prior written consent of Lender. Lender may grant or deny such consent in its sole discretion and, if consent should be given, any such transfer shall be subject to this Mortgage and any other documents which evidence or secure the loan secured by this Mortgage, and any such transferee shall assume all of Borrower’s obligations under this Mortgage and thereunder and agree to be bound by all provisions and perform all obligations contained in this Mortgage and therein. Consent to one such transfer shall not be deemed to be a waiver of the right to require consent to future or successive transfers. As used in this Section 2.01(j), “transfer” shall include, without limitation, (i) any sale, assignment, lease or conveyance of the Mortgaged Property or any part thereof, or any interest therein except permitted leases for occupancy subordinate to this Mortgage; (ii) if the Borrower should at any time be a partnership, the sale, assignment or conveyance of any general or limited partnership interest in Borrower or in any general partner of Borrower; (iii) if the Borrower should at any time be a corporation, any sale, assignment or conveyance of the voting stock thereof or a substantial portion of its assets other than shares of stock appurtenant to proprietary leases; and (iv) if the Borrower should at any time be a trust, the assignment or conveyance of all or any part of the beneficial interest therein or a substantial portion of its assets; and (v) if the Borrower should at any time be or include a limited liability company, the assignment or conveyance of all or any part of the shares of beneficial interest therein, or management thereof, or a substantial portion of its assets. Notwithstanding the foregoing, the Mortgaged Property and/or equity interests in Mortgagor may be transferred (a) to Lender or a designee of Lender, or (b) upon not less than fifteen (15) days prior written notice to Lender, to (i) to an Affiliate of Forest City Enterprises, Inc. or Xxxxx X. Xxxxxx, (ii) to a Family Member of Xxxxx X. Xxxxxx, provided Xxxxx X. Xxxxxx shall retain management control following such transfer (or, if Xxxxx X. Xxxxxx shall be incompetent or deceased, then such Fa...
Transfer of Mortgaged Property. Mortgagor shall not sell, convey, or transfer or permit to be sold, conveyed or transferred any interest in the Mortgaged Property or any part thereof. A contract to deed or agreement for deed, or an assignment, pledge, or encumbrance of a beneficial interest in any land trust, or a lease for all or substantially all of the Land or Improvements shall constitute a transfer prohibited by the provisions of this Section and shall be null and void.
Transfer of Mortgaged Property. Except as may otherwise be expressly permitted in the Loan Agreement (if any) executed in connection with this Mortgage, Mortgagor shall not sell, convey, or transfer or permit to be sold, conveyed or transferred any interest in the Mortgaged Property or any part thereof. A contract to deed or agreement for deed, or an assignment, pledge, or encumbrance of a beneficial interest in any land trust, or a lease for all or substantially all of the Land or Improvements shall constitute a transfer prohibited by the provisions of this Section and shall be null and void.
Transfer of Mortgaged Property. Mortgagor shall not, directly or indirectly, sell, convey, assign, further encumber, transfer, alienate or otherwise dispose of (any of the foregoing actions shall be referred to as a “Transfer”) the Mortgaged Property, or any portion thereof, without the prior written consent of Lender. If Mortgagor Transfers the Mortgaged Property without the prior written consent of Lender, Lender may, at it its option, declare immediately due and payable the entire unpaid principal balance of the Note secured hereby together with all accrued interest thereon.
Transfer of Mortgaged Property. In the event of the sale, conveyance or transfer, by deed, any other voluntary or involuntary act or by operation of law or otherwise (including the entry into any land sale contract or other similar agreement) of-any interest in any of the stock of Mortgagor, if Mortgagor be a corporation, or partnership interest, if Mortgagor be a partnership, or of the Mortgaged Property or a part thereof, while this Mortgage shall remain a lien thereon, the full balance of the indebtedness then remaining unpaid, with interest, shall, at the option of the Mortgagee, or its assigns, be immediately due and payable without notice or demand unless the prior written consent of the Mortgagee to such sale, conveyance, or transfer shall have been obtained. A mortgage of the Mortgaged Property to any mortgagee other than the Mortgagee shall be deemed a conveyance for the purpose of this Section.
