Common use of Transfer or Encumbrance of the Mortgaged Property Clause in Contracts

Transfer or Encumbrance of the Mortgaged Property. Mortgagor shall not permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage, lease (other than leases made in accordance with the provisions of this Mortgage) or encumbrance of, or any contract for any of the foregoing on an installment basis or otherwise pertaining to, the Mortgaged Property, any part thereof, any interest therein, the beneficial interest in Mortgagor or in any trust holding title to the Mortgaged Property or any interest in a corporation, partnership or other entity which owns all or part of the Mortgaged Property, whether by operation of law or otherwise, without the prior written consent of Lender having been obtained (i) to the sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer and (ii) to the form and substance of any instrument evidencing or contracting for any such sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer. Mortgagor shall not, without the prior written consent of Lender, further assign or permit to be assigned the rents from the Mortgaged Property, and any such assignment without the prior express written consent of Lender shall be null and void. Mortgagor shall not permit any interest in any lease of the Mortgaged Property to be subordinated to any encumbrance on the Mortgaged Property other than the Loan Instruments and any such subordination shall be null and void. Mortgagor agrees that in the event the ownership of the Mortgaged Property, any interest therein or any part thereof becomes vested in a person other than Mortgagor, Lender may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the Notes, the Loan Instruments and Mortgagor’s Liabilities without in any way vitiating or discharging Mortgagor’s liability hereunder or Mortgagor’s Liabilities. No sale of the Mortgaged Property, no forbearance to any person with respect to this Mortgage, and no extension to any person of the time for payment of the Notes or any other Mortgagor’s Liabilities given by Lender shall operate to release, discharge, modify, change or affect the original liability of Mortgagor, either in whole or in part, except to the extent specifically agreed in writing by Lender.

Transfer or Encumbrance of the Mortgaged Property. Mortgagor shall not permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage, lease (other than leases made in accordance with the provisions of this Mortgage) or encumbrance of, or any contract for any of the foregoing on an installment basis or otherwise pertaining to, the Mortgaged Property, any part thereof, any interest therein, the beneficial interest in Mortgagor or in any trust holding title to the Mortgaged Property or any interest in a corporation, partnership or other entity which owns all or part of the Mortgaged Property, whether by operation of law or otherwise, without the prior written consent of Lender having been obtained (i) to the sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer and (ii) to the form and substance of any instrument evidencing or contracting for any such sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer. Mortgagor shall not, without the prior written consent of Lender, further assign or permit to be assigned the rents from the Mortgaged Property, and any such assignment without the prior express written consent of Lender shall be null and void. Mortgagor shall not permit any interest in any lease of the Mortgaged Property to be subordinated to any encumbrance on the Mortgaged Property other than the Loan Instruments and any such subordination shall be null and void. Mortgagor agrees that in the event the ownership of the Mortgaged Property, any interest therein or any part thereof becomes vested in a person other than Mortgagor, Lender may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the Notes, the Loan Instruments and Mortgagor’s Liabilities without in any way vitiating or discharging Mortgagor’s liability hereunder or Mortgagor’s Liabilities. No sale of the Mortgaged Property, no forbearance to any person with respect to this Mortgage, and no extension to any person of the time for payment of the Notes or any other Mortgagor’s Liabilities given by Lender shall operate to release, discharge, modify, change or affect the original liability of Mortgagor, either in whole or in part, except to the extent specifically agreed in writing by Lender.

Transfer or Encumbrance of the Mortgaged Property. (a) Mortgagor shall not permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage, lease (other than leases made acknowledges that Mortgagee has examined and relied on the creditworthiness and experience of Mortgagor in accordance with the provisions of this Mortgage) or encumbrance of, or any contract for any of the foregoing on an installment basis or otherwise pertaining to, the Mortgaged Property, any part thereof, any interest therein, the beneficial interest in Mortgagor or in any trust holding title to owning and operating properties such as the Mortgaged Property or any in agreeing to make the loan secured hereby, and that Mortgagee will continue to rely on Xxxxxxxxx's ownership of the Mortgaged Property as a means of maintaining the value of the Mortgaged Property as security for repayment of the Debt. Mortgagor acknowledges that Mortgagee has a valid interest in maintaining the value of the Mortgaged Property so as to ensure that, should Mortgagor default in the repayment of the Debt, Mortgagee can recover the Debt by a corporation, partnership or other entity which owns all or part sale of the Mortgaged Property, whether by operation of law or otherwise, without the prior written consent of Lender having been obtained (i) to the sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer and (ii) to the form and substance of any instrument evidencing or contracting for any such sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer. Mortgagor shall not, without the prior written consent of LenderMortgagee, further assign sell, convey, alienate, mortgage, encumber, pledge or otherwise transfer the Mortgaged Property or any part thereof, or permit the Mortgaged Property or any part thereof to be assigned the rents from the Mortgaged Propertysold, conveyed, alienated, mortgaged, encumbered, pledged or otherwise transferred; provided, however, Mortgagee may, in its sole discretion, give such written consent (but shall have no obligation to do so) to any such sale, conveyance, alienation, mortgage, encumbrance, pledge or other transfer, and any such assignment consent may be conditioned upon the satisfaction of such conditions precedent as Mortgagee may require (including, without limitation, the prior express written consent conditions precedent set forth in subsection 12[c] below). Notwithstanding any other provision of Lender shall be null this Section 12, Mortgagee will consent, subject to the conditions of subsection 12(c) and void. Mortgagor shall not permit any interest in any lease provided that no Event of Default under the Loan Documents has occurred and is continuing, to one sale, conveyance, alienation, mortgage, encumbrance, pledge or other transfer of the Mortgaged Property to be subordinated to any encumbrance on by the Mortgaged Property other than the Loan Instruments and any such subordination shall be null and void. original Mortgagor agrees that as set forth in the event the ownership of the Mortgaged Property, any interest therein or any part thereof becomes vested in a person other than Mortgagor, Lender may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the Notes, the Loan Instruments and Mortgagor’s Liabilities without in any way vitiating or discharging Mortgagor’s liability hereunder or Mortgagor’s Liabilities. No sale of the Mortgaged Property, no forbearance to any person with respect to this Mortgage, and no extension to any person of the time for payment of the Notes or any other Mortgagor’s Liabilities given by Lender shall operate to release, discharge, modify, change or affect the original liability of Mortgagor, either in whole or in part, except to the extent specifically agreed in writing by Lender.

Transfer or Encumbrance of the Mortgaged Property. (a) Except for transfers permitted pursuant to the Credit Agreement, Mortgagor shall not permit or suffer to occur any salesell, assignmentconvey, conveyance, transferalien, mortgage, lease (other than leases made in accordance with the provisions of this Mortgage) or encumbrance ofencumber, or any contract for any of the foregoing on an installment basis pledge or otherwise pertaining to, the Mortgaged Property, any part thereof, any interest therein, the beneficial interest in Mortgagor or in any trust holding title to transfer the Mortgaged Property or any interest part thereof. A sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer within the meaning of this paragraph 11 shall be deemed to include any installment sales agreement wherein Mortgagor agrees to sell the Mortgaged Property or any part thereof for a price to be paid in a corporation, partnership installments or other entity which owns any agreement by Mortgagor leasing all or a substantial part of the Mortgaged Property, whether Property for other than actual occupancy by operation of law a space tenant thereunder or otherwise, without the prior written consent of Lender having been obtained (i) to the any sale, assignmentassignment or other transfer of, or the grant of a security interest in, Mortgagor's right, title and interest in and to any Leases ox xxx Xxxts or other property income. Mortgagee shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Obligations immediately due and payable upon Mortgagor's sale, conveyance, mortgage, lease, option, encumbrance or other transfer and (ii) to the form and substance of any instrument evidencing or contracting for any such sale, assignment, conveyancealienation, mortgage, leaseencumbraxxx, option, encumbrance xxxxge or other transfer. Mortgagor shall not, without the prior written consent of Lender, further assign or permit to be assigned the rents from the Mortgaged Property, and any such assignment without the prior express written consent of Lender shall be null and void. Mortgagor shall not permit any interest in any lease transfer of the Mortgaged Property in violation of this Mortgage, or any other Mortgage Loan Document. This provision shall apply to be subordinated to any encumbrance on every sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Mortgaged Property other than that is not a transfer permitted pursuant to the Loan Instruments and terms of the Credit Agreement, regardless of whether voluntary or not, or whether or not Mortgagee has consented to any such subordination shall be null and void. Mortgagor agrees that in the event the ownership previous sale, conveyance, alienation, mortgage, encumbrance, pledge or transfer of the Mortgaged Property, any interest therein or any part thereof becomes vested in a person other than Mortgagor, Lender may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the Notes, the Loan Instruments and Mortgagor’s Liabilities without in any way vitiating or discharging Mortgagor’s liability hereunder or Mortgagor’s Liabilities. No sale of the Mortgaged Property, no forbearance to any person with respect to this Mortgage, and no extension to any person of the time for payment of the Notes or any other Mortgagor’s Liabilities given by Lender shall operate to release, discharge, modify, change or affect the original liability of Mortgagor, either in whole or in part, except to the extent specifically agreed in writing by Lender.

Transfer or Encumbrance of the Mortgaged Property. Mortgagor shall not permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage, lease (other than leases made Company acknowledges that Mortgagee has examined and relied on the creditworthiness of Company and experience of Company in accordance with the provisions of this Mortgage) or encumbrance of, or any contract for any of the foregoing on an installment basis or otherwise pertaining to, the Mortgaged Property, any part thereof, any interest therein, the beneficial interest in Mortgagor or in any trust holding title to owning and operating properties such as the Mortgaged Property or any in agreeing to make the loan secured hereby, and that Mortgagee will continue to rely on Company's ownership interest of the Mortgaged Property as a means of maintaining the value of the Mortgaged Property as security for repayment of the Debt. Company acknowledges that Mortgagee has a valid interest in maintaining the value of the Mortgaged Property so as to ensure that, should Company default in the repayment of the Debt, Mortgagee can recover the Debt by a corporation, partnership or other entity which owns all or part sale of the Mortgaged Property, whether by operation of law or otherwise. Company agrees, without the prior written consent of Lender having been obtained Mortgagee, which shall not unreasonably be withheld or delayed, not to further encumber (iincluding any mortgage, deed of trust or wrap-around mortgage or like security interest) the Mortgaged Property or any part thereof or permit the further encumbrance of the Mortgaged Property or any part thereof, or to sell, transfer or convey the Mortgaged Property or any part thereof or the right to manage or control the operation of the Mortgaged Property or any part thereof or permit the Mortgaged Property or any part thereof to be sold, transferred or conveyed, or pledge the Mortgaged Property or any part thereof. A sale, transfer or conveyance within the meaning of this paragraph 9 shall be deemed to include (a) an installment sales agreement wherein Company agrees to sell the Mortgaged Property or any part thereof for a price to be paid in installments; (b) an agreement by Company leasing all or a substantial part of the Mortgaged Property (except such leases as are approved by Mortgagee) or a sale, assignment or other transfer of, or the grant of a security interest in, Company's right, title and interest in and to any Leases or any Rents; and (c) if Company is a corporation, the voluntary or involuntary sale, conveyance or transfer of Company's stock or the creation or issuance of new stock by which an aggregate of more than 10% of Company's stock shall be vested in a party or parties who are not now stockholders. Mortgagee reserves the right to condition the consent required hereunder upon a modification of the terms hereof and on assumption of the Mortgage as so modified by the proposed transferee, payment of a transfer fee, or such other conditions as Mortgagee shall determine in its sole discretion to be in the interest of Mortgagee. Mortgagee shall not be required to demonstrate any actual impairment of its security or any increased risk of default hereunder in order to declare the Debt immediately due and payable upon the sale, assignmenttransfer, conveyance or further encumbrance of the Mortgaged Property without Mortgagee's consent. This provision shall apply to every sale, transfer, conveyance, mortgageor further encumbrance of the Mortgaged Property or any part thereof regardless of whether voluntary or not, leaseor whether or not Mortgagee has consented to any previous sale, optiontransfer, conveyance, or further encumbrance or other transfer and (ii) of the Mortgaged Property. Company shall give immediate written notice to the form and substance Mortgagee of any instrument evidencing or contracting for any such sale, assignmenttransfer, conveyance, mortgage, lease, option, encumbrance conveyance or other transfer. Mortgagor shall not, without the prior written consent of Lender, further assign or permit to be assigned the rents from the Mortgaged Property, and any such assignment without the prior express written consent of Lender shall be null and void. Mortgagor shall not permit any interest in any lease of the Mortgaged Property to be subordinated to any encumbrance on the Mortgaged Property other than the Loan Instruments and any such subordination shall be null and void. Mortgagor agrees that in the event the ownership of the Mortgaged Property, any interest therein or any part thereof becomes vested in a person other than Mortgagor, Lender may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the Notes, the Loan Instruments and Mortgagor’s Liabilities without in any way vitiating or discharging Mortgagor’s liability hereunder or Mortgagor’s Liabilities. No sale of the Mortgaged Property, no forbearance to any person with respect to this Mortgage, and no extension to any person of the time for payment of the Notes or any other Mortgagor’s Liabilities given by Lender shall operate to release, discharge, modify, change or affect the original liability of Mortgagor, either in whole or in part, except to the extent specifically agreed in writing by Lenderencumbrance.

Transfer or Encumbrance of the Mortgaged Property. (a) Mortgagor shall not permit or suffer to occur any sale, assignment, conveyance, transfer, mortgage, lease (other than leases made acknowledges that Mortgagee has examined and relied on the creditworthiness and experience of Mortgagor in accordance with the provisions of this Mortgage) or encumbrance of, or any contract for any of the foregoing on an installment basis or otherwise pertaining to, the Mortgaged Property, any part thereof, any interest therein, the beneficial interest in Mortgagor or in any trust holding title to owning and operating properties such as the Mortgaged Property or any in agreeing to make the loan secured hereby, and that Mortgagee will continue to rely on Mortgagor's ownership of the Mortgaged Property as a means of maintaining the value of the Mortgaged Property as security for repayment of the Debt. Mortgagor acknowledges that Mortgagee has a valid interest in maintaining the value of the Mortgaged Property so as to ensure that, should Mortgagor default in the repayment of the Debt, Mortgagee can recover the Debt by a corporation, partnership or other entity which owns all or part sale of the Mortgaged Property. Except for liens and security interests granted by Mortgagor to Mortgagee in connection with the Related Debt, whether by operation of law or otherwise, without the prior written consent of Lender having been obtained (i) to the sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer and (ii) to the form and substance of any instrument evidencing or contracting for any such sale, assignment, conveyance, mortgage, lease, option, encumbrance or other transfer. Mortgagor shall not, without the prior written consent of LenderMortgagee, further assign sell, convey, alienate, mortgage, encumber, pledge or otherwise transfer the Mortgaged Property or any part thereof, or permit the Mortgaged Property or any part thereof to be assigned the rents from the Mortgaged Propertysold, conveyed, alienated, mortgaged, encumbered, pledged or otherwise transferred; provided, however, Mortgagee may, in its sole discretion, give such written consent (but shall have no obligation to do so) to any such sale, conveyance, alienation, mortgage, encumbrance, pledge or other transfer, and any such assignment consent may be conditioned upon the satisfaction of such conditions precedent as Mortgagee may require (including, without limitation, the prior express written consent conditions precedent set forth in subsection 12[c] below). Notwithstanding any other provision of Lender shall be null this Section 12, Mortgagee will consent, subject to the conditions of subsection 12(c) and void. Mortgagor shall not permit any interest in any lease provided that no Event of Default has occurred and is continuing, to one sale, conveyance, alienation, mortgage, encumbrance, pledge or other transfer of the Mortgaged Property to be subordinated to any encumbrance on by the Mortgaged Property other than the Loan Instruments and any such subordination shall be null and void. original Mortgagor agrees that as set forth in the event the ownership of the Mortgaged Property, any interest therein or any part thereof becomes vested in a person other than Mortgagor, Lender may, without notice to Mortgagor, deal in any way with such successor or successors in interest with reference to this Mortgage, the Notes, the Loan Instruments and Mortgagor’s Liabilities without in any way vitiating or discharging Mortgagor’s liability hereunder or Mortgagor’s Liabilities. No sale of the Mortgaged Property, no forbearance to any person with respect to this Mortgage, and no extension to any person of the time for payment of the Notes or any other Mortgagor’s Liabilities given by Lender shall operate to release, discharge, modify, change or affect the original liability of Mortgagor, either in whole or in part, except to the extent specifically agreed in writing by Lender.