Voluntary Liens Clause Samples

Voluntary Liens. Notwithstanding anything herein to the contrary, at or prior to the Closing, Seller shall be obligated to pay off, discharge or otherwise remove at its sole cost and expense, any and all mortgages and monetary liens granted by written instrument executed by Seller that encumber the Property, regardless of whether or not Buyer has objected to such liens pursuant to this Section 6.1 (“Voluntary Liens”). Seller may, at the time of delivery of the deed, use the purchase money or any portion thereof to clear the title of any or all encumbrances or interests, provided that all instruments so procured are recorded simultaneously with the delivery of said deed, or, for institutional mortgages only, within a reasonable time thereafter in accordance with customary Massachusetts conveyancing practices.

Voluntary Liens. If Borrower or any Principal fails to obtain Lender’s prior written consent (to extent such consent is required) to the granting of any (X) (a) voluntary mortgage, deed of trust, or security interest, on, or (b) assignment or pledge of, Borrower’s interest in all or any portion of the Property, or (Y) pledge of any direct and/or indirect controlling ownership or beneficial interest in Borrower, Guarantor or the Property, except in each case, to the extent expressly permitted by the Loan Documents;

Voluntary Liens. Notwithstanding anything contained in Section 3.4(c) to the contrary, the Sellers shall discharge, cure, remediate and otherwise remove all Voluntary Liens encumbering any Property at or prior to Closing.

Voluntary Liens. The Borrower will not grant any Lien in its properties without the prior written consent of the Lender, except Liens securing additional indebtedness permitted under Section 5.15.

Voluntary Liens. Notwithstanding anything to the contrary contained herein, Seller shall cause all Voluntary Liens to be fully satisfied, released, removed and discharged of record on or prior to the Closing Date at Seller’s sole cost and expense, and may be paid from proceeds of Closing. The term “Voluntary Lien” as used herein shall mean a lien or encumbrance affecting the Property and/or the Membership Interests that evidences or secures an outstanding obligation of Nine Penn Owner or Seller under (a) any mortgage, deed of trust, security agreement, financing statement, or any other instrument which secures any monetary obligation of Nine Penn Owner or Seller and which was granted to the beneficiary thereof by Seller or its affiliates to secure such obligation, (b) any mechanic’s, materialman’s or other similar liens, which can be fully and finally satisfied and discharged by the payment of a liquidated or pre-determined sum to the beneficiary thereof and that, in each event, is created by Seller or its affiliates, (iii) any lien for unpaid delinquent real estate taxes affecting the Property or Taxes of Nine Penn Owner (other than Taxes not yet due and payable), (iv) any lien securing an outstanding judgment against Seller or its affiliates, (v) any other monetary lien created by Seller or its affiliates that can be satisfied by the payment of a liquidated or pre-determined sum, and (vi) any encumbrance voluntarily created or voluntarily placed by Seller or its affiliates against the Property or the Membership Interests from and after the date of the Title Commitment, which is not approved by Purchaser. For greater certainty, all references to Seller’s affiliates under this Section 3.3 shall include Nine Penn Owner.

Voluntary Liens. The State shall not create or assume any Lien on any part of the Pledged Collateral or the Program Income on deposit in the Subordinated Debt Service Fund now owned or hereafter acquired by it except the Liens created by the Related Documents.

Voluntary Liens. Seller shall not create or cause to be created any Voluntary Lien without Purchaser’s prior written consent, not to be unreasonably withheld, conditioned, or delayed prior to the expiration of the Inspection Period.