Common Contracts
1 similar Permitted Mortgage Agreement contracts
ContractPermitted Mortgage Agreement • August 30th, 2006
Note: In the following document, a mortgagee (together with a lessee/mortgagor) agrees to all of the conditions of a “standard permitted mortgage,” as defined in the Revised Model Lease (Section 8.1 and Exhibit PERMITTED MORTGAGES), which are here identified as “the Stipulated Conditions.” These conditions being accepted, the lessor consents to the mortgage and agrees that the holder of the mortgage will have all of the rights that the Lease assigns to a Permitted Mortgagee. If a CLT negotiates a different set of conditions with a mortgage lender, this sample document can be modified to reflect those conditions. If the conditions agreed upon between the CLT and a mortgage lender are actually incorporated in the mortgage or a rider to the mortgage, then there may be no need for a document such as this sample; however the CLT should still sign a statement of consent to the mortgage, acknowledging that it is a Permitted Mortgage.
