Approved Encumbrance definition

Approved Encumbrance means an encumbrance approved in writing by Lessor in accordance with the terms and conditions of this Lease.

Approved Encumbrance means an encumbrance approved by the COUNTY by way of a County Consent. The term “LENDER” shall mean the owner and holder of an Approved Encumbrance.

Approved Encumbrance herein shall mean an encumbrance and any addition or extension thereto on the Leasehold interest approved by the Secretary.‌

Examples of Approved Encumbrance in a sentence

• The term “LENDER” shall mean the owner and holder of an Approved Encumbrance.

• OVC activities will continue as established in COP19, including the expansion to Kirundo.

• Each Approved Encumbrance shall be utilized for financing or refinancing the development or improvement of the Leased Premises and/or the acquisition of personal property or fixtures to be located and used on the Leased Premises, subject to the prior approval of Lessor and Master Lessor and no encumbrance shall be valid without such approval.

• An Approved Encumbrancer may have such additional rights if Lessee defaults under an Approved Encumbrance as may be set forth in an Approved Encumbrance.

• The Approved Encumbrancer may have such additional rights to cure a default by Lessee under this Lease as may be set forth in an Approved Encumbrance.

• In the event of default by Lessee of the terms of any Approved Encumbrance, an Approved Encumbrancer may exercise the rights set forth in such Approved Encumbrance, provided that before any sale or foreclosure, Approved Encumbrancer shall deliver notice to Lessor of the same character and duration as is required to be given to Lessee by such Approved Encumbrance or by law, but not less than the time required by Arizona law.

• If Lessor does not exercise either of the above rights and any sale under the Approved Encumbrance occurs, whether by power of sale or foreclosure, the purchaser at such sale shall succeed to all the rights, title and interest of Lessee in the leasehold estate covered by the Approved Encumbrance.

• Lessor shall submit a copy of the Approved Encumbrance to Master Lessor and the Secretary within 30 Days after approval and execution by Lessee, Lessor, and Master Lessor.

• If Lessor declines to exercise the above right and sale of the leasehold under the Approved Encumbrance shall occur, the purchaser at such sale shall succeed to all of the right, title and interest of Lessee in this Lease.

• If a sale under the Approved Encumbrance occurs and the purchaser is a party other than the Approved Encumbrancer, said purchaser, as successor in interest to Lessee, shall be bound by all the terms and conditions of this Lease.

More Definitions of Approved Encumbrance

Approved Encumbrance means a mortgage on Lessee’s interest in this Lease, which shall be deemed to include a deed of trust and such other types of security instruments as are commonly given to secure loans or advances on, the unpaid purchase price of leasehold estates and the construction and permanent financing and refinancing of improvements under the laws of the State of Arizona and the note or other credit instrument secured thereby.

Approved Encumbrance means an encumbrance approved by the Lessor's City Council by way of written consent. The term "LENDER" shall mean the observer and holder of an Approved Encumbrance.

Approved Encumbrance means an encumbrance approved in the manner provided herein.

Approved Encumbrance means an encumbrance approved in writing by the Lessor, and sureties, if any, in accordance with the terms and conditions of this Lease.

Approved Encumbrance means an encumbrance by way of either a mortgage, pledge, trust deed and/or assignment of this lease for security, given by the Lessee or successors in interest of the Lessee to Encumbrancer for the purpose of borrowing capital for the development, improvement, sale or resale, or refinancing of the leasehold and improvements placed thereon, and which has received the prior written approval of the Lessor, to the Lessee and Encumbrancer.

Approved Encumbrance means any security interest in the Property granted to one or more lenders to secure any loan or grant to finance the acquisition or rehabilitation of the Property as set forth in the Loan Modification Agreement. The “Approved Encumbrances” shall consist of: (1) the first priority lien of in the original principal amount of Five Million Six Hundred Thirty Thousand Dollars ($5,630,000); (2) the lien of the Commission Loan; (3) the lien of Rehabilitation Loan; (4) the lien of Original Borrower in the original principal amount of Seven Hundred Ninety Four Thousand Nine Hundred Forty Dollars ($794,940) (“Seller Carryback Note”); and (5) and any approved encumbrance for loans associated with the Project and approved by the City.