Mortgaged Asset definition
Examples of Mortgaged Asset in a sentence
The guidelines may not have identified or appropriately assessed the risk that the interest and principal payments due on a Mortgage Loan will be repaid when due, or at all, or whether the value of the Mortgaged Asset will be sufficient to otherwise provide for recovery of such amounts.
Subject to Clause 7.7 (Dividends after enforcement) and the terms and conditions set forth in the Note Documents, the Mortgagor is entitled to retain any cash income derived from the Shares or any Mortgaged Asset and (to the extent any such cash income is received by the Mortgagee or its nominee) the Mortgagee shall (or, as the case may be, ensure that its nominee shall) pay the same to the Mortgagor or as it may direct.
Borrower and the REIT will furnish such additional reports or data, but no more often than on a quarterly basis, as Agent may reasonably request including, without limitation, monthly operating statements, a certified rent roll, leasing and management reports for each Mortgaged Asset, and an accounting for security deposits.
Borrower shall immediately notify ------------------------- Agent of any fire or other casualty or any pending or threatened condemnation or eminent domain proceeding with respect to all or any portion of an Mortgaged Asset.
Any Security Document or other Security over any Mortgaged Asset becomes enforceable.
There is no encumbrances or right over the Mortgaged Asset beyond the knowledge of the Security Agent upon the execution of the Agreement.
The Mortgagor shall not, and the Principal shall not cause or permit the Mortgagor to, take or allow the taking of any action on its behalf which may result in the rights attaching to any Mortgaged Asset being altered.
The Mortgagor shall not, and the Principal shall not cause or permit the Mortgagor to, create or permit to subsist any security over any Mortgaged Asset other than the Security created hereby, nor do anything else prohibited or restricted by the terms of any Transaction Document.
Notwithstanding the foregoing, however, (A) the terms Deficit, Notice of Borrowing, Table Funded Mortgaged Asset and Table Funded Trust Receipt contained in the Arbor Credit Facility, (B) the provisions of Sections 2.5 and 2.9 of the Arbor Credit Agreement and Schedule 1-A to the Arbor Credit Facility Fee Letter shall be inapplicable to this Agreement and the other Loan Documents.
After this Security has become enforceable, the Mortgagee (or, as the case may be, its nominee) shall be entitled to retain any Relevant Amount derived from the Shares or any Mortgaged Asset received by it and apply the same as the Mortgagee sees fit.