Other Mortgage Liens Sample Clauses
The "Other Mortgage Liens" clause defines the rules and restrictions regarding additional mortgages or liens that may be placed on a property already subject to an existing mortgage. Typically, this clause requires the borrower to obtain the lender's consent before taking on any new liens or secondary mortgages, ensuring that the lender's interest remains protected and prioritized. By regulating the creation of further encumbrances, this clause helps prevent situations where the lender's security in the property could be compromised by competing claims, thereby safeguarding the lender's ability to recover the loan amount in case of default.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. The related Mortgage Loan documents require the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including any applicable Rating Agency fees, or would permit the related mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. Except with respect to another Mortgage Loan (which will also be an asset of the Trust Fund) cross-collateralized with a Mortgage Loan, none of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any other mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except as indicated in the preceding sentence and except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. The related Mortgage Loan documents require the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including any applicable Rating Agency fees, or would permit the related mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage.
Other Mortgage Liens. Except as otherwise set forth on Schedule B-23, none of the Mortgage Loans permits the related Mortgaged Property or any direct controlling interest in the related Mortgagor to be encumbered by any mortgage lien or, in the case of a direct controlling interest in the related Mortgagor, a lien to secure any other debt, without the prior written consent of the holder of the subject Mortgage Loan or the satisfaction of debt service coverage or similar criteria specified therein. To the Mortgage Loan Seller's knowledge, as of origination of the subject Mortgage Loan, and to the Mortgage Loan Seller's actual knowledge, as of the Closing Date, except as otherwise set forth on Schedule B-23, and except for cases involving other Mortgage Loans, no Mortgaged Property securing the subject Mortgage Loan is encumbered by any other mortgage liens (other than Permitted Encumbrances) and no direct controlling equity interest in the related Mortgagor is encumbered by a lien to secure any other debt. The related Mortgage Loan documents do not specifically prohibit the mortgagee from requiring the Mortgagor under each Mortgage Loan to pay all reasonable costs and expenses related to any required consent to an encumbrance, including reasonable legal fees and expenses and any applicable Rating Agency fees, or would permit the subject mortgagee to withhold such consent if such costs and expenses are not paid by a party other than such mortgagee.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or other underwriting criteria specified therein. To the Mortgage Loan Seller's knowledge, except for cases involving Cross-Collateralized Mortgage Loans, none of the Mortgaged Properties securing the PMCF/BSCMI/NLIC/PCF/PCFII Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage. Each of the related Mortgage Loan Documents requires the Borrower to pay all reasonable costs and expenses related to obtaining consent to an encumbrance.
Other Mortgage Liens. Except as otherwise set forth on Schedule C-23, none of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof or the satisfaction of debt service coverage or similar criteria specified therein. To the Seller's knowledge, except as otherwise set forth on Schedule C-23, and except for cases involving other Mortgage Loans, none of the Mortgaged Properties securing the Mortgage Loans is encumbered by any mortgage liens junior to or of equal priority with the liens of the related Mortgage.
Other Mortgage Liens. None of the Mortgage Loans permits the related Mortgaged Property to be encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage without the prior written consent of the holder thereof. Except as set forth in Schedule V hereto, as of the date of origination, the related Mortgaged Property was not encumbered by any mortgage lien junior to or of equal priority with the lien of the related Mortgage. As of the date hereof, the related Mortgaged Property is not encumbered by any mortgage liens of equal priority with the lien of the related Mortgage, and to Seller's actual knowledge, except as set forth in Schedule V hereto, the related Mortgaged Property is not encumbered by any mortgage liens junior to the lien of the related Mortgage.
Other Mortgage Liens. The Hillside Woods Apartments Mortgage Loan is ▇▇▇▇▇ed by the Borrower's leasehold interest and the Fee Interest owned by Meridian Hillside, LLC ("Meridian"), in the related Mortgage Property and does not prohibit Meridian from encumbering its Fee Interest with a mortgage lien. However, the terms of the related Ground Lease provide that Meridian may not encumber or cause to be encumbered its Fee Interest except to a lender that expressly assumes and/or agrees to be bound by the terms of the Ground Lease. Exception 28 - Releases of Mortgaged Properties: ------------------------------------------------ The Mortgaged Property securing the Attic Self Storage Mortgage Loan includes the Borrower's leasehold interest in a portion of an adjacent shopping center (the "Leasehold Component"). The value of, and the income and expenses with respect to, the Leasehold Component were excluded from the underwriting of the Mortgage Loan. In connection with the Borrower's assignment of the Leasehold Component to a third party or entity and upon not less than 30 days' prior written request by the Borrower to the lender, the lender must, pursuant to the related Mortgage Loan documents, release the Leasehold Component from the lien of the related Mortgage provided that no event of default under the related Mortgage Loan documents has occurred and is continuing and the Borrower pays all of the lender's costs and expenses in connection with such release. Exception 34 - Due-on-Sale: --------------------------- With respect to the Hillside Woods Apartments Mortgage Loan, th▇ ▇▇▇ated Mortgage executed by the Borrower and Meridian Hillside, LLC ("Meridian"), encumbers both the Borrower's leasehold interest and Meridian's Fee Interest in the related Mortgaged Property and prohibits a transfer of the Borrower's leasehold interest or a controlling interest in the Borrower, but it does not prohibit Meridian from directly or indirectly transferring or selling its Fee Interest. However, pursuant to the terms of the related Ground Lease, Meridian may not sell, transfer or convey, or cause to be sold, transferred or conveyed, its Fee Interest except to a purchaser that expressly assumes and agrees to be bound by the terms of the Ground Lease.
Other Mortgage Liens. With respect to Loan 4, Louisiana Boardwalk, the loan agreement does not expressly require Borrower to pay rating agency fees in connection with consent to an encumbrance. Section 12.21 of the Loan Agreement requires Borrower to pay Lender's costs and expenses, including fees, costs and expenses of attorneys, local counsel, accountants, and other contractors in connection with any consent. With respect to Loan 22, Oak Brook International Office Center, the related mortgage property is encumbered by a second lien in the amount of $9,600,000 that is an inter company debt. With respect to Loan 36, ▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, there is an unsecured inter company subordinate debt in the amount of $10,000,000. With respect to Loan 161, Mondo Building, the related mortgage property is encumbered by a second lien in the amount of $1,200,000. With respect to Loan 131, Osco Plaza, the related borrower has the option to encumber the mortgaged property with a second lien to secure additional subordinated debt or a special purpose entity to be formed, which will be the 100% owner of the borrower, may pledge its interest to secure additional subordinated debt, provided, in each case, that certain conditions specified in the loan agreement are satisfied, including: (i) the aggregate amount of the mortgage loan and the subordinate debt (either the secured subordinate debt or the mezzanine debt) will not exceed 85% of the fair market value of the mortgaged property, (ii) the aggregate debt service coverage ratio at all times (assuming that either the secured subordinate debt or the mezzanine debt is fully advanced) is at least 1.15:1 and (iii) the assumed debt service coverage ratio at all times (assuming that either the secured subordinate debt or the mezzanine debt is fully advanced) is at least 0.90:1.
(i) the related borrower maintains a minimum aggregate debt service coverage ratio (including the related subordinate debt) of at least 1:25:1 based on actual loan constant, (ii) the related borrower maintains a minimum aggregate debt service coverage ratio (including the related subordinate debt) of at least 1:00:1 based on a 9.25% loan constant, (iii) the aggregate loan to value ratio (including the related subordinate debt) does not exceed 75% of the appraised value of the applicable mortgaged property and (iv) the applicable subordinate lender executes an intercreditor agreement on the lenders form.