RIGHT TO MORTGAGE Clause Samples
The Right to Mortgage clause grants a party, typically the property owner, the authority to use the property as collateral for a loan by creating a mortgage interest in it. This clause outlines the conditions under which the owner may mortgage the property, such as requiring prior written consent from another party or ensuring that the mortgage does not interfere with existing agreements. Its core practical function is to clarify the circumstances and limitations under which the property can be encumbered, thereby protecting the interests of all parties involved and preventing unauthorized or detrimental encumbrances.
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RIGHT TO MORTGAGE. Landlord reserves the right to mortgage or otherwise place a lien on the Property and Tenant agrees to accept the Property subject and subordinate to any such mortgage or lien. Tenant hereby grants power of attorney to Landlord for the sole and limited purpose of executing and delivering any document required in the name of Tenant for any such mortgage or lien.
RIGHT TO MORTGAGE. (a) Landlord reserves the right to subject and subordinate this Lease at all times to the lien of any deed of trust, mortgage or mortgages now or hereafter placed upon Landlord's interest in the demised premises; provided, however, that no default by Landlord, under any deed of trust, mortgage or mortgages, shall affect Tenant's rights under this Lease, so long as Tenant performs the obligations imposed upon it hereunder and is not in default hereunder, and Tenant attorns to the holder of such deed of trust or mortgage, its assignee or the purchaser at any foreclosure sale. Any such subordination shall be contingent upon Tenant receiving a commercially reasonable non-disturbance agreement. The parties agree that the Subordination, Non-Disturbance and Attornment Agreement attached hereto as Exhibit "D" is a commercially reasonable agreement. Tenant shall execute any instrument presented to Tenant for the purpose of effecting such subordination. If Tenant, within ten (10) days after submission of such instrument, fails to execute same, Landlord is hereby authorized to execute same as attorney-in- fact for Tenant. It is a condition, however, to the subordination and lien provisions herein provided, that Landlord shall procure from any such mortgagee an agreement in writing, which shall be delivered to Tenant or contained in the aforesaid subordination agreement, providing in substance that so long as Tenant shall faithfully discharge the obligations on its part to be kept and performed under the terms of this Lease and is not in default under the terms hereof, its tenancy will not be disturbed nor this Lease affected by any default under such mortgage.
(b) Wherever notice is required to be given to Landlord pursuant to the terms of this Lease, Tenant will likewise give such notice to any mortgagee of Landlord's interest in the demised premises upon notice of such mortgagee's name and address from Landlord. Furthermore, such mortgagee shall have the same rights to cure any default on the part of Landlord that Landlord would have had.
RIGHT TO MORTGAGE. The Lessor may place a mortgage on subject property which shall be a first lien.
RIGHT TO MORTGAGE. All rights of Lessee pursuant to this Lease are mortgageable, pledgeable, assignable or transferable, in accordance with the terms of this Lease. Any successor to, or assignee of, the rights of Lessee hereunder (whether as the result of voluntary assignment, foreclosure, assignment in lieu of foreclosure or otherwise) shall hold or be entitled to exercise the rights of Lessee hereunder as fully as if named as such party herein. No party exercising rights as Lessee hereunder shall have or incur any liability for the acts of any other party which previously exercised or subsequently shall exercise such rights. In no way shall Lessee have any authority to mortgage the ownership interest belonging to Lessor.
RIGHT TO MORTGAGE. Tenant may encumber its leasehold estate and interest in the Premises by mortgage, security agreement or other such instrument (any such instrument is hereinafter referred to as “Leasehold Mortgage”, and the holder thereof is referred to as “Leasehold Mortgagee”) during the Term of this Lease; provided, however, that the entire proceeds of any loan or future advance secured thereby shall be utilized for the construction and improvement of the Premises and further provided that County shall not be obligated to, nor deemed to have subjected or subordinated County’s fee simple interest in the Premises to any Leasehold Mortgage, nor subordinated County’s interest in this Lease to such Leasehold Mortgage. County’s interests in the fee and this Lease are and shall remain at all times superior and prior in right to any Leasehold Mortgage.
RIGHT TO MORTGAGE. Landlord reserves the right to subject and subordinate this Lease to the lien of any mortgage or mortgages now or hereafter placed upon the Landlord's interest in the demised premises and on the land and buildings of which they are a part. The Tenant will execute and deliver upon demand such instrument or instruments subordinating this Lease to the lien of any mortgage or mortgages as shall be desired by the Landlord or any proposed Mortgagee. Tenant shall further promptly execute and deliver such instruments, estoppel letters or certificates reasonably requested to be provided to Landlord's Mortgagees or to any party to whom Landlord has or may become obligated to provide security.
RIGHT TO MORTGAGE. Notwithstanding any other provisions of this Agreement, the Owner (and its successors and assigns, including each Developer Subsidiary) shall at all times have the right to encumber, pledge, grant, or convey its rights, title and interest in and to the Project or any portions thereof, and/or to this Agreement by way of a mortgage, pledge, assignment or other security agreement (a “Mortgage”) to secure the payment of any loan or loans obtained by the Owner or a Developer Subsidiary to finance or refinance any portion or portions of the Project. The beneficiary of or mortgagee under any such Mortgage is hereby referred to herein as a “Mortgagee”. The City recognizes and acknowledges that each Developer Improvement (as such term is defined in the Development Agreement) may be separately financed by the Owner (or a Developer Subsidiary) and may be encumbered by separate Mortgages. The Mortgagee of each Development Improvement shall have the benefit of the provisions of Sections 6.10 through 6.14 hereof with regard to its Mortgage and the property and project its Mortgage encumbers.
RIGHT TO MORTGAGE. The Sublessee shall have the right, at any time, and from time to time, to grant a mortgage of this Sublease, subject to the prior written consent of the Minister (such consent not to be unreasonably withheld), which is a pre-requisite to the registration of any documentation in the Indian Lands Registry.
RIGHT TO MORTGAGE. Developer, Vertical Developer and any Person to whom any of them Transfers its interest in this DDA as permitted under this DDA (collectively and individually, as the case may be, a “Mortgagor”) shall have the right, at any time and from time to time during the term of this DDA, to grant a mortgage, deed of trust or other security instrument (each a “Mortgage”) encumbering all or a portion of such Mortgagor’s respective interests in all or a portion of the Project and/or the Project Site, including any such Mortgagor’s interest in the Project Accounts relating to such portions of the Project and/or the Project Site (including the right to receive payments from the Funding Sources or other revenue emanating from the Project and/or the Project Site) for the benefit of any Person (together with its successors in interest, a “Mortgagee”) as security for one or more loans related to the Project, the Project Site, the HPS 1 Project or the real property comprising the HPS 1 Project the proceeds from which are used to pay or reimburse costs incurred in connection with the Project, the Project Site, the HPS 1 Project or the real property comprising the HPS 1 Project subject to this Article 20. For any Mortgage that cross-collateralizes and/or cross-defaults the obligations of Developer and HPS 1 Developer, Developer shall promptly provide to the Agency prior written notice of such Mortgage. Except as provided in this Section 20.1, no Mortgage shall be granted to secure obligations unrelated to the Project or the Project Site or to provide compensation or rights to a Mortgagee in return for matters unrelated to the Project or the Project Site. A Mortgagee may Transfer all or any part of or interest in any Mortgage without the consent of or notice to any Party; provided, however, that the Agency shall have no obligations under this DDA to a Mortgagee unless the Agency is notified of such Mortgagee. Furthermore, the Agency’s receipt of notice of a Mortgagee following the Agency’s delivery of a notice or demand to Developer or to one or more Mortgagees under Section 20.4 shall not result in an extension of any of the time periods in this Article 20, including the cure periods specified in Section 20.5.
RIGHT TO MORTGAGE. The Landlord reserves the right to subject and subordinate this lease at all times to the lien of any mortgage or mortgages now or hereafter placed upon the Landlord's interest in the said premises and on the land and buildings of which the said premises are a part or upon any buildings hereafter placed upon the land of which the leased premises form a part. And the Tenant covenants and agrees to execute and deliver upon demand such further instruments or instruments subordinating this lease to the lien of any such mortgage or mortgages as shall be desired by the Landlord and any mortgages or proposed mortgages and hereby irrevocably appoints the Landlord the attorney-in-fact of the Tenant to execute and deliver and such instrument or instruments for and in the name of the Tenant.