Concerning the Mortgaged Properties Clause Samples

This clause defines the rights, obligations, and conditions related to the properties that are subject to a mortgage under the agreement. It typically outlines which properties are included as collateral, the requirements for maintaining or insuring those properties, and any restrictions on their use or transfer during the mortgage period. By clearly specifying these terms, the clause ensures both parties understand the scope of the collateral and helps prevent disputes over the treatment or status of the mortgaged properties.
Concerning the Mortgaged Properties. The Mortgaged Properties are described in and covered by the Reserve Reports which have previously been delivered to and relied upon by Administrative Agent and Lenders in connection with this Agreement, and the Loan Parties own at least the decimal percentage Mineral Interest in such properties as specified in such Reserve Reports. Borrower has provided Administrative Agent with title information and title data acceptable to Administrative Agent reflecting title to the Mineral Interests of the Loan Parties in those Mortgaged Properties which represent at least 80% of the Recognized Value of the Loan Parties' Mineral Interests in those Mortgaged Properties included in the Borrowing Base.
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Concerning the Mortgaged Properties. The Mortgaged Properties are described in and covered by the engineering reports which have previously been delivered to and relied upon by the Agent and the Lenders in connection with this Agreement, and the Borrower owns at least the decimal percentage Mineral Interests in such properties as are specified in such engineering reports. The Mortgaged Properties represent not less than 85% of the Engineered Value of all of the Borrower's oil and gas properties. The Borrower has provided the Agent with title information and title data acceptable to the Agent reflecting title to the Mineral Interests of the Borrower in those Mortgaged Properties which represent at least 90% of the Engineered Value of the Borrower's Mineral Interests in all of the Mortgaged Properties.
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Concerning the Mortgaged Properties. The Mortgaged Properties are described in and covered by the Reserve Reports which have previously been delivered to and relied upon by Lenders in connection with this Agreement.
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Concerning the Mortgaged Properties. The Mortgaged Properties are described in and covered by the engineering reports which have previously been delivered to and relied upon by Bank in connection with this Agreement, and Borrower owns at least the decimal percentage Mineral Interests in such properties as are specified in such engineering reports. The Mortgaged Properties represent not less than 90% of the Engineered Value of all of Borrower's oil and gas properties. "Engineered Value" as used in the preceding sentence means future net revenues discounted at the discount rate being used by the Bank as of the date of any such determination utilizing the pricing parameters used in the most recent Reserve Report furnished Bank pursuant hereto.
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Concerning the Mortgaged Properties. The Mortgaged Properties are described in and covered by the engineering reports which have previously been delivered to and relied upon by Lender in connection with this Agreement, and Borrower owns record title to at least the decimal percentage Mineral Interests in such properties as are specified in such engineering reports.
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Concerning the Mortgaged Properties. If at any time the Agent is in possession of title information and title data acceptable to the Agent which represents less than 90% of the Engineered Value of the Borrower's Mineral Interests and all of the Mortgaged Properties, then the Borrower shall deliver to the Agent such additional title information and title data as is acceptable to the Agent which reflects title to the Mineral Interests of the Borrower in those Mortgaged Properties which represent at least 90% of the Engineered Value of all of the Borrower's Mineral Interests in all of the Mortgaged Properties.
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Concerning the Mortgaged Properties. The Mortgaged Properties are described in and covered by the engineering reports which have previously been delivered to and relied upon by Bank in connection with this Agreement, and Borrower owns at least the decimal percentage Mineral Interests in such properties as are specified in such engineering reports. The Mortgaged Properties represent not less than 85% of the Engineered Value of all of Borrower's oil and gas properties. "Engineered Value' as used in the preceding sentence means future net revenues discounted at the discount rate being used by the Bank as of the date of any such determination and utilizing the pricing parameters of the Bank then in effect as of the date of any such determination."
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Concerning the Mortgaged Properties 
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Related to Concerning the Mortgaged Properties

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

  • Releases of Mortgaged Properties No Mortgage Note or Mortgage requires the mortgagee to release all or any material portion of the related Mortgaged Property from the lien of the related Mortgage except upon (i) payment in full of all amounts due under the related Mortgage Loan or (ii) delivery of "government securities" within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended (the "Investment Company Act"), in connection with a defeasance of the related Mortgage Loan; provided that the Mortgage Loans that are Crossed Loans, and the other individual Mortgage Loans secured by multiple parcels, may require the respective mortgagee(s) to grant releases of portions of the related Mortgaged Property or the release of one or more related Mortgaged Properties upon (i) the satisfaction of certain legal and underwriting requirements or (ii) the payment of a release price in connection therewith; and provided, further, that certain Crossed Groups or individual Mortgage Loans secured by multiple parcels may permit the related Mortgagor to obtain the release of one or more of the related Mortgaged Properties by substituting comparable real estate property, subject to, among other conditions precedent, receipt of confirmation from each Rating Agency that such release and substitution will not result in a qualification, downgrade or withdrawal of any of its then-current ratings of the Certificates; and provided, further, that any Mortgage Loan may permit the unconditional release of one or more unimproved parcels of land to which the Seller did not give any material value in underwriting the Mortgage Loan.

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;