COVENANTS OF MORTGAGOR Clause Samples
The "Covenants of Mortgagor" clause sets out the ongoing promises and obligations that the borrower (mortgagor) must fulfill during the term of the mortgage. Typically, these covenants require the mortgagor to maintain the property in good condition, pay all relevant taxes and insurance, and comply with applicable laws and regulations. By clearly outlining these responsibilities, the clause ensures the lender’s security interest in the property is protected and reduces the risk of default or property devaluation.
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COVENANTS OF MORTGAGOR. For the purpose of further securing the indebtedness secured hereby and for the protection of the security of this Mortgage, for so long as the indebtedness secured hereby or any part thereof remains unpaid, Mortgagor covenants and agrees as follows:
COVENANTS OF MORTGAGOR. Mortgagor represents, except as known by Mortgagee or its affiliates to the contrary, or disclosed to Mortgagee in connection with the sale of the Mortgaged Property to Mortgagor, and Mortgagor covenants and agrees as follows:
COVENANTS OF MORTGAGOR. Mortgagor covenants and agrees as follows:
COVENANTS OF MORTGAGOR. Mortgagor covenants and agrees with Collateral Agent and Holders, or any successor in title as holder of the Obligations secured hereby, as follows:
COVENANTS OF MORTGAGOR. To protect the security of this Mortgage, and as additional consideration to Mortgagee, Mortgagor covenants, warrants and agrees as follows:
COVENANTS OF MORTGAGOR. In consideration of the Indebtedness, Mortgagor, for itself, its legal representatives, successors, and assigns, covenants and agrees as follows:
COVENANTS OF MORTGAGOR. (a) Mortgagor shall (i) perform all obligations secured hereby when performance is due; (ii) permit Lender to exercise its powers granted herein; (iii) execute and deliver such documents as Lender reasonably deems necessary to create, perfect and continue the security interests contemplated hereby; (iv) not permit any lien on the Property, except in favor to Lender, and except such purchase money financing liens granted in the ordinary course of Mortgagor’s business and other Permitted Liens (as defined in the Secured Loan Agreement); and (v) not change its chief place of business or the place where Mortgagor keeps its records concerning the Property without first giving Lender written notice of the address to which Mortgagor is moving same.
(b) Without Lender's consent, Mortgagor shall (i) [RESERVED]; (ii) not sell, transfer, encumber, hypothecate or otherwise dispose of any Property or proceeds (except as may otherwise be permitted herein) at any time, except to Lender or except in the ordinary course of business; (iii) not materially modify, alter, amend, or subordinate, or consent to or suffer any material modification, alteration, amendment or subordination of, any of the Property, nor, through action or failure to act, waive any of its rights thereunder, except to the extent such waiver does not materially impair Mortgagor’s ability to perform its obligations hereunder; and (iv) provide any service and do all other acts and things reasonably necessary to keep the Property free and clear of all defenses, rights of off-set and counterclaims.
(c) Upon the request of Lender, Mortgagor shall execute or cause the execution, acknowledgment and delivery of such further commercially reasonable instruments (including, without limitation, declarations of no set-off) and do such further acts as may be necessary, desirable or proper to carry out more effectively the purposes of this Mortgage or the Credit Agreement (as defined in the Secured Loan Agreement).
(d) Mortgagor shall not take any action with respect to any of the Property held by Lender from time to time which is inconsistent with the provisions and the purpose of this Mortgage or which would adversely affect the rights of Lender under the Credit Agreement.
(e) Mortgagor agrees to pay, prior to delinquency, all taxes, special improvement assessments and other governmental charges against the mortgaged property, both real and personal, at any time levied or becoming due.
(f) Except as otherwise permitte...
COVENANTS OF MORTGAGOR. Mortgagor agrees with Mortgagee. that so long as this Mortgage is in effect:
COVENANTS OF MORTGAGOR. Mortgagor covenants and agrees with Mortgagee, or any successor in title as holder of the Obligations secured hereby, as follows:
COVENANTS OF MORTGAGOR. Section 1.01. (a) Warranty of Title; Power and Authority..............................5 (b) Hazardous Materials.................................................5 (c) Flood Hazard Area...................................................6 Section 1.02. (a) Further Assurances..................................................6 (b) Information Reporting and Back-up Withholding.......................6 Section 1.03. (a) Filing and Recording of Documents...................................6 (b) Filing and Recording Fees and Other Charges.........................7 Section 1.04. Payment and Performance of Loan Documents.................................7 Section 1.05. Maintenance of Existence; Compliance with Laws............................7 Section 1.06. After-Acquired Property...................................................7 Section 1.07. (a) Payment of Taxes and Other Charges..................................8 (b) Payment of Mechanics and Materialmen................................8 (c)