Common use of COVENANTS OF Clause in Contracts

COVENANTS OF. [________] hereby covenants that, except for the transfer under the Indenture, [________] will not sell, pledge, assign or transfer to any other Person, or grant, create, incur, assume or suffer to exist any Lien on any Mortgage Loan, whether now existing or hereafter created, or any interest therein; [________] will notify the Trustee of the existence of any Lien on any Mortgage Loan immediately upon discovery thereof; and [________] will defend the right, title and interest of the Trust in, to and under the Mortgage Loans, whether now existing or hereafter created, against all claims of third parties claiming through or under [________]; provided, however, that nothing in this Section 2(e) shall prevent or be deemed to prohibit [________] from suffering to exist upon any of the Mortgage Loans any Liens for municipal or other local taxes and other governmental charges if such taxes or governmental charges shall not at the time be due and payable or if [________] shall currently be contesting the validity thereof in good faith by appropriate proceedings and shall have set aside on its books adequate reserves with respect thereto.