Dealing with Mortgaged Property Clause Samples

The 'Dealing with Mortgaged Property' clause outlines the rules and procedures for handling property that is subject to an existing mortgage. It typically specifies the obligations of the parties regarding notification to the mortgagee, obtaining necessary consents, and ensuring that any dealings—such as sales, leases, or transfers—do not breach the terms of the mortgage. For example, the clause may require the property owner to secure written approval from the lender before selling the property or to ensure that the mortgage is discharged upon completion of a transaction. This clause is essential for protecting the interests of both the lender and the parties involved in the transaction, preventing unauthorized dealings that could jeopardize the security interest held by the mortgagee.
Dealing with Mortgaged Property. (a) Except with the prior written consent of the Mortgagee or as expressly permitted in any Transaction Document, the Mortgagor shall not: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) agree to or allow any change to be made to the provisions of any Marketable Security or any Transaction Document; or (iii) in any other way: (A) dispose of; (B) create or allow any interest in; or (C) part with possession of, any Mortgaged Property, except, subject to the Transaction Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business. (b) Where by law the Mortgagee or a mortgagee may not restrict the creation of any Security Interest over an asset ranking after the charge created by this Deed, paragraph (a) will not restrict that creation, but the Mortgagor shall ensure that before that Security Interest is created the holder of that Security Interest enters into a deed of priority in form and substance specified by the Mortgagee.
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Dealing with Mortgaged Property. (a) Except with the prior written consent of the Collateral Agent or as expressly permitted in any Finance Document, the Mortgagor shall not: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) in any other way: (A) dispose of; (B) create or allow any interest in; or (C) part with possession of, any Mortgaged Property, except, subject to the Finance Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business. (b) Where by law a mortgagee may not restrict the creation of any Security Interest over an asset ranking after the charge created by this Deed, paragraph (a) will not restrict that creation, but the Mortgagor shall ensure that before that Security Interest is created the holder of that Security Interest enters into a deed of priority in form and substance specified by the Collateral Agent.
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Dealing with Mortgaged Property. (a) Except as expressly permitted in any Trust Document, the Chargor shall not, and the Manager shall not direct the Chargor to: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) in any other way: (A) dispose of; (B) create or allow any interest in; or (C) part with possession of, any Mortgaged Property, except, subject to the Trust Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business. (b) Where by law a Mortgagee may not restrict the creation of any Security Interest over an asset ranking after the Charge, paragraph (a) will not restrict that creation. However, the Chargor shall ensure that before that Security Interest is created the holder of that Security Interest enters into a deed of priority in form and substance specified by the Security Trustee.
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Dealing with Mortgaged Property. (a) Except with the prior written consent of the Security Trustee and (subject to clause 40.17(d)) the Note Trustee, or as expressly permitted in any Trust Document, the Chargor shall not, and the Trust Manager shall not direct the Chargor to: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (b) in any other way: (A) dispose of; (B) create or allow any interest in; or (C) part with possession of, any Mortgaged Property, except, subject to the Trust Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business.
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Dealing with Mortgaged Property. (a) Except as expressly permitted in any Trust Document, the Chargor shall not, and the Manager shall not direct the Chargor to: (i) create or allow to exist any Security Interest over any Mortgaged Property; or (ii) in any other way: (A) dispose of; (B) create or allow any interest in; or -------------------------------------------------------------------------------- Page 9 Security Trust ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇ & ▇▇▇▇▇▇▇ -------------------------------------------------------------------------------- (C) part with possession of, any Mortgaged Property, except, subject to the Trust Documents, any disposal of or dealing with any asset for the time being subject to the floating charge in the ordinary course of its ordinary business. (b) Where by law a Mortgagee may not restrict the creation of any Security Interest over an asset ranking after the Charge, paragraph (a) will not restrict that creation. However, the Chargor shall ensure that before that Security Interest is created the holder of that Security Interest enters into a deed of priority in form and substance specified by the Security Trustee.
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Related to Dealing with Mortgaged Property

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

  • 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 Undamaged 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;

  • Entry on Mortgaged Property Enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon. If Mortgagor remains in possession of the Mortgaged Property following the occurrence and during the continuance of an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

  • 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.