Encumbered Property Clause Samples
The Encumbered Property clause defines property that is subject to existing legal claims, liens, or other restrictions that may affect its transfer or use. In practice, this clause identifies any mortgages, easements, or other encumbrances attached to the property, ensuring that all parties are aware of these limitations before completing a transaction. Its core function is to provide transparency and protect parties from unforeseen legal or financial obligations related to the property.
Encumbered Property. Borrower irrevocably grants, mortgages, warrants, conveys, assigns and pledges to Lender, and grants to Lender a security interest in, the following property, rights, interests and estates now or in the future owned or held by Borrower (the “Property”) for the uses and purposes set forth in this Mortgage forever (capitalized terms used in this Section 2.1 and 2.3 and not defined in this Mortgage have the meanings ascribed to them in the Uniform Commercial Code):
(i) the Land;
(ii) all buildings and improvements located on the Land (the “Improvements”); TIAA Authorization ID # AAA-7346; TIAA Inv. ID # 000553801 Polaris Fashion Place Mortgage 15239260v.7
(iii) all easements; rights of way or use, including any rights of ingress and egress; streets, roads, ways, sidewalks, alleys and passages; strips and gores; sewer rights; water, water rights, water courses, riparian rights and drainage rights; air rights and development rights; oil and mineral rights; and tenements, hereditaments and appurtenances, in each instance adjoining or otherwise appurtenant to or benefiting the Land or the Improvements;
(iv) all General Intangibles (including Software) and Goods, related to, attached to, contained in or used in connection with the Land or the Improvements (excluding personal property owned by tenants);
(v) all agreements, ground leases, grants of easements or rights-of-way, permits, declarations of covenants, conditions and restrictions, disposition and development agreements, planned unit development agreements, cooperative, condominium or similar ownership or conversion plans, management, leasing, brokerage or parking agreements or other material documents affecting Borrower or the Property, including the documents described on Exhibit D but expressly excluding the Leases (the “Property Documents”);
(vi) all Inventory held for sale, lease or resale or furnished or to be furnished under contracts of service, or used or consumed in the ownership, use or operation of the Property and all Documents evidencing any part of any of the foregoing;
(vii) all Accounts, Documents, Goods, Instruments, money, Deposit Accounts, Chattel Paper, Letter-of-Credit Rights, Investment Property, General Intangibles and Supporting Obligations relating to the Property, including all deposits held from time to time by the Accumulations Depositary to provide reserves for Taxes and Assessments together with interest credited thereon (the “Accumulations”);
(viii) all awards and other compen...
Encumbered Property. The property that is encumbered by a Lien. ------------------- Foreclosure Exercise Notice: A notice from Holder to Owner and Lender --------------------------- stating that Holder elects to buy (i) the Secured Obligation in accordance with this Section 12, (ii) the Real Estate in accordance with this Section 12, or (iii) both the Secured Obligation and the Real Estate in accordance with this Section 12.
Encumbered Property. (a) Except in the ordinary course of business or as otherwise permitted in the Credit Agreement, no Improvements will be altered in any material respect or demolished or removed in whole or 203367025 v9 in part by the Grantors without the prior written consent of the Collateral Agent. No Personal Property shall be removed by the Grantors, except that the Grantors shall have the right to remove and dispose of, free of the Lien of the Collateral Documents, such Personal Property as may, from time to time, become worn out or obsolete in the normal course of business. The Grantors will maintain and keep the Encumbered Property in good condition and repair, reasonable wear and tear and damage by casualty excepted, and will not commit any waste on the Encumbered Property or make any alteration to, or change in the use of, the Encumbered Property that will materially diminish the utility thereof for the operation of the business conducted thereon or increase the risk of fire or other hazard and in no event shall any such alteration or change be contrary to the terms of any insurance policy required to be kept pursuant to the Credit Agreement. Subject to the terms of the Credit Agreement, the Grantors shall promptly repair, replace or rebuild any part of the Encumbered Property that becomes damaged or worn.
(b) To the extent the same exist on the date hereof or are obtained in connection with future permitted alterations, each Grantor shall maintain a complete set of final plans, specifications, blueprints and drawings for the Improvements either at the Encumbered Property or in a particular office at the headquarters of such Grantor to which the Collateral Agent shall have access upon reasonable advance notice. The Mortgagor shall promptly notify the Mortgagee of any proposed zoning reclassification, variance, conditional or special use permit, subdivision plat or annexation affecting the Land. Each Grantor shall at all times comply in all material respects with, and is currently in compliance in all material respects with, all of its obligations under all recorded restrictions, conditions, easements and covenants (“Restrictive Covenants”) encumbering the Land and shall duly enforce its rights under all Restrictive Covenants encumbering other property for the benefit of the Premises. If any Grantor receives any notice (whether oral or written) that any Restrictive Covenant has been violated, then such Grantor shall promptly notify the Collateral Agent and take su...
Encumbered Property. 2 Section 2.2. Habendum Clause........................................ 5 Section 2.3. Security Agreement..................................... 5 Section 2.4. Conditions to Grant.................................... 6 Section 2.5. Fee Joinder............................................ 7 ARTICLE III - OBLIGATIONS SECURED........................................... 7 Section 3.1. The Obligations........................................ 7
Encumbered Property. Each Subsidiary identified in Schedule A is the owner of Encumbered Property. Pledgor does not have any Ownership Interest in any entity that owns Encumbered Property that is not also a Subsidiary identified on Schedule A.
Encumbered Property. The real property and improvements thereon in which a Security Interest is granted to the Agent pursuant to the Loan Documents includes, as of the date of this Agreement, all of the real property and improvements owned or leased by the Company or any of the Secured Guarantors which comprise, or are part of, or are used in the operations of, or are located contiguous to, the respective plants of the Company and Kaiser Bellwood which are located at the locations listed on Schedule II hereto.
Encumbered Property. Real Estate that either, (i) as determined by Agent in its sole discretion and otherwise in accordance with the provisions of Section 7.19 herein, (a) is owned in fee by the Borrower or any Approved Subsidiary free and clear of all liens except the liens securing Existing Indebtedness disclosed to Agent in writing and the liens permitted pursuant to Section 8.2(ii) and (v) herein; (b) is utilized for a shopping center or retail facility; (c) is free of all material violations of Environmental Laws applicable to such Real Estate and any material title defects; and (d) has Existing Indebtedness outstanding secured by such Real Estate that is less than fifty-five percent (55%) of the Estimated Value of such Real Estate, or (ii) is otherwise approved in writing as an Encumbered Property by the Majority Banks.
Encumbered Property. It is understood and agreed by and between ------------------- Seller and Purchaser that if the ADC Loan only encumbers the Phase Two Lots (and does not encumber any common areas) then the PMM shall only encumber the Phase Two Lots.
Encumbered Property. NETOPTIX/LEISEGANG
Encumbered Property. SHAREHOLDER NOT COMPELLED TO ACCEPT No Shareholder shall be compelled to accept any property in respect of which there is any liability under the provisions of this Article 33.