Future Mortgagee Sample Clauses

The 'Future Mortgagee' clause defines the rights and obligations of parties in relation to any future lender or mortgagee who may acquire an interest in the property after the agreement is executed. Typically, this clause outlines how the agreement will be binding on future mortgagees, or specifies the conditions under which a future mortgagee must recognize the existing lease or contract. For example, it may require the tenant to obtain the landlord’s consent before allowing a mortgage, or ensure that a future mortgagee honors the tenant’s rights if the property is foreclosed. The core function of this clause is to provide certainty and protection for both current and future parties by clarifying how future financial interests in the property will interact with existing agreements.
Future Mortgagee. Any Mortgagee with a charge over the Site or part thereof created after the date of this Agreement shall have no liability under this Agreement unless it takes possession of the Site or part thereof or becomes a mortgagee in possession in which case it too will be bound by the obligations (but only to the extent such obligations bind that part of the Site in respect of which it has become a mortgagee in possession) as if it were a person deriving title from the Developer.
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Future Mortgagee. A Mortgagee with a charge over the Site created after the date of this Agreement shall have no liability under this Agreement unless it takes possession of the Site or part thereof or becomes a mortgagee in possession in which case it too will be bound by the obligations as if it were a person deriving title from the Owner. Town and Country Planning Act 1990 (as amended) Town and Country Planning (Development Management Procedure) (England) Order 2015 (as amended) ▇▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇.▇▇
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Future Mortgagee. A Mortgagee with a charge over Plot H1 created after the date of this Agreement shall have no liability under this Agreement unless it takes possession of Plot H1 or part thereof or becomes a mortgagee in possession in which case it too will be bound by the obligations as if it were a person deriving title f rom the Developer.
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Future Mortgagee. The holder of a Future Mortgage.
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Related to Future Mortgagee

  • Mortgagee Upon WTC giving any notice in accordance with Section 11.1, Mortgagee shall (if and so long as such citizenship is necessary under the Act as in effect at such time or, if it is not necessary, if and so long as Mortgagee's citizenship could have any adverse effect on Owner, or any Note Holder), subject to Section 9.02 of the Trust Indenture, resign as Mortgagee promptly upon its ceasing to be such a citizen.

  • Notice to Mortgagee Notwithstanding anything to the contrary in the Lease or this Agreement, before exercising any Termination Right or Offset Right, Tenant shall provide Mortgagee with notice of the breach or default by Landlord giving rise to same (the “Default Notice”) and, thereafter, the opportunity to cure such breach or default as provided for below.

  • Lessor It is important that the full name of the Entity leasing the commercial space is reported as the Lessor.

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

  • Mortgagor The obligor on a Mortgage Note. ---------