Habendum Clause. TO HAVE AND TO HOLD all of the Mortgaged Property unto Mortgagee and its successors and assigns, forever, upon the terms and conditions herein set forth. AND IT IS AGREED AND UNDERSTOOD that until an Event of Default, (as such term is defined herein), shall have occurred and the Required Mortgagees (as hereinafter defined) have elected to foreclose as detailed herein, Mortgagor may retain possession of the Mortgaged Property.
Appears in 2 contracts
Sources: Mortgage and Security Agreement (World Racing Group, Inc.), Mortgage and Security Agreement (World Racing Group, Inc.)