Miscellaneous Representations and Covenants Sample Clauses
The "Miscellaneous; Representations and Covenants" clause serves to consolidate various standard legal assurances and ongoing obligations between the parties that do not fit into other specific sections of an agreement. It typically includes statements confirming each party’s authority to enter into the contract, compliance with applicable laws, and commitments to perform certain actions or refrain from others throughout the contract term. By grouping these assurances and promises, the clause ensures both parties are clear on their legal standing and ongoing responsibilities, thereby reducing the risk of misunderstandings or disputes over basic contractual expectations.
Miscellaneous Representations and Covenants. 1. Borrower acknowledges that the Existing Note is a valid and legally binding obligation of Borrower, enforceable in accordance with its terms, and is not subject to any defenses, counterclaims or offsets of any kind.
2. Borrower acknowledges that any and all security agreements, mortgages, guaranties and similar instruments securing payment of the Existing Note and indebtedness evidenced thereby shall continue in full force and effect as security for the Existing Note until the Existing Note is paid and satisfied in full.
3. Borrower covenants and agrees to execute and deliver any and all mortgages, deeds of trust, security agreements and/or amendments to any such documents currently in place necessary, in the reasonable discretion of Lender as may be required from time to time, to attach, place and/or perfect a lien in favor of Lender against any properties securing the indebtedness evidenced by the Existing Agreement and the Existing Note.
4. Effective as of the date hereof, Borrower shall have paid all accrued but unpaid interest due and owing on the Existing Note. Borrower shall continue making payments of interest as set forth in the Existing Note, as modified hereby.
5. Except as modified by this Modification, the Existing Note, Existing Agreement and all other Loan Documents (as such terms are defined in the Existing Agreement) shall remain in full force and effect in accordance with the original terms of such Existing Note, Existing Agreement, and Loan Documents.
6. The failure of Borrower to comply with any material provision of this Modification or the breach of any material representation, warranty or covenant contained in this Modification shall constitute an Event of Default under the Note, the Agreement, and all other Loan Documents, and any such Event of Default shall entitle Lender to exercise any and all remedies to which it may be entitled with respect to an Event of Default under such documents.
Miscellaneous Representations and Covenants