Modifications of Mortgage Clause Samples

Modifications of Mortgage. With the prior written consent of the Master Servicer, the Servicer may modify the terms of a Mortgage Loan which is in default or a Mortgage Loan as to which default is reasonably foreseeable; provided, however, that (i) such modification may not reduce the amount of principal owed under the related Mortgage Note or permanently reduce the Mortgage Interest Rate for such Mortgage Loan and (ii) the Servicer and the Master Servicer have determined that such modification is likely to increase the proceeds of such Mortgage Loan over the amount expected to be collected pursuant to foreclosure. Notwithstanding anything to the contrary in this Agreement, the Servicer shall not permit any modification of any material term of a Mortgage Loan (including the Mortgage Interest Rate, the principal balance, the amortization schedule, or any other term affecting the amount or timing of payments on the Mortgage Loan) where such modification is not the result of a default or as to which default is reasonably foreseeable under the Mortgage Loan unless the Master Servicer has consented thereto and the Servicer has received an Opinion of Counsel or a ruling from the Internal Revenue Service (at the expense of the Servicer or the party making the request of the Servicer to modify the Mortgage Loan) to the effect that such modification would not be treated as giving rise to a new debt instrument for federal income tax purposes or a disposition of the modified Mortgage Loan and that such modification is permitted under the REMIC Provisions.
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Modifications of Mortgage. 3.1.3. Indemnification with Respect to Certain Taxes and Loss of REMIC Status.............................................
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Modifications of Mortgage. (a) The Mortgage is hereby amended by adding the following paragraph to the end of the recitals: “Fermpro Manufacturing, LP (“Fermpro”), a Georgia limited partnership, Astral Technologies, Inc. (“Astral”), a South Carolina corporation and the general partner of Fermpro, and Martek Biosciences Corporation, a Delaware corporation, on behalf of itself and Martek Biosciences Kingstree Corporation (“Martek Kingstree”), have entered into that certain Asset Sale and Purchase Agreement dated as of July 21, 2003 (the “Fermpro Asset Sale and Purchase Agreement”) pursuant to which M▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ has agreed to purchase the assets of Fermpro and to assume the Note, Mortgage, Security Agreement, and Non Compete Covenant in Assignee’s Favor and the TMA so that Fermpro and Astral are released from their obligations under such agreements, as such agreements may be modified in connection herewith and each as defined in the Purchase Money Mortgage, Assignment of Rents and Leases, Security agreement and Fixture Filing between Fermpro and IBIS Limited Partnership, a North Carolina limited Partnership, dated April 27, 1994, as filed in Mortgage Book 338, page 96, as amended on May 4, 1994 and April 3, 1996, each as filed with the Office of the Clerk of court of Williamsburg County, South Carolina. THIS MORTGAGE COVERS FIXTURES AND CONSTITUTES A FIXTURE FINANCING STATEMENT. The parties have agreed to amend and modify certain terms of the Mortgage, and Martek Kingstree and Genencor have entered into this Third Amendment for the purposes of modifying and amending in accordance with the terms of this Third Amendment, this Mortgage. Hereinafter, references to the Security Agreement shall mean the Security Agreement as amended by the Third Amendment to the Security Agreement by and between Fermpro and Genencor dated the date hereof; references to the Mortgage shall mean the Mortgage as amended by this Third Amendment; references to the Note shall mean the Second Amended and Restated and Substituted Promissory Note dated the date hereof payable to the order of Genencor; references to the Mortgagor shall mean Martek Kingstree; and, references to the Mortgagee shall mean Genencor. Notwithstanding anything to the contrary in the Mortgage, the parties expressly agree that this Mortgage secures only the obligations of the Mortgagor under the Note as amended. (b) Mortgagor and Mortgagee agree that the definition of “Business Equipment” shall not include trade fixtures and other equipment ...
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Modifications of Mortgage. 3.1.3. Indemnification with Respect to Certain Taxes and Loss of Section 3.2
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Modifications of Mortgage. 3.1.3. Indemnification with Respect to Certain Taxes and Loss of REMIC Status........................................ Section 3.2 REO Qualification 3.2.1. Foreclosure Property........................................ 3.2.2. Foreclosure Property Qualification Restrictions............. 3.2.3.
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Modifications of Mortgage. (a) The Mortgage is hereby amended by deleting the first paragraph of the recitals and inserting in lieu thereof: “The Mortgagor has purchased from Mortgagee pursuant to an Asset Purchase Agreement between Mortgagor and Mortgagee dated as of April 21, 1994, as amended by a First Amendment to Asset Purchase Agreement dated as of May 4, 1994 (as amended, the “First Amended Asset Purchase Agreement”) and as further amended by the Multi-Party Agreement dated as of April 3, 1996, among Mortgagee, Mortgagor, Genencor International, Inc., a Delaware corporation (“Assignee”), Gist-Brocades International B.V., a Netherlands corporation (“GBI”), Gist-Brocades BSD B.V., a Netherlands corporation )(“GB BSD”), and Gist-Brocades B.V., a Netherlands corporation (“GB BV”) (the “Multi-Party Agreement”) (the First Amended Asset Purchase Agreement as further amended, the “Asset Purchase Agreement”) (i) certain personal property described in a Security Agreement dated April 27, 1994 between Mortgagor and Mortgagee, as amended as of May 4, 1994 (as amended, the “First Amended Security Agreement”) and as further amended by a Second Amendment to Security Agreement dated as of April 3, 1996 (the First Amended Security Agreement as further amended, the “Security Agreement”) and (ii) certain real property more specifically described in Exhibit A to the Purchase Money Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated April 27, 1994 and duly recorded in Book 338 at Page 96 in the office of the Clerk of Court of Williamsburg County, South Carolina, as amended by the First Amendment to Purchase Money Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated as of May 4, 1994 and duly recorded in Book 349 at Page 271 in the office of the Clerk of Court of Williamsburg County, South Carolina (as amended, the “First Amended Mortgage”), and further amended by the Second Amendment to Purchase Money Mortgage, Assignment of Rents and Leases, Security Agreement and Fixture Filing dated as of April 3, 1996, filed or to be filed for record in the office of the Clerk of Court of Williamsburg County, South Carolina (the First Amended Mortgage as further amended, the “Mortgage”), including all buildings, structures, and improvements thereon, together with certain fixtures attached thereto, and in payment of the purchase price has executed and delivered to the Mortgagee a Purchase Money Promissory Note dated April 27, 1994 in the princi...
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Related to Modifications of Mortgage

  • Validity of Mortgage Documents The Mortgage Note and the Mortgage and any other agreement executed and delivered by a Mortgagor in connection with a Mortgage Loan are genuine, and each is the legal, valid and binding obligation of the maker thereof enforceable in accordance with its terms (including, without limitation, any provisions therein relating to Prepayment Penalties). All parties to the Mortgage Note, the Mortgage and any other such related agreement had legal capacity to enter into the Mortgage Loan and to execute and deliver the Mortgage Note, the Mortgage and any such agreement, and the Mortgage Note, the Mortgage and any other such related agreement have been duly and properly executed by other such related parties. No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to a Mortgage Loan has taken place on the part of the Seller in connection with the origination of the Mortgage Loan or in the application of any insurance in relation to such Mortgage Loan. The documents, instruments and agreements submitted for loan underwriting were not falsified and contain no untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the information and statements therein not misleading. No fraud, error, omission, misrepresentation, negligence or similar occurrence with respect to a Mortgage Loan has taken place on the part of any Person, including without limitation, the Mortgagor, any appraiser, any builder or developer, or any other party involved in the origination of the Mortgage Loan or in the application for any insurance in relation to such Mortgage Loan. The Seller has reviewed all of the documents constituting the Servicing File and has made such inquiries as it deems necessary to make and confirm the accuracy of the representations set forth herein;

  • Release of Mortgage If all of the Debt be paid, then and in that event only, all rights under this Mortgage, except for those provisions hereof which by their terms survive, shall terminate and the Property shall become wholly clear of the liens, security interests, conveyances and assignments evidenced hereby, which shall be promptly released of record by Lender in due form at Borrower’s cost. No release of this Mortgage or the lien hereof shall be valid unless executed by Lender.

  • Assignment of Mortgage An assignment of the Mortgage, notice of transfer or equivalent instrument in recordable form, sufficient under the laws of the jurisdiction wherein the related Mortgaged Property is located to reflect the transfer of the Mortgage to the party indicated therein, which assignment, notice of transfer or equivalent instrument may be in the form of one or more blanket assignments covering the Mortgage Loans secured by Mortgaged Properties located in the same jurisdiction, if permitted by law. Best Efforts: Efforts determined to be reasonably diligent by the Seller or the Servicer, as the case may be, in its sole discretion. Such efforts do not require the Seller or the Servicer, as the case may be, to enter into any litigation, arbitration or other legal or quasi-legal proceeding, nor do they require the Seller or the Servicer, as the case may be, to advance or expend fees or sums of money in addition to those specifically set forth in this Agreement.

  • Satisfaction of Mortgages and Release of Mortgage Files Upon the payment in full of any Mortgage Loan, or the receipt by the Seller of a notification that payment in full will be escrowed in a manner customary for such purposes, the Seller will obtain the portion of the Mortgage File that is in the possession of the Purchaser or its designee, prepare and process any required satisfaction or release of the Mortgage and notify the Purchaser in accordance with the provisions of this Agreement. The Purchaser agrees to deliver to the Seller (or cause to be delivered to the Seller) the original Mortgage Note for any Mortgage Loan not later than five (5) Business Days following its receipt of a notice from the Seller that such a payment in full has been received or that a notification has been received that such a payment in full shall be made. Such Mortgage Note shall be held by the Seller, in trust, for the purpose of canceling such Mortgage Note and delivering the canceled Mortgage Note to the Mortgagor in a timely manner as and to the extent provided under any applicable federal or state law. In the event the Seller grants a satisfaction or release of a Mortgage without having obtained payment in full of the indebtedness secured by the Mortgage, the Seller shall remit to the Purchaser the Stated Principal Balance of the related Mortgage Loan by deposit thereof in the Custodial Account. The Fidelity Bond shall insure the Seller against any loss it may sustain with respect to any Mortgage Loan not satisfied in accordance with the procedures set forth herein.

  • Delivery of Mortgage Loan Documents The Seller shall deliver and release to the Purchaser or the custodian appointed by the Purchaser the Mortgage Loan Documents no later than four (4) Business Days prior to the related Closing Date or, upon the request of the Purchaser, earlier, if necessary or desirable to facilitate a review. If the Seller cannot deliver the original recorded Mortgage Loan Documents on the related Closing Date, the Seller shall, promptly upon receipt thereof and in any case not later than 120 days from the Closing Date, deliver such original recorded Mortgage Loan Documents to the Purchaser or the appointed custodian (unless the Seller is delayed in making such delivery by reason of the fact that such documents shall not have been returned by the appropriate recording office). If delivery is not completed within 120 days of the related Closing Date solely because such Mortgage Loan Documents shall not have been returned by the appropriate recording office, the Seller shall deliver such Mortgage Loan Documents to Purchaser, or the appointed custodian, within such time period as specified in a Seller’s Officer’s Certificate. In the event that documents have not been received by the date specified in the Seller’s Officer’s Certificate, a subsequent Seller’s Officer’s Certificate shall be delivered by such date specified in the prior Seller’s Officer’s Certificate, stating a revised date for receipt of documentation. The Seller shall include with each Seller’s Officer’s Certificate a listing of all delayed recorded documents. The procedure shall be repeated until the documents have been received and delivered. The Seller shall use its best efforts to effect delivery of all delayed recorded documents within 180 days of the related Closing Date. If delivery of all Mortgage Loan Documents with respect to any Mortgage Loan is not completed within 360 days of the related Closing Date then, at Purchaser’s option, the Seller shall repurchase such Mortgage Loan in such manner set forth in Section 7.03. Any review by the Purchaser or its designee of the Mortgage Files shall in no way alter or reduce the Seller’s obligations hereunder. If the Purchaser or its designee discovers any defect with respect to any document constituting part of a Mortgage File, the Purchaser shall, or shall cause its designee to, give written specification of such defect to the Seller and the Seller shall cure or repurchase such Mortgage Loan in accordance with Section 7.03. The Seller shall forward to the Purchaser, or its designee, original documents evidencing an assumption, modification, consolidation or extension of any Mortgage Loan entered into within one week of their execution and shall also provide the original of any document submitted for recordation or a copy of such document certified by the appropriate public recording office to be a true and complete copy of the original within five (5) days of its return from the appropriate public recording office.