Mortgage Modification Sample Clauses
A Mortgage Modification clause allows for changes to the original terms of a mortgage agreement between the lender and borrower. This may include adjustments to the interest rate, payment schedule, or loan duration, often in response to the borrower's financial hardship or changing circumstances. By providing a formal mechanism for altering the mortgage terms, this clause helps prevent default and foreclosure, offering flexibility to both parties while ensuring the loan remains manageable and enforceable.
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Mortgage Modification. If a mortgagee of the Building requests modifications to this Lease as a condition to disbursing any monies to be secured by the mortgage, Tenant agrees that within ten (10) business days after request by the mortgagee Tenant will execute, acknowledge and deliver to the mortgagee an agreement, in form and substance reasonably satisfactory to the mortgagee, evidencing such modifications, provided they do not increase Tenant’s obligations under this Lease reduce its rights or adversely affect the leasehold interest created by this Lease.
Mortgage Modification. Insures Lender against loss or damage due to the invalidity of the insured mortgage due to the modification; and • Insures Lender against loss or damage due to the lack of priority of the insured mortgage • Similar to the Alta 11‐06 and provides additional coverage for loss or damage by reason of an intervening lien that has purportedly been subordinated by recorded agreement in connection with the modification. • Similar to the Alta 11‐06 and provides for an increase in the amount of insurance.
Mortgage Modification. This Agreement constitutes a “modification” of the Mortgage as defined in P.L. 1985, c. 353 (N.J.S.A. 46:9-8.1 et seq.) and is subject to the priority provisions of said law.
Mortgage Modification a. If the mortgagor has f ully complied with the terms of this Arrangement and HUD has determined that it is financially feasible, as of January 1, 2003 HUD agrees to recast the then existing mortgage and accrued interest at 10 1/2% percent interest amortized over the remaining term of the mortgage (11- 30-22).
b. The mortgagor agrees to modify the note and mortgage to insert a call provision. The call provision gives the mortgagee the option to declare the entire indebtedness due and payable at or after (ten years) (the longer of ten years or the remaining term of the Section 8 contract) from the date of the modification.
Mortgage Modification. 62 EXHIBIT A LEGAL DESCRIPTION THIS MORTGAGE, ASSIGNMENT OF LEASES AND RENTS AND SECURITY AGREEMENT (the "Mortgage"), made as of November 7, 1997, by Washington Centre Shops, L.P., a Delaware limited partnership, having its principal place of business at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ("Mortgagor"), and to Credit Suisse First Boston Mortgage Capital LLC, a Delaware limited liability company ("Mortgagee"), having its principal office at ▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇.
Mortgage Modification. The Mortgagor and the Mortgagee may agree to change the interest rate, due date or other terms and conditions of the Loan. If the parties agree to a change, which change is a "modification" as defined in N.J.
Mortgage Modification. The Mortgage is hereby modified as follows:
4.1 On the third page of the Mortgage, the reference to “T▇▇▇▇▇▇▇ ▇▇▇▇ Residential, T▇▇▇▇▇▇▇ ▇▇▇▇, Crow, TCR, Alexan and the TCR logo, and variants of those names and logos and the good will associated therewith and any written or printed materials that contains any of such name or logos” is deleted and replaced with the following “Bluerock Real Estate, LLC and all derivatives thereof”.
4.2 The reference to “A▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ Beach” in Section 2.1.1 of the Mortgage is deleted and replaced with the following “The Preserve at H▇▇▇▇▇▇▇▇ Beach”.
4.3 The reference to “Fidelity National Title Insurance Company” in Section 2.1.2 of the Mortgage is deleted and replaced with the following “S▇▇▇▇▇▇ Title Guaranty Company”. Additionally, the reference to “Order N▇. ▇▇▇▇▇▇▇ (▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇)” in Section 2.1.2 is deleted and replaced with “Order No. MTAFL-108176”.
4.4 The reference in the third sentence of Section 2.1.8 of the Mortgage to the “property condition report” shall be deemed to refer to the new property condition report delivered to Lender from New Borrower dated December 28, 2015.
4.5 A new Section 2.1.9 shall be inserted as follows:
Mortgage Modification. If a mortgagee of the Building requests modifications to this Lease which do not impact upon or impair the Tenant's rights under this Lease, including, but not limited to, the right of peaceful and quiet enjoyment, then, provided such modifications are reasonably acceptable to Tenant, as a condition to disbursing any monies to be secured by the mortgage, Tenant agrees that within seven (7) days after request by the mortgagee Tenant will execute, acknowledge and deliver to the mortgagee an agreement, in form and substance reasonably satisfactory to the mortgagee, evidencing such modifications, provided that they are reasonably acceptable to Tenant and do not increase Tenant's obligations under this Lease or materially adversely affect the leasehold interest created by this Lease.
Mortgage Modification. Concurrently with the execution of this Forbearance Agreement, Borrower and the Bank shall execute a Mortgage Modification Agreement, in form acceptable to the Bank and the Bank's counsel in their sole discretion, confirming the lien of the Mortgage and incorporating the terms of this Forbearance Agreement.
Mortgage Modification. On or before February 14, 2005, the Borrower shall (a) execute and deliver to the Agent a modification of the Mortgage in form and substance acceptable to the Agent, which modification will reflect the changes made to the Commitments by the Fifth Amendment hereto, and (b) cause to be delivered to the Agent a title insurance endorsement insuring that the Mortgage continues to be valid and enforceable after the recording of such mortgage modification, with the same priority that it had prior to the execution of the Fifth Amendment hereto..
(t) The following sentence is added to the end of Section 11.2: