Mortgaged Premises Clause Samples
The 'Mortgaged Premises' clause defines the specific property or properties that are subject to the mortgage agreement. It typically describes the location, legal description, and boundaries of the real estate being used as collateral for the loan. This clause ensures that both parties clearly understand which property secures the lender's interest, thereby preventing disputes over what is covered by the mortgage and protecting the lender's rights in case of default.
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Mortgaged Premises. Borrower has good right, full power, and authority to convey, transfer, and mortgage the Mortgaged Premises to Administrative Agent for the uses and purposes set forth in this Agreement and the Mortgage; and the Obligors will warrant and forever defend the title to the Mortgaged Premises subject to the Permitted Liens against all claims and demands whatsoever. The Obligors warrant that a copy of each lease or sublease of the Mortgaged Premises and any amendments thereto have heretofore been delivered to Administrative Agent and such copies are true and correct and in all respects what they purport to be and have not been amended or modified in any respect. Each such lease is in full force and effect and is not in material default and all material conditions to the effectiveness or continued effectiveness of each lease required to be satisfied by the date hereof have been satisfied. Each Obligor and each Subsidiary or Affiliate that conducts any business or leases any portion of the Mortgaged Premises is and will at all relevant times be duly qualified and licensed and in good standing under the laws of such jurisdiction in which the Mortgaged Premises are located to the extent that the ownership, lease or operation of properties or the conduct of its business requires such qualification or license.
Mortgaged Premises. Mortgaged Premises" shall mean and refer to that portion of the Collateral described in Sections 3-3(a) and 3-3(b) herein.
Mortgaged Premises. A Non-Loan Prospector No Ratio Mortgage may be secured by a 1-4 unit Primary Residence, a second home, and a 1-4 unit Investment Property. The Seller represents and warrants that Non-Loan Prospector No Ratio Condominium Unit Mortgages meet ▇▇▇▇▇▇▇ Mac’s Class III Condominium Project requirements. The Mortgaged Premises may not be a: • Manufactured Home • Condominium Unit located in a Class I or Class II Condominium Project • Cooperative Unit
Mortgaged Premises. The expense (including receiver's fees, counsel fees, costs and agents' compensation) incurred pursuant to the powers herein contained shall be secured hereby. The right to enter and take possession of the Mortgaged Premises, to manage and operate the same, and to collect the rents thereof, whether by a receiver or otherwise, shall be cumulative with any other right or remedy hereunder or afforded by law, and may be exercised concurrently therewith or independently thereof. The Mortgagee or any such receiver shall be liable to account only for such rents actually received by it, less the Mortgagee's or such receiver's costs and expenses, as aforesaid, and neither the Mortgagee nor such receiver shall be under any obligation to collect any such rents, nor will the Mortgagee or such receiver be liable to the Mortgagor for any other act or omission upon such entry and taking possession of the Mortgaged Premises.
Mortgaged Premises. The property being sold is located at ▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ in the Village of Sanbornville, Town of Wakefield, New Hampshire, County of ▇▇▇▇▇▇▇ and State of New Hampshire depicted on the Town of Wakefield Tax Map 88, Lot 9, and is more particularly described in Exhibit A attached hereto.
Mortgaged Premises. Until the security hereof shall have become enforceable the Company may (subject to the terms hereof) possess, manage, operate and enjoy the Mortgaged Premises in the same manner and to the extent as though this Debenture had not been executed.
Mortgaged Premises. The real property and improvements located thereon that secure the Mortgage Loan.
Mortgaged Premises. The Premises, or Tenant's leasehold estate under this Lease, or under a new lease as provided in Article 5 hereof, as applicable, that is covered by a Mortgage.
Mortgaged Premises. The property being sold is land only identified as Lot # ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ in Moultonborough, County of ▇▇▇▇▇▇▇ and State of New Hampshire depicted on the Town of Moultonborough Tax Map 144, Lot 36- and is more particularly described in Exhibit A attached hereto.
Mortgaged Premises. Mortgaged Premises" shall mean the real property located in Kansas City, Wyandotte County, Kansas, legally described on Exhibit A attached hereto and made a part hereof, together with all fixtures and personal property described in the Leasehold Mortgage and Security Agreement.