Mortgaged Property Documents Clause Samples

Mortgaged Property Documents. The Mortgaged Property Documents for each Mortgaged Property shall have been delivered to Agent at Borrower’s expense, granting Agent a first-priority Lien on the Mortgaged Property, subject only to Permitted Liens. Borrower will have paid to Agent any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which Agent reasonably determines to be payable as a result of the Loans made on the Closing Date or the recording of the Mortgaged Property Documents to any state or any county or municipality thereof in which any of the Mortgaged Properties are located.

Mortgaged Property Documents. (A) Borrowers are (or, with respect to any Mortgaged Property Documents hereafter made, will be) the sole owners and holders of Borrowers’ Interest in each Mortgaged Property Document, and Borrowers have not transferred or otherwise assigned any interest of Borrowers as a party to any Mortgaged Property Document; (B) each of the Mortgaged Property Documents is (or, with respect to any Mortgaged Property Documents hereafter made, will be) valid and enforceable and in full force and effect, and has not been (or, with respect to any Mortgaged Property Documents hereafter made, will not be) altered, modified or amended in any manner whatsoever except as permitted in this Agreement, (C) none of the Rents has been or will be assigned, pledged or in any manner transferred or hypothecated, except pursuant to this Agreement, and (D) none of the Rents, for any period subsequent to the date of this Agreement, has been or will be collected in advance of the time when such Rents become due under the terms of the Assigned Leases.

Mortgaged Property Documents. The Mortgaged Property Documents for each Mortgaged Property shall have been delivered to Agent at Borrower’s expense, granting Agent a first-priority Lien on the Mortgaged Property, subject only to Permitted Liens. Borrower will have paid to Agent any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which Agent reasonably determines to be payable as a result of the Loans made on the Closing Date or the recording of the Mortgaged Property Documents to any state or any county or municipality thereof in which any of the Mortgaged Properties are located, and deliver to Agent such affidavits or other information with Agent reasonably determines to be necessary in connection with such payment in order to insure that the Security Deeds on the Mortgaged Property located in such state secure Borrower’s obligation with respect to the Loans made on the Closing Date.

Mortgaged Property Documents. The Lender shall have received, and/or the Borrower shall have provided, as applicable: (i) a commitment to issue the Title Policy, together with copies of all documentation evidencing exceptions raised therein; (ii) a survey of the Land certified in a manner acceptable to the Lender (the “Survey”); (iii) evidence indicating whether the Improvements or any part thereof are or will be located within a one hundred year flood plain or identified as a special flood hazard area as defined by the Federal Insurance Administration; and, if so, a flood notification form signed by the Borrower and evidence that flood insurance required by Section 5.6 of this Agreement is in place for the Improvements and contents, all in form and substance satisfactory to the Lender; (iv) an Appraisal of the Ranch Collateral acceptable to the Lender; (v) if requested by the Lender, an environmental report with respect to the Mortgaged Property prepared by an environmental consultant acceptable to the Lender; and (vi) evidence that all utilities and municipal services required for the operation of the Improvements are or will be available at the Mortgaged Property;

Mortgaged Property Documents. (i) A title insurance policy insuring Bank's mortgage lien on the Mortgaged Property in an amount and in form and content satisfactory to Bank with no restrictions, liens, encumbrances or exceptions, except as approved by Bank; (ii) copies of all approvals, permits and authorizations related to ownership and operation of the Mortgaged Property; and (iii) a satisfactory survey of the Mortgaged Property.

Mortgaged Property Documents. A title insurance policy insuring Agent's mortgage lien on the Mortgaged Property in an amount and in form and content satisfactory to Agent with no restrictions, liens, encumbrances or exceptions, except as approved by Agent; (ii) copies of all approvals, permits and authorizations related to ownership and operation of the Mortgaged Property; and (iii) a satisfactory survey of the Mortgaged Property.

Mortgaged Property Documents. See Schedule 2 attached hereto and Schedule 2A attached to the Second Amendment, each by reference made a part hereof. Net Income. With respect to Forestar Group and its Subsidiaries for any Test Period, the net income (or deficit) of such Persons, after deduction of all expenses, taxes and other property charges, determined in accordance with GAAP, except that contributions or other transfers of Real Estate to one or more Joint Ventures shall be considered a “sale” with 100% of any resulting “gain on sale” included in Net Income for the fiscal quarter in which such contributions or transfers occurs notwithstanding any requirement for any computation to be made in accordance with GAAP so long as the structure of such Joint Venture has been approved by Agent, such approval not to be unreasonably withheld, conditioned or delayed.

Mortgaged Property Documents. See Schedule 2 attached hereto by reference made a part hereof. Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA to which Borrower or any ERISA Affiliate is making, or is required to make, contributions. Multifamily Property. Real Estate containing a residential structure with five or more dwelling units in the same structure. Negative Pledge Property or Negative Pledge Properties. Individually and collectively, any and all Real Estate owned in fee simple absolute (but not including mineral interests only) by any of the Loan Parties other than (i) the Mortgaged Properties and (ii) Real Estate which is subject to a Permitted Lien securing Indebtedness (other than the Obligations) permitted by §8.1.

Mortgaged Property Documents. The Mortgaged Property Documents for each Mortgaged Property shall have been delivered to Agent at Borrower’s expense, granting Agent a first-priority Lien on the Mortgaged Property, subject only to Permitted Liens. Borrower will have paid to Agent any mortgage, recording, intangible, documentary stamp or other similar taxes and charges which Agent reasonably determines to be payable as a result of the Loans made on the Closing Date or the recording of the Mortgaged Property Documents to any state or any county or municipality thereof in which any of the Mortgaged Properties are located, and deliver to Agent such affidavits or other information with Agent reasonably determines to be necessary in connection with such payment in order to insure that the Mortgages on the Mortgaged Property located in such state secure Borrower’s obligation with respect to the Loans made on the Closing Date. The Mortgaged Property shall consist of a minimum of 250,000 acres of Timberland as of the Closing Date.