Common use of Mortgagee Clause Clause in Contracts

Mortgagee Clause. The Mortgagee hereby consents to the execution of this Agreement by the Owner and agrees that the Application Land shall be bound by the restrictions and obligations contained in this Deed and the Mortgagee agrees to observe and perform the restrictions and obligations contained in this Deed provided that the Mortgagee shall have no liability under this Agreement unless it shall have become entitled to enter the Application Land or any part of it as mortgagee in possession or as a successor in title to the Owner.