Mortgagee Protection Certain Rights of Cure Sample Clauses

The 'Mortgagee Protection; Certain Rights of Cure' clause is designed to safeguard the interests of a lender (mortgagee) by granting them specific rights if the borrower defaults on their obligations. Typically, this clause allows the mortgagee to step in and remedy, or 'cure,' any defaults by the borrower, such as missed payments or breaches of contract terms, before the property owner or other parties can take adverse action like termination or foreclosure. By providing the mortgagee with an opportunity to correct defaults, the clause ensures the lender's investment is protected and reduces the risk of losing their security interest due to the borrower's actions.
Mortgagee Protection Certain Rights of Cure 
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Related to Mortgagee Protection Certain Rights of Cure

  • Certain Rights of the Agent The Agent shall have the right to take any action with respect to the Collateral, on behalf of all of the Secured Parties. To the extent practical, the Agent shall request instructions from the Secured Parties with respect to any material act or action (including failure to act) in connection with the Agreement or any other Transaction Document, and shall be entitled to act or refrain from acting in accordance with the instructions of a Majority in Interest; if such instructions are not provided despite the Agent’s request therefor, the Agent shall be entitled to refrain from such act or taking such action, and if such action is taken, shall be entitled to appropriate indemnification from the Secured Parties in respect of actions to be taken by the Agent; and the Agent shall not incur liability to any person or entity by reason of so refraining. Without limiting the foregoing, (a) no Secured Party shall have any right of action whatsoever against the Agent as a result of the Agent acting or refraining from acting hereunder in accordance with the terms of the Agreement or any other Transaction Document, and the Debtors shall have no right to question or challenge the authority of, or the instructions given to, the Agent pursuant to the foregoing and (b) the Agent shall not be required to take any action which the Agent believes (i) could reasonably be expected to expose it to personal liability or (ii) is contrary to this Agreement, the Transaction Documents or applicable law.

  • Effect of Pledge on Certain Rights If any of the Collateral subject to this Agreement consists of nonvoting equity or ownership interests (regardless of class, designation, preference or rights) that may be converted into voting equity or ownership interests upon the occurrence of certain events (including, without limitation, upon the transfer of all or any of the other stock or assets of the issuer), it is agreed that the pledge of such equity or ownership interests pursuant to this Agreement or the enforcement of any of Agent’s rights hereunder shall not be deemed to be the type of event which would trigger such conversion rights notwithstanding any provisions in the Organizational Documents or agreements to which any Debtor is subject or to which any Debtor is party.

  • Certain Rights of Trustee Subject to the provisions of Section 601: