Common use of MORTGAGES AND ENCUMBRANCES Clause in Contracts

MORTGAGES AND ENCUMBRANCES. Prior to allowing any mortgages to be registered on the Survey Vessel, Contractor must present to NPD a declaration in terms satisfactory to NPD, from the mortgagee to the effect that the mortgagee will uphold and respect this Contract and all the rights that NPD have thereunder, and that consequently the mortgagee will not take any action in respect of the Survey Vessel that would put the performance of this Contract in jeopardy.