Mortgages on Real Property Clause Samples

Mortgages on Real Property. If the Borrower and the Restricted Subsidiaries shall own, individually or in the aggregate, real property having an aggregate value as determined in good faith by the Administrative Agent in excess of $25,000,000, upon the request of the Administrative Agent, the Persons owning a sufficient portion of such real property so as to reduce the unmortgaged portion of all such real property to a value less than $25,000,000 (the “Excess Real Property”), will execute and deliver to the Administrative Agent a mortgage in form and substance satisfactory to the Administrative Agent for such Excess Real Property, together with (i) mortgagee’s title insurance policies in amounts, in form and substance (including, if available, a revolving credit endorsement) and issued by insurers satisfactory to the Administrative Agent, and such policies shall be accompanied by evidence of the payment in full of all premiums thereon, and (ii) such opinions of legal counsel for the Borrower requested by the Administrative Agent in form and substance satisfactory to the Administrative Agent. If one or more parcels of real property constitute Excess Real Property, the Administrative Agent shall be entitled to elect the parcel having the higher value to become subject to a mortgage as provided above. The Borrower and the Restricted Subsidiaries will promptly furnish written notice to the Administrative Agent upon their acquisition of real property in excess of $25,000,000.
View SourceView Similar (2)
Mortgages on Real Property. Upon the request of the Majority Lenders, the Borrower and its Subsidiaries shall enter into and deliver to the Administrative Agent on behalf of the Lenders deeds of trust and mortgages, together with evidences of authority and opinion letters, in form and substance reasonably acceptable to the Administrative Agent pursuant to which the Borrower and its Subsidiaries grant deeds of trust and mortgages to the Administrative Agent (or its trustee) on behalf of the Lenders on all real property interests owned or leased by the Borrower and its Subsidiaries, for which the Borrower and any Subsidiary has not already granted to the Administrative Agent a Security Document, free and clear of all Liens other than Permitted Liens. In connection therewith, the Borrower and its Subsidiaries shall deliver to the Administrative Agent such surveys, environmental reports and title insurance policies and take such other action in connection therewith, including without limitation the filing of appropriate fixture filings, as shall be reasonably required by the Administrative Agent.
View SourceView Similar (2)
Mortgages on Real Property. As additional security for the Loans, the Borrower shall grant to the Bank mortgages and assignments of rent with respect to all real property of the Borrower, whether now owned or hereafter acquired, the liens of which mortgages and assignments of rent shall be subject only to the lien of unpaid real estate taxes, the lien of a certain mortgage in favor of First Federal Savings and Loan of Galion recorded at Volume 419, Page 05, Recorder's Office, ▇▇▇▇▇▇▇▇ County, Ohio, and those liens and encumbrances to which the Bank shall give its consent on or after this Agreement. Without limiting the generality of the foregoing, the Borrower shall execute and deliver to the Bank (a) a certain Open-End Mortgage, Assignments of Rents and Security Agreement - Fourth Amendment with respect to its real property in ▇▇▇▇▇▇▇▇ County, Ohio, thereby modifying that certain Open-End Mortgage, Assignment of Rents and Security Agreement in favor of the Bank dated December 21, 1998, and recorded December 27, 1998 in Mortgage Book 419, page 16, Recorder's Office, ▇▇▇▇▇▇▇▇ County, Ohio, and (b) a certain Open-End Mortgage, Assignment of Rents and Security Agreement - Third Modification Agreement with respect to its real property in Franklin County, Ohio, thereby modifying that certain Open-End Mortgage and Security Agreement in favor of the Bank, dated the 30th day of April, 1998, and recorded May 12, 1998, as Instrument Number 199805120115378, Recorder's Office, Franklin County, Ohio. The Borrower shall execute and deliver to the Bank such open-end mortgages, assignments of rent and security agreements, UCC financing statements, mortgage modification agreements and other documents and instruments as the Bank may deem necessary in order to accomplish the foregoing.
View Source
Mortgages on Real Property. Title Insurance and Survey. Within thirty (30) days after the acquisition of any owned Real Property having a fair market value in excess of $250,000 by any Credit Party, such Credit Party will furnish the Administrative Agent with a Mortgage covering each parcel of Real Property acquired by such Credit Party (the “Mortgaged Property”), together with an ALTA extended coverage lender’s policy of title insurance in a policy amount equal to one hundred percent (100%) of the greater of (x) the purchase price of such acquired property (including any liabilities assumed in connection with the acquisition) or (y) the fair market value of such property, insuring such Mortgage as a valid, enforceable first Lien on the Credit Party’s interest in the Mortgaged Property covered thereby, subject only to Permitted Liens and to such other exceptions as are reasonably satisfactory to the Administrative Agent, together with an ALTA survey with respect to each parcel of the Mortgaged Property acquired, in form and substance reasonably satisfactory to the Administrative Agent, and legible copies of all documents affecting title, which shall show all recording information. The policy, including each of the exceptions to coverage contained therein, shall be subject to the approval of the Administrative Agent, and shall be issued by a title company acceptable to the Administrative Agent. Attached to the policy shall be any and all endorsements reasonably required by the Administrative Agent, including (a) a comprehensive endorsement (ALTA 100 or equivalent) covering restrictions and other matters, (b) a broad form zoning endorsement, which specifically ensures that applicable parking requirements, if any, have been satisfied, (c) an endorsement ensuring that the lien of each Mortgage is valid against any applicable usury laws or other laws prohibiting the charging of interest on interest in the state(s) where such Mortgaged Property is located, (d) an endorsement ensuring that the Mortgaged Property has access to a dedicated public street, (e) a revolving credit endorsement, (f) a contiguity endorsement, (g) a survey and “same as” endorsement and (h) an endorsement deleting the so-called “doing business” exclusion.
View Source
Mortgages on Real Property. The Administrative Agent shall have received confirmation that all existing Mortgages granted directly or indirectly to the Administrative Agent for the benefit of the Lenders are in full force and shall have all title policies (to the extent available) brought forward to a date close to the Effective Date. In addition any real property owned by the Borrower or any Guarantor which is not currently encumbered by a Mortgage shall have a Mortgage (or the applicable local equivalent) filed against such property except to the extent such Mortgage shall cause any Guarantor formed or operating outside the United States of America to violate any applicable law.
View Source
Mortgages on Real Property. Within thirty (30) days of Agent’s request, Loan Parties shall execute and deliver to Agent for the benefit of all Lender Parties a Mortgage with respect to any Real Property owned in fee simple by any Loan Party, whether owned on the Closing Date or hereafter acquired, together with such title insurance policies (mortgagee’s form), certified surveys, appraisals, local counsel opinions with respect thereto and such other agreements, documents and instruments which Agent deems reasonably necessary or desirable, in form and substance satisfactory to Agent. Notwithstanding the foregoing, in no event shall any Loan Party be obligated to provide a Mortgage to Agent on the 6▇▇ ▇▇▇▇ ▇▇▇▇▇▇ Property so long as the Bankwell Mortgage is in effect.
View Source
Mortgages on Real Property. (a) Sand Canyon, California (b) Irvington, New Jersey (c) Mountainside, New Jersey (d) Union, New Jersey (e) Glen ▇▇▇d, New York (f) Saltsburg, Pennsylvania (g) Ridgefield, Connecticut (h) Mass▇▇▇▇▇, ▇▇▇▇ (▇) ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ (▇) Wies▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇/▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ (k) Wiesbadener Strasse, Konigstein, Germany (l) Frittlingen, Germany (m) "Hayfield", Colne Road, Glusburn, Keighley, West Yorkshire, England 85 TransTechnology Corporation Updated Lien Search Summary 1000/85321 August 23, 2000 DEBTOR: TransTechnology Corporation ----------------------------- ---------- ------------- ------------------ ----------------------------- --------------------------- Jurisdiction Indices Date File No. Secured Party Collateral/Comments ----------------------------- ---------- ------------- ------------------ ----------------------------- --------------------------- SOS, CA UCC 8/23/90 90209597 Ellco Leasing Corp Leased equipment through 6/23/00 3/2/95 95066C0388 same continuation of above 3/7/95 95068C0726 same continuation of above 8/27/90 90212064 Ellco Leasing Corp Specific equipment 3/7/95 95068C0727 same continuation of above 11/6/90 90270423 Ellco Leasing Corp Specific equipment 5/9/95 95131C0292 same continuation of above 11/6/90 90270424 Ellco Leasing Corp Specific equipment 5/9/95 95131C0293 same continuation of above 2/21/91 91030315 Ellco Leasing Corp Leased equipment 7/3/95 9519260505 FNBB, as Agent All assets 3/28/96 96089C0281 same amending debtor address 2/24/00 00055C0814 BankBoston, N.A., as agent continuation of above ----------------------------- ---------- ------------- ------------------ ----------------------------- --------------------------- CA, SOS STL No active filings through 06/23/00 FTL J-Liens ----------------------------- ---------- ------------- ------------------ ----------------------------- --------------------------- Los Angeles County, CA UCC 8/28/90 90-1▇▇▇▇▇▇ Ellco Leasing Corporation Leased equipment through 6/26/98 Fixt 3/6/95 95-347548 same continuation of above 9/6/90 90-1▇▇▇▇▇▇ Ellco Leasing Corporation Specific equipment 3/20/95 95-406818 same continuation of above 11/7/90 90-1▇▇▇▇▇▇ Ellco Leasing Corporation Specific equipment 5/10/95 95-760021 same continuation of above 11/16/90 90-1▇▇▇▇▇▇ Ellco Leasing Corporation Leased equipment 5/30/95 95-852508 same continuation of above ----------------------------- ---------- ------------- ------------------ ----------------------------- ---------------------...
View Source

Related to Mortgages on Real Property

  • Real Property Interests (a) The Owner has provided, or upon execution of this Agreement shall promptly provide to the Developer, documentation acceptable to TxDOT indicating any right, title or interest in real property claimed by the Owner with respect to the Owner Utilities in their existing location(s). Such claims are subject to TxDOT’s approval as part of its review of the Developer’s Utility Assembly as described in Paragraph 2. Claims approved by TxDOT as to rights or interests are referred to herein as “Existing Interests”. (b) If acquisition of any new easement or other interest in real property (“New Interest”) is necessary for the Adjustment of any Owner Utilities, then the Owner shall be responsible for undertaking such acquisition. The Owner shall implement each acquisition hereunder expeditiously so that related Adjustment construction can proceed in accordance with the Developer’s Project schedules. The Developer shall be responsible for its share (if any, as specified in Paragraph 6) of the actual and reasonable acquisition costs of any such New Interest (including without limitation the Owner’s reasonable overhead charges and reasonable legal costs as well as compensation paid to the landowner), excluding any costs attributable to Betterment as described in Paragraph 16(c), and subject to the provisions of Paragraph 16(e); provided, however, that all acquisition costs shall be subject to the Developer’s prior written approval. Eligible acquisition costs shall be segregated from other costs on the Owner's estimates and invoices. Any such New Interest shall have a written valuation and shall be acquired in accordance with applicable Law. (c) The Developer shall pay its share only for a replacement in kind of an Existing Interest (e.g., in width and type), unless a New Interest exceeding such standard (i) is required in order to accommodate the Project or by compliance with applicable law, or (ii) is called for by the Developer in the interest of overall Project economy. Any New Interest which is not the Developer’s cost responsibility pursuant to the preceding sentence shall be considered a Betterment to the extent that it upgrades the Existing Interest which it replaces, or in its entirety if the related Owner Utility was not installed pursuant to an Existing Interest. Betterment costs shall be solely the Owner’s responsibility. (d) For each Existing Interest located within the final Project right of way, upon completion of the related Adjustment work and its acceptance by the Owner, the Owner agrees to execute a quitclaim deed or other appropriate documentation relinquishing such Existing Interest to TxDOT, unless the affected Owner Utility is remaining in its original location or is being reinstalled in a new location within the area subject to such Existing Interest. All quitclaim deeds or other relinquishment documents shall be subject to TxDOT's approval as part of its review of the Utility Assembly as described in Paragraph 2. For each such Existing Interest relinquished by the Owner, the Developer shall do one of the following to compensate the Owner for such Existing Interest, as appropriate: (i) If the Owner acquires a New Interest for the affected Owner Utility, the Developer shall reimburse the Owner for the Developer’s share of the Owner’s actual and reasonable acquisition costs in accordance with Paragraph 16(b) and subject to Paragraph 16(c); or (ii) If the Owner does not acquire a New Interest for the affected Owner Utility, the Developer shall compensate the Owner for the Developer’s share of the fair market value of such relinquished Existing Interest, as mutually agreed between the Owner and the Developer and supported by a written valuation. The compensation, if any, provided to the Owner pursuant to either subparagraph (i) or subparagraph (ii) above shall constitute complete compensation to the Owner for the relinquished Existing Interest and any New Interest, and no further compensation shall be due to the Owner from the Developer or TxDOT on account of such Existing Interest or New Interest(s). (e) The Owner shall execute a Utility Joint Use Acknowledgment (TxDOT-U-80A) for each Adjustment where required pursuant to TxDOT policies. All Utility Joint Use Acknowledgments shall be subject to TxDOT approval as part of its review of the Utility Assembly as described in Paragraph 2.

  • Real Properties The Company does not have an interest in any real property, except for the Leases (as defined below).

  • Real Property Matters The Credit Parties shall have delivered to the Administrative Agent with respect to each parcel of Real Property owned or acquired by a Credit Party after the Closing Date with a fair market value greater than $5,000,000, to the extent that such parcel of Real Property becomes subject to a Mortgage pursuant to Section 6.09(a) above, within 30 days after such parcel of Real Property becomes subject to a Mortgage, all of the following: (i) an American Land Title Association (ALTA) mortgagee title insurance policy or policies, or unconditional commitments therefor (a “Title Policy”) issued by a title insurance company reasonably satisfactory to the Administrative Agent (a “Title Company”), in an amount not less than the amount reasonably required therefor by the Administrative Agent (taking into account the estimated value of the property involved), insuring fee simple title to, or a valid leasehold interest in, such Real Property vested in the applicable Credit Party and assuring the Administrative Agent that the applicable Mortgage creates a valid and enforceable first priority mortgage lien on the respective Real Property encumbered thereby, subject only to Permitted Liens, which Title Policy (1) shall include an endorsement for mechanics’ liens, for revolving, “variable rate” and future advances under this Agreement and for any other matters reasonably requested by the Administrative Agent, and (2) shall provide for affirmative insurance and such reinsurance as the Administrative Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Administrative Agent; (ii) a title report issued by the Title Company with respect thereto, dated not more than 30 days prior to the date of execution of the applicable Mortgage and reasonably satisfactory in form and substance to the Administrative Agent; (iii) available copies of all recorded documents listed as exceptions to title or otherwise referred to in the Title Policy or in such title report relating to such real Property; (iv) a survey, in form and substance reasonably satisfactory to the Administrative Agent, of such Real Property, certified in a manner reasonably satisfactory to the Administrative Agent by a licensed professional surveyor reasonably satisfactory to the Administrative Agent; (v) a certificate of the Borrower identifying any Phase I, Phase II or other environmental report received in final form by any Credit Party during the five year period prior to the date of execution of the Mortgage relating to such Real Property and/or the operations conducted therefrom, or stating that no such final form reports have been requested or received by any Credit Party (or its counsel), together with true and correct copies of all such environmental reports so listed; and all such environmental reports shall be reasonably satisfactory in form and substance to the Administrative Agent; and (vi) an opinion of local counsel admitted to practice in the jurisdiction in which such Real Property is located, reasonably satisfactory in form and substance to the Administrative Agent, as to the validity and effectiveness of such Mortgage as a lien on such Real Property encumbered thereby, and covering such other matters of law in connection with the execution, delivery, recording and enforcement of such Mortgage as the Administrative Agent may reasonably request.

  • Mortgages, etc (i) The Borrower or the applicable Subsidiary Guarantor shall, with respect to each Existing Mortgage deliver to the Administrative Agent, as mortgagee or beneficiary, as applicable, for the ratable benefit of itself and the Secured Parties, fully executed counterparts of an amendment to each Existing Mortgage (each, a “Mortgage Amendment”) to which a Loan Party is then party duly executed and acknowledged by the applicable Loan Party, and in form for recording in the recording office where the respective Mortgage was recorded, together with such certificates or affidavits, as shall be required in connection with the recording or filing thereof under applicable law, in each case in form and substance reasonably satisfactory to the Administrative Agent; (ii) executed legal opinions in form and substance reasonably acceptable to the Administrative Agent, (iii) a date-down and/or modification title insurance endorsement to the policy or policies of title insurance insuring the Lien of each Mortgage (the “Title Endorsements”), (iv) evidence reasonably acceptable to the Administrative Agent of payment by Borrower of all premiums, search and examination charges, escrow charges and related charges, mortgage recording taxes (except to the extent that such tax is an Excluded Tax), fees, charges, costs and expenses required for the recording of the Mortgage Amendments and issuance of the Title Endorsements, (v) such affidavits, certificates, information (including financial data) and instruments of indemnification (including a so-called “gap” indemnification) as shall be required to induce the title insurer to issue the Title Endorsements and (vi) the Administrative Agent shall have received (A) with respect to any Mortgaged Property that contains one or more buildings, a “life-of-loan standard flood hazard determination”, (B) if any of the buildings on such Mortgaged Property is located in a “special flood area” identified by the Federal Emergency Management Agency or the Federal Insurance Administration, a policy of flood insurance as required under the Flood Laws that (1) covers each such parcel and the building(s) located thereon, (2) is written in an amount that is reasonably satisfactory to the Administrative Agent and otherwise in compliance with the coverage required with respect to the particular type of property under the National Flood Insurance Act of 1968, and (3) has a term ending not later than the maturity of the Indebtedness secured by such Mortgage and (C) if such Mortgaged Property is located in a special flood hazard area, confirmation that the Borrower has received the notice required pursuant to Regulation H of the Board. Notwithstanding anything to the contrary contained in this Section 5.1(k) (other than with respect to Section 5.1(k)(vi)), if the Loan Parties have used commercially reasonable efforts (without undue burden and expense) to satisfy the requirements set forth in this Section 5.1(k) and such requirements are not satisfied as of the Closing Date, the satisfaction of such requirements shall not be a condition to the agreement of each Lender to make the initial extension of credit requested to be made by it (but shall be required to be satisfied within 90 days of the Closing Date (or such later date as the Administrative Agent may agree in its reasonable discretion)); provided that Section 5.1(k)(vi) shall be satisfied as of the Closing Date.

  • Real Property (a) Neither the Company nor any of its Subsidiaries owns or has ever owned any real property. (b) Section 3.15(b) of the Company Disclosure Letter contains a complete and accurate list of all of the existing material leases, subleases, licenses or other agreements under which the Company or any of its Subsidiaries uses or occupies or has the right to use or occupy, now or in the future, any real property in excess of 7,500 square feet (such property, the “Leased Real Property”, and each such lease, sublease, license or other agreement, a “Lease”). The Company has heretofore delivered or made available to Newco a complete and accurate copy of all Leases (including all modifications, amendments, supplements, waivers and side letters thereto). With respect to each of the Leases: (A) the Company’s or Subsidiary’s possession and quiet enjoyment of the Leased Real Property under such Lease has not been disturbed, and to the Company’s or Subsidiary’s knowledge, there are no disputes with respect to such Lease; (B) the Company or Subsidiary has not collaterally assigned or granted any other security interest in such Lease or any interest therein; (C) the Company or Subsidiary has not subleased, licensed or otherwise granted any Person the right to use or occupy such Leased Real Property or any portion thereof; and (D) there are no liens or encumbrances on the estate or interest created by such Lease, other than Permitted Liens which are not of the type described in clause (iii) of the definition thereof. The Company and/or its Subsidiaries have and own valid leasehold estates in the Leased Real Property, free and clear of all liens other than Permitted Liens. To the knowledge of the Company, neither the Company nor any of its Subsidiaries is in material breach of or default under any Lease. (c) Section 3.15(c) of the Company Disclosure Letter contains a complete and accurate list of all of the existing subleases, licenses or similar agreements (each a “Sublease”) granting to any Person, other than the Company or any of its Subsidiaries, any right to use or occupy, now or in the future, any of the Leased Real Property. With respect to each of the Subleases: (A) to the Company’s Knowledge, there are no disputes with respect to such Sublease; and (B) the other party to such Sublease is not an Affiliate of, and otherwise does not have any economic interest in, the Company or any Subsidiary. (d) Section 3.15(d) of the Company Disclosure Letter sets forth for each Lease and Sublease (i) the expiration date of such Lease or Sublease, (ii) any payments in connection with such Lease or Sublease triggered or accelerated in connection with the transactions contemplated by this Agreement and (iii) the amount of the security deposit, if any, applicable to such Lease or Sublease.