Common use of Mortgages on Real Property Clause in Contracts

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.