Prior Encumbrances Clause Samples
The Prior Encumbrances clause defines how existing liens, mortgages, or other claims on a property or asset are addressed in a contract. It typically requires the seller or owner to disclose any such encumbrances before the transaction is completed, and may specify whether these must be cleared prior to transfer or if the buyer will assume responsibility for them. This clause ensures transparency regarding the legal and financial status of the asset, protecting the buyer from unexpected obligations and clarifying each party’s responsibilities.
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Prior Encumbrances. To the extent applicable, Grantor shall fully and timely perform any and all of Grantor's obligations under any prior Encumbrances affecting the Collateral. Without limiting the foregoing, Grantor shall not commit or permit to exist any breach of or default under any such prior Encumbrances. Grantor shall further promptly notify Lender in writing upon the occurrence of any event or circumstances that would, or that might, result in a breach of or default under any such prior Encumbrance. Grantor shall further not modify or extend any of the terms of any prior Encumbrance or any indebtedness secured thereby, or request or obtain any additional loans or other extensions of credit from any third party creditor or creditors whenever such additional loan advances or other extensions of credit may be directly or indirectly secured, whether by cross-collateralization or otherwise, by the Collateral, or any part or parts thereof, with possible preference and priority over the lien of this Agreement.
Prior Encumbrances. If this contract is being executed subject to any Prior Encumbrance, the Purchase Price is partially comprised of the principal due under the Prior Encumbrances as of the date hereof. The Seller hereby represents to the Purchaser that no Prior Encumbrance provides that it will become in default or accelerated or the interest rate thereon adjusted above the interest rate stated therefor in the Specific Terms hereof because of the execution, delivery, and recordation of this contract. The Purchaser agrees with the Seller to comply with all of the terms of the Prior Encumbrances, including such obligations as may be in addition to those contained in or which may otherwise limit its rights under this contract, and the Purchaser hereby agrees to defend and indemnify the Seller from and against all losses, claims, demands, and allegations arising as a result of the Purchaser's failure to comply with the Prior Encumbrances. In the event either of the parties hereto gives or receives a written notice to or from the holder of a Prior Encumbrance it will promptly transmit a copy of such notice to the other. The Specific Terms of this contract indicate the person responsible for tendering the amounts due to the holders of the Prior Encumbrances, and the two subparagraphs (a) and (b) immediately following this paragraph apply to said payments to be made by the Purchaser or the Seller, respectively.
Prior Encumbrances. 3.1 This Lease is subject to all prior encumbrances and to all other prior grants reserving all mines and minerals solid, liquid or gaseous which may be found to exist within, upon or under the Lands.
Prior Encumbrances all Encumbrances which rank or could in any event rank in priority to or pari passu with the security constituted by this Agreement.
Prior Encumbrances. There are no existing mortgages, pledges, liens or other encumbrances of any kind upon, or any security interests in, any of the Collateral, except for Permitted Liens. The Debtor will defend the Collateral against all claims and demands of all Persons at any time claiming any interest therein, except for claims and demands relating to Permitted Liens.
Prior Encumbrances. This Lease is subject to all easements, leases, liens, conditions, restrictions, encumbrances and claims of title which may affect the Premises. Lessee accepts the Premises in its present condition.
Prior Encumbrances. To the extent applicable, Grantor shall fully and timely perform any and all of Grantor’s obligations under any prior Encumbrances affecting the Collateral. Without limiting the foregoing, Grantor shall not commit or permit to exist any material breach of or default under any such prior Encumbrances. Grantor shall further promptly notify Lender in writing upon the occurrence of any event or circumstances that would, or that might, result in a material breach of or default under any such prior Encumbrance. Grantor shall further not modify or extend any of the terms of any prior Encumbrance or any indebtedness secured thereby, or, except as set forth in the Business Loan Agreement, request or obtain any additional loans or other extensions of credit from any third party creditor or creditors whenever such additional loan advances or other extensions of credit may be directly or indirectly secured, whether by cross-collateralization or otherwise, by the Collateral, or any part or parts thereof, with possible preference and priority over Lender’s security interest, without Lender’s prior written consent which shall not be unreasonably withheld. Grantor additionally agrees to obtain, upon Lender’s request, and in form and substance as may then be reasonably satisfactory to Lender, appropriate waivers and subordinations of any lessor’s liens or privileges, vendor’s liens or privileges, purchase money security interests, and any other Encumbrances that may affect the Collateral at any time.
Prior Encumbrances. The Mortgagee may, but shall not be obliged to, pay the amount of any encumbrance, lien or charge, statutory or otherwise, now or hereafter existing or to arise or be claimed upon the Mortgaged Premises, having priority over this Mortgage, including any arrears of Taxes on the Mortgaged Premises, and may also pay all costs, charges and expenses that may be incurred in taking, recovering and keeping possession of the Mortgaged Premises and all solicitor's charges or commissions for or in respect of the collection of any overdue interest, principal, insurance premiums, repair costs or any other monies whatsoever payable by the Mortgagor under this Mortgage, as between solicitor and its client, whether any action or other judicial proceeding to enforce such payment has been taken or not; and the amounts so paid shall be added to the principal amount secured by this Mortgage and bear interest at the Mortgage Interest Rate and be a charge on the Mortgaged Premises, and shall forthwith be payable by the Mortgagor to the Mortgagee and the non-payment of such amount shall entitle the Mortgagee to exercise the powers exercisable for breach of covenant herein contained. In the event of the Mortgagee paying the amount of any such encumbrance, lien or charge, or Taxes, either out of the monies advanced on the security of this Mortgage or otherwise, it shall be entitled to all the rights, equities and securities of the person or persons, company, corporation or government so paid off.
Prior Encumbrances. Borrower has good and indefeasible title to the Collateral, free and clear of liens, claims, security interests, or encumbrances except for Permitted Liens. None of the Collateral has been purchased by Borrower within the six (6) months period preceding the Closing Date, except for (i) sales to Borrower in the ordinary course of the seller's business, and (ii) the acquisition of the Vegas Express by Borrower.
Prior Encumbrances. There are no existing Liens of any kind upon, or any security interests in, any of the Collateral owned by the Debtor, except for Permitted Liens. The Debtor will defend the Collateral owned by the Debtor against all claims and demands of all Persons at any time claiming any interest therein, except for claims and demands relating to Permitted Liens.