Due on Sale or Mortgaging, Etc. In the event the Mortgagor sells, conveys, transfers, further encumbers, changes the form of ownership or otherwise disposes of the Mortgaged Property, or any part thereof, or any interest therein or transfers the full possessory rights to the Mortgaged Property whether voluntarily or involuntarily, without the written consent of the Mortgagee being first obtained, then at the sole option of the Mortgagee, the Mortgagee may declare the entire principal and interest evidenced by the Note due and payable in full and call for payment of the same at once. Any transfer of a partnership, beneficial or corporate ownership interest in Mortgagor shall constitute a conveyance for purposes of this Section and the consent of the Mortgagee shall be required. In the event the Mortgagor shall request the consent of the Mortgagee to any of the foregoing events, the Mortgagor shall deliver a written request to the Mortgagee together with complete information regarding such conveyance, transfer or encumbrance and shall allow the Mortgagee thirty (30) days after delivery of all required information for evaluation of such request. In the event that such request is not approved within such thirty (30) day period, it shall be deemed not approved. Mortgagee may charge an administrative fee to process any such sale, conveyance, transfer, mortgage or other encumbrances. Such approval may be subject to such modifications of the loan terms, interest rate and maturity date as may be established by the Mortgagee. Consent as to any one transaction shall not be deemed to be a waiver of the right to require consent to future or successive transactions.
Due on Sale or Mortgaging, Etc. In the event of a Transfer without the written consent of Mortgagee being first obtained, whether voluntarily, involuntarily, or by operation of law, then at the sole option of Mortgagee, Mortgagee may declare the entire unpaid principal balance together with accrued interest, due and payable in full and call for payment of the same in full at once. Any such payment shall be subject to the requirements, if any, in the Note providing for the payment of a prepayment premium in the event of a non-permitted Transfer. A consent by Mortgagee as to any one Transfer shall not be deemed to be a waiver of the right to require consent to a future Transfer. As used herein, the term “Transfer” shall mean any sale, grant, pledge, assignment, mortgage, encumbrance, security interest, consensual lien, hypothecation, lease (excluding residential leases and any other bona fide third party leases for actual occupancy by a tenant), transfer or divesture of an interest in (a) the Mortgaged Property, or (b) all or any substantial part of the assets of the Mortgagor except for assets sold in the ordinary course of Mortgagor’s business, or (c) any ownership interest in the Mortgagor, or (d) any entity controlling, managing or in control of the Mortgagor. Any change in the legal or equitable title of the Mortgaged Property or in the beneficial ownership of the Mortgaged Property or Mortgagor whether or not of record and whether or not for consideration shall be deemed a Transfer.
Due on Sale or Mortgaging, Etc. In the event of a Transfer (as defined below) without the written consent of the Lender being first obtained, whether voluntarily, involuntarily, or by operation of law, then at the sole option of the Lender, the Lender may upon notice to the Borrower declare the entire Principal Balance together with accrued interest, due and payable in full. Any such payment shall be subject to the requirements, if any, in the Notes providing for the payment of a prepayment premium in the event of a non-permitted Transfer. A consent by the Lender as to any one Transfer shall not be deemed to be a waiver of the right to require consent to a future Transfer. As used herein, the term “Transfer” shall include any sale, pledge, assignment, Mortgage, encumbrance, security interest, consensual lien, hypothecation, transfer or divesture or otherwise of or in i) the Borrower’s legal or equitable interest in the Premises or
Due on Sale or Mortgaging, Etc. In the event of the sale, conveyance, transfer, or further mortgaging, encumbrancing or disposition of the Premises, or any part thereof, or any interest therein without the written consent of Mortgagee being first obtained, whether voluntary, involuntary, or by operation of law, then at the sole option of Mortgagee, the Mortgagee may declare the entire Indebtedness Secured Hereby due and payable in full and call for payment of the same in full at once, together with the prepayment premium, if any, as provided for in the Note for a voluntary prepayment at that time (and if at such time no prepayment privilege exists under the Note, then with the prepayment premium provided for in the Note at the earliest date on which the Indebtedness Secured Hereby could be prepaid). Notwithstanding the foregoing, Mortgagor may make a transfer or conveyance of Mortgagor's interest in the Premises, with the written consent of the Mortgagee. Consent as to any one transaction shall not be deemed to be a waiver of the right to require consent to future or successive transactions. For purposes of this Paragraph 7.6, any change in the legal or equitable title of the Premises or in the beneficial ownership of the Premises whether or not of record and whether or not for consideration shall be deemed a transfer of an interest in the Premises. As a condition to any consent, the Mortgagee may among other things require an assumption of the Indebtedness Secured Hereby by the transferee, an increase in the rate of interest on the Indebtedness Secured Hereby, a change in the terms of payment, the payment of Mortgagee's out-of-pocket costs incurred with respect to any consent and/or a "transfer fee."
Due on Sale or Mortgaging, Etc. In the event that without the written consent of Mortgagee being first obtained: (a) Mortgagor sells, conveys, assigns, transfers, further mortgages, changes the form of ownership, or encumbers or disposes of the Premises, or any part thereof, or any interest therein, or agrees so to do; or (b) any legal, beneficial, or equitable ownership of Mortgagor is sold, conveyed, transferred, assigned, or encumbered or there is an agreement to do so, whether any such event described above is voluntary, involuntary or by operation of law, then at Mortgagee's sole option, Mortgagee may declare the Indebtedness immediately due and payable in full and call for payment of the same at once, together with the prepayment fee then in effect under the terms of the Note. Notwithstanding the foregoing, Mortgagor shall have the right to sell, convey, transfer or assign up to twenty-five percent (25%) of the current ownership and control of the corporation.
Due on Sale or Mortgaging, Etc. In the event:
Due on Sale or Mortgaging, Etc. In the event First Party sells, conveys, transfers, further mortgages or encumbers or disposes of the Premises, or any part thereof, or any interest therein, or agrees so to do, without the written consent of Third Party being first obtained, or if any controlling interest in First Party is sold, conveyed, or transferred without the written consent of Third Party being first obtained, then at the sole option of Third Party, the Third Party may declare the entire Indebtedness Secured Hereby due and payable in full and call for payment of the same in full at once. Third Party's consent as to any one transaction shall not be deemed to be a waiver of the right to require consent to future or successive transactions.
Due on Sale or Mortgaging, Etc. In the event of a Transfer without the written consent of the Beneficiary being first obtained, whether voluntarily, involuntarily, or by operation of law, then at the sole option of the Beneficiary, the Beneficiary may declare the entire unpaid principal balance together with accrued interest, due and payable in full and call for payment of the same in full at once. Any such payment shall be subject to the requirements, if any, in the Note providing for the payment of a prepayment premium in the event of a non-permitted Transfer. A consent by the Beneficiary as to any one Transfer shall not be deemed to be a waiver of the right to require consent to a future Transfer. As used herein, the term "Transfer" shall include any sale, pledge, assignment, Deed of Trust, encumbrance, security interest, consensual lien, hypothecation, transfer or divesture, or otherwise, of or in (i) the Premises, (ii) either Grantor, or (iii) any underlying ownership in either Grantor or (iv) any entity controlling, managing or in control of either Grantor. Any change in the legal or equitable title of the Premises or in the beneficial ownership of the Premises or either Grantor whether or not of record and whether or not for consideration shall be deemed a Transfer. This paragraph shall not be construed as to prevent the Borrower from issuing additional shares of stock in the Borrower as long as National Lodgings, Inc., and the Guarantors shall in the aggregate remain the majority shareholders in the Borrower nor the sale of Parcel No. 2 of the Premises to the Borrower.
Due on Sale or Mortgaging, Etc. In the event that (a) the Mortgagor sells, conveys, transfers, further mortgages, changes the form of ownership or encumbers or disposes of the Premises, or any part thereof, or any interest therein, or agrees so to do; or (b) except as set forth in the Loan Agreement, any corporate ownership interest in the Mortgagor is sold, conveyed, transferred, pledged or encumbered or there is an agreement so to do, without the written consent of the Mortgagee being first obtained, whether such event is voluntary, involuntary or by operation of law, then at the sole option of the Mortgagee, the Mortgagee may declare the Indebtedness Secured Hereby due and payable in full and call for payment of the same at once, then in effect under the terms of the Note.
Due on Sale or Mortgaging, Etc. In the event that without the written consent of Mortgagee being first obtained: (a) Mortgagor, or any successor, sells, conveys, transfers, further mortgages, changes the form of ownership, or encumbers or disposes of the Premises, or any part thereof, or any interest therein, or agrees so to do except as otherwise permitted herein; or (b) any shares of corporate stock or ownership interest in Mortgagor, or any successor, are sold, conveyed, transferred, pledged or encumbered or there is an agreement so to do; (c) any partnership, trust, corporate or member ownership interest in Mortgagor is sold, transferred, conveyed, pledged or encumbered or there is an agreement to do so; or (d) any partnership, trust, corporate or member ownership interest in any general partner or member of Mortgagor is sold, conveyed, transferred, pledged or encumbered or there is an agreement so to do; whether any such event described in (a), (b), (c), or (d) above is voluntary, involuntary or by operation of law, then at Mortgagee's sole option, Mortgagee may declare the Indebtedness immediately due and payable in full and call for payment of the same at once, together with the prepayment fee then in effect under the terms of the Note. In the event that Mortgagor or any permitted subsequent owner of the Premises is a partnership or limited partnership, trust, a privately held corporation or limited liability company, a transfer of a general partnership, beneficial interest, stock interest or interest of a member, as applicable, shall constitute a transfer or conveyance for purposes of this Section 2.9. The death, incapacity or dissolution of a general partner, beneficiary, stockholder or member of Mortgagor or of any guarantor of the Loan, shall constitute a transfer or conveyance of such interest. In the event of such death, incapacity or dissolution, Mortgagor shall deliver notice thereof to Mortgagee within thirty (30) days and Mortgagor shall within ninety (90) days provide a replacement general partner, beneficiary, stockholder, member or guarantor for acceptance by Mortgagee. In the event of the death, dissolution or incapacity of any guarantor of the Loan, Mortgagor shall within thirty (30) days thereof provide notice to Mortgagee and, in the event of dissolution or incapacity, provide to Mortgagee a substitute guarantor of the Loan acceptable to Mortgagee, within ninety (90) days of such dissolution or incapacity, and in the event of death, provide to Mortgagee a substitu...
