Common use of Due on Sale or Mortgaging, Etc Clause in Contracts

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 the Mortgagor sells, conveys, transfers, further encumbers, changes the form of ownership or otherwise disposes of the Mortgaged PropertyPremises, or any part thereof, or any interest therein therein, are sold, conveyed, transferred, leased, further mortgaged or transfers the full possessory rights to the Mortgaged Property whether voluntarily encumbered or involuntarily, disposed of without the written consent of Mortgagee being first obtained, or if a member’s interest in Mortgagor is, directly or indirectly, sold, conveyed, assigned, pledged or transferred or additional members of Mortgagor are created without the written consent of 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 Indebtedness Secured Hereby due and payable in full and call for payment of the same in full 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 the prepayment premium, if any, as called for in the Note at that time (and if at such conveyancetime no prepayment privilege exists under the Note, transfer or encumbrance and shall allow then with the Mortgagee thirty (30) days after delivery of all required information prepayment premium provided for evaluation of such request. In in the event that such request is not approved within such thirty (30) day period, it shall Note at the earliest date on which the Indebtedness Secured Hereby could 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 Mortgageeprepaid). 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. 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 of sale 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 Mortgagor written consent of Beneficiary being first obtained: (a) Grantor, or any successor, sells, conveys, transfers, further encumbersmortgages, changes the form of ownership ownership, or otherwise encumbers or disposes of the Mortgaged PropertyPremises, or any part thereof, or any interest therein therein, or transfers the full possessory rights agrees so to the Mortgaged Property do; or (b) any shares of privately-held corporate stock or ownership interest in Grantor, or any successor, are sold, conveyed, transferred, pledged or encumbered or there is an agreement so to do; or (c) any partnership, trust, member or privately-held corporate ownership interest in Grantor is sold, transferred, conveyed, pledged or encumbered or there is an agreement so to do; or (d) any partnership, member or privately-held corporate ownership interest in any general partner of Grantor is sold, conveyed, transferred, pledged or encumbered or there is an agreement so to do; whether voluntarily any such event described in (a), (b), (c) or involuntarily(d) above is voluntary, without the written consent involuntary or by operation of the Mortgagee being first obtainedlaw, then at the Beneficiary's sole option of the Mortgageeoption, the Mortgagee Beneficiary may declare the entire principal and interest evidenced by the Note Indebtedness immediately due and payable in full and call for payment of the same at once. Any transfer of a partnership, beneficial or corporate ownership interest together with the prepayment fee then in Mortgagor shall constitute a conveyance for purposes of this Section and effect under the consent terms of the Mortgagee shall be requiredNote. In the event the Mortgagor Grantor shall request the consent of the Mortgagee to any of the foregoing eventsBeneficiary in accordance with this Section 2.9, the Mortgagor Grantor shall deliver a written request to the Mortgagee Beneficiary together with (i) a review fee of Five Hundred and No/100 Dollars ($500.00), and (ii) complete information regarding such conveyance, transfer conveyance or encumbrance and (including complete information concerning the person or entity to acquire the interest to be conveyed). Beneficiary shall allow the Mortgagee be allowed thirty (30) days after delivery receipt of all required requested 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 If such a conveyance or encumbrance is approved, Grantor shall pay to Beneficiary a processing fee in the amount of Three Thousand and No/100 Dollars ($3,000.00) to process any such sale, conveyance, transfer, mortgage or other encumbrancescompensate Beneficiary for processing the request. Such approval Approval may be subject to conditioned upon payment of a one percent (1%) transfer fee and such modifications of the loan Loan terms, interest rate and maturity date as may be established determined by the MortgageeBeneficiary in its sole discretion. 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. Death of Grantor, or if Grantor is not an individual, (i) the dissolution of Grantor, or (ii) the death of an individual general partner, member, beneficiary or stockholder of Grantor shall constitute a transfer of such interest. In the event of death of any individual Grantor, or if Grantor is not an individual, (y) the dissolution of Grantor, or (z) the death of an individual general partner, member, beneficiary or stockholder of Grantor, Beneficiary shall be provided with written notice thereof within thirty (30) days of the occurrence thereof and Grantor shall within ninety (90) days of the occurrence thereof provide (A) a replacement Grantor, if Grantor is an individual, or (B) if Grantor is not an individual, (1) a replacement Grantor in the event of the dissolution of Grantor, or (2) a replacement general partner, member, beneficiary or stockholder of Grantor in the event of the death of any such person, such replacement to be in any event acceptable to Beneficiary. If such replacement is acceptable to Beneficiary, such transfer shall be permitted without a transfer fee or change in the Loan terms.

Due on Sale or Mortgaging, Etc. In the event that without the written consent of Mortgagee being first obtained: (a) Mortgagor sells, conveys, transfers, further encumbersmortgages, changes the form of ownership ownership, or otherwise encumbers or disposes of the Mortgaged PropertyPremises, or any part thereof, or any interest therein therein, or transfers the full possessory rights agrees to the Mortgaged Property do so either directly or indirectly; or (b) any ownership or beneficial interest in Mortgagor is sold, conveyed, transferred, pledged or encumbered or there is an agreement to do so either directly or indirectly; or (c) any membership or beneficial interest in Mortgagor is sold, conveyed, transferred, pledged or encumbered or there is an agreement to do so; whether voluntarily any such event described in (a), (b), or involuntarily(c) above is voluntary, without the written consent involuntary or by operation of the Mortgagee being first obtainedlaw, either directly or indirectly, then at the Mortgagee’s sole option of the Mortgageeoption, the Mortgagee may declare the entire principal and interest evidenced by the Note Indebtedness immediately due and payable in full and call for payment of the same at once. Any transfer of a partnership, beneficial together with the Reinvestment Charge or corporate ownership interest Default Premium then in Mortgagor shall constitute a conveyance for purposes of this Section and effect under the consent terms of the Mortgagee shall be requiredNote. In the event the Mortgagor shall request the consent of the Mortgagee to any of the foregoing eventstransfer in accordance with this Section 2.9, the Mortgagor shall deliver a written request to the Mortgagee together with complete information regarding such conveyance, transfer conveyance or encumbrance and (including complete information concerning the person or entity to acquire the interest conveyed). Mortgagee shall allow the Mortgagee be allowed thirty (30) days after delivery receipt of all required requested 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 encumbrancesencumbrance. Such approval Approval may be subject to conditioned upon payment of a transfer fee and such modifications of the loan terms, interest rate rate, and maturity date as may be established determined by the MortgageeMortgagee in its sole discretion. 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.. If the Premises should be transferred to a partnership, to a trust, to a privately held corporation or to a limited liability company pursuant to the terms of this Section 2.9 during the term of this Mortgage, thereafter a subsequent transfer of a partnership interest, a beneficial interest, a corporate stock interest or a member interest in either the successor entity or in any entity which holds an ownership interest in such successor entity shall constitute a conveyance for purposes of this Section 2.9, and the consent of Mortgagee shall be required. Loan No. 09090 12 Notwithstanding the above restrictions, and provided no default or Event of Default (as such term is hereinafter defined) has occurred and is continuing hereunder, Mortgagee shall not withhold consent to the following: