Common use of Full Ownership Clause in Contracts

Full Ownership. Borrower represents and warrants that Borrower is the full and lawful owner of the Property or, if the Property is on a leasehold interest, that Borrower is the full owner of the Lease or leasehold interest. If the Security Instrument is on a Lease or leasehold interest, and if Borrower subsequently acquires ownership of the Property, then, to the maximum extent permitted by Applicable Law (a) Borrower’s leasehold and ownership interests in the Property will not merge unless Xxxxxx agrees to the merge in writing, and (b) this Security Instrument will encumber the ownership interest in the immovable property described in the Lease or leasehold interest.

Full Ownership. Borrower represents and warrants that Borrower is the full and lawful owner of the Property or, if the Property is on a leasehold interest, that Borrower is the full owner of the Lease lease or leasehold interest. If the Security Instrument Instru­ment is on a Lease lease or leasehold interest, and if Borrower subsequently acquires ownership of the PropertyPro­perty, then, to the maximum extent permitted by Applicable Law (a) Borrower’s leasehold and ownership interests in the Property will shall not merge unless Xxxxxx agrees to the merge in writing, and (b) this Security Instrument will shall encumber the ownership interest in the immovable property described in the Lease lease or leasehold interest.