Common use of Liens on Real Property Clause in Contracts

Liens on Real Property. In the event that (i) any Borrower or any Guarantor owns or hereafter acquires any fee owned real property with a fair market value in excess of $500,000, or (ii) the aggregate fair market value of which when aggregated with the fair market value of all other fee owned real property owned by the Borrowers and the Guarantors not subject to a mortgage or deed of trust as described in this Section 4.4, at any time exceeds $1,000,000, the Borrowers shall, or shall cause such Guarantor to, execute and deliver to the Administrative Agent a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) a Lien on such real property to secure the Obligations, Hedging Liability, and Bank Product Obligations, shall pay all mortgage recording taxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and shall supply to the Administrative Agent at the Borrowers’ cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property), hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan Documents) on the real property encumbered thereby and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.

Liens on Real Property. In the event that (i) any Borrower or any Guarantor Subsidiary owns or hereafter acquires (a) a fee interest in any fee owned real property with a fair market value in excess of $500,000, or (iib) the aggregate fair market value of which when aggregated with the fair market value of all other fee owned a leasehold interest in any real property owned deemed to be material by the Borrowers and the Guarantors not subject Administrative Agent and, in either case, is required to a mortgage or deed of trust as described in this xxxxx x xxxx on such property pursuant to Section 4.44.1, at any time exceeds $1,000,000, the Borrowers such Borrower shall, or shall cause such Guarantor Subsidiary to, (i) with respect to the property set forth at clause (a), execute and deliver to the Administrative Agent (or a security trustee therefor) and (ii) with respect to the property set forth at clause (b), use commercially reasonable best efforts to execute and deliver to the Administrative Agent (or a security trustee therefor), a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) a Lien on such Borrower’s or such Subsidiary’s interest in such real property to secure the Obligations, Hedging Liability, and Bank Product ObligationsLiability, shall pay all mortgage recording taxesTaxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and shall (other than with respect to any real property used solely in connection with the Pipeline and Transportation Systems) shall, if required by the Administrative Agent in its sole discretion, supply to the Administrative Agent at the Borrowers’ such Borrower’s cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property)report, hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan DocumentsPermitted Liens) on the applicable Borrower’s or Subsidiary’s interest in the real property encumbered thereby and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.

Liens on Real Property. (a) In the event that (i) any Borrower or any Guarantor owns or hereafter acquires (a) a fee interest in any fee owned real property with a fair market value in excess of $500,000, or (iib) the aggregate fair market value of which when aggregated with the fair market value of all other fee owned a leasehold interest in any real property owned deemed to be material by the Borrowers and the Guarantors not subject Administrative Agent and, in either case, is required to a mortgage or deed of trust as described in this xxxxx x xxxx on such property pursuant to Section 4.44.1, at any time exceeds $1,000,000, the Borrowers such Borrower shall, or shall cause such Guarantor Subsidiary to, (i) with respect to the property set forth at clause (a), execute and deliver to the Administrative Agent (or a security trustee therefor) and (ii) with respect to the property set forth at clause (b), use commercially reasonable best efforts to execute and deliver to the Administrative Agent (or a security trustee therefor), a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) a Lien on such Borrower’s or such Subsidiary’s interest in such real property to secure the Obligations, Hedging Liability, and Bank Product ObligationsLiability, shall pay all mortgage recording taxesTaxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and (other than with respect to any real property used solely in connection with the Pipeline and Transportation Systems) shall (i), if required by applicable Legal Requirements, supply to the Administrative Agent at such Borrower’s cost and expense a certification with regard to flood zone location (and, if necessary, evidence of flood insurance) and (ii), if required by the Borrowers’ Administrative Agent in its sole discretion, supply to the Administrative Agent at such Borrower’s cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property)report, hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan DocumentsPermitted Liens) on the applicable Borrower’s or Subsidiary’s interest in the real property encumbered thereby and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.

Liens on Real Property. In the event that (i) any Borrower or any Guarantor Loan Party owns or hereafter acquires any fee owned real property with a fair market value in excess of $500,000(other than the Excluded Real Property), or (ii) the aggregate fair market value of which when aggregated with the fair market value of all other fee owned real property owned by the Borrowers and the Guarantors not subject to a mortgage or deed of trust as described in this Section 4.4, at any time exceeds $1,000,000, the Borrowers shall, or such Loan Party shall cause such Guarantor to, execute and deliver to the Administrative Agent a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) ), for its benefit and the benefit of the Lenders, a Lien on such real property to secure the Obligations, Hedging Liability, and Bank Product Obligations, shall pay all mortgage recording taxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and shall supply to the Administrative Agent at the Borrowers’ cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property)report, hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan DocumentsAgreement) on the real property encumbered thereby thereby, a life-of-loan flood hazard determination and, if the real estate is located in a flood plain, an acknowledged notice to borrower and flood insurance in an amount, with endorsements and by an insurer acceptable to the Administrative Agent, and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewiththerewith including, without limitation, those required under applicable law; provided, however, that in no event, will the Borrowers be required to grant a mortgage or deed of trust with respect to the real estate referred to in clause (a) of the definition of Excluded Real Estate.

Liens on Real Property. In the event that (i) any Borrower or any Guarantor owns or hereafter acquires (a) a fee interest in any fee owned real property with a fair market value in excess of $500,000, or (iib) the aggregate fair market value of which when aggregated with the fair market value of all other fee owned a leasehold interest in any real property owned deemed to be material by the Borrowers and the Guarantors not subject Administrative Agent and, in either case, is required to a mortgage or deed of trust as described in this xxxxx x xxxx on such property pursuant to Section 4.44.1, at any time exceeds $1,000,000, the Borrowers such Borrower shall, or shall cause such Guarantor Subsidiary to, (i) with respect to the property set forth at clause (a), execute and deliver to the Administrative Agent (or a security trustee therefor) and (ii) with respect to the property set forth at clause (b), use commercially reasonable best efforts to execute and deliver to the Administrative Agent (or a security trustee therefor), a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) a Lien on such Borrower’s or such Subsidiary’s interest in such real property to secure the Obligations, Hedging Liability, and Bank Product ObligationsLiability, shall pay all mortgage recording taxesTaxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and (other than with respect to any real property used solely in connection with the Pipeline and Transportation Systems) shall (i), if required by applicable Legal Requirements, supply to the Administrative Agent at such Borrower’s cost and expense a certification with regard to flood zone location (and, if necessary, evidence of flood insurance) and (ii), if required by the Borrowers’ Administrative Agent in its sole discretion, supply to the Administrative Agent at such Borrower’s cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property)report, hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan DocumentsPermitted Liens) on the applicable Borrower’s or Subsidiary’s interest in the real property encumbered thereby and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.

Liens on Real Property. In the event that (i) any Borrower or any Guarantor Subsidiary (other than any Excluded Subsidiary) owns or hereafter acquires (a) a fee interest in any fee owned real property with a fair market value in excess of $500,000, or (iib) the aggregate fair market value of which when aggregated with the fair market value of all other fee owned a leasehold interest in any real property owned deemed to be material by the Borrowers and the Guarantors not subject Administrative Agent and, in either case, is required to a mortgage or deed of trust as described in this xxxxx x xxxx on such property pursuant to Section 4.44.1, at any time exceeds $1,000,000, the Borrowers such Borrower shall, or shall cause such Guarantor Subsidiary to, (i) with respect to the property set forth at clause (a), execute and deliver to the Administrative Agent (or a security trustee therefor) and (ii) with respect to the property set forth at clause (b), use commercially reasonable best efforts to execute and deliver to the Administrative Agent (or a security trustee therefor), a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) a Lien on such Borrower’s or such Subsidiary’s interest in such real property to secure the Obligations, Hedging Liability, and Bank Product ObligationsLiability, shall pay all mortgage recording taxesTaxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and (other than with respect to any real property used solely in connection with the Pipeline and Transportation Systems) shall (i), if required by applicable Legal Requirements, supply to the Administrative Agent at such Borrower’s cost and expense a certification with regard to flood zone location (and, if necessary, evidence of flood insurance) and (ii), if required by the Borrowers’ Administrative Agent in its sole discretion, supply to the Administrative Agent at such Borrower’s cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property)report, hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan DocumentsPermitted Liens) on the applicable Borrower’s or Subsidiary’s interest in the real property encumbered thereby and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.

Liens on Real Property. In the event that (i) any the Borrower or any Guarantor owns or hereafter acquires any fee owned real property with (except in the case where such real property is acquired after the Closing Date which the Borrower or such Guarantor intends to dispose of in a fair market value in excess sale and leaseback transaction permitted by Section 8.10(h) provided that (i) the Borrower delivers to the Administrative Agent not later than the date of $500,000, or such acquisition an executed copy of the transaction document(s) pursuant to which such sale and leaseback transaction is to occur and (ii) such sale and leaseback transaction is completed within five (5) business days following the aggregate fair market value acquisition of which when aggregated with the fair market value of all other fee owned such real property owned by the Borrowers and the Guarantors not subject to a mortgage or deed of trust as described in this Section 4.4, at any time exceeds $1,000,000property) , the Borrowers Borrower shall, or shall cause such Guarantor to, execute and deliver to the Administrative Agent a mortgage or deed of trust reasonably acceptable in form and substance to the Administrative Agent for the purpose of granting to the Administrative Agent (or a security trustee therefor) a Lien on such real property to secure the Obligations, Hedging Liability, and Bank Product ObligationsFunds Transfer and Deposit Account Liability, shall pay all mortgage recording taxes, costs, and expenses incurred by the Administrative Agent in recording such mortgage or deed of trust, and shall supply to the Administrative Agent, to the extent required by the Administrative Agent in its reasonable discretion, at the Borrowers’ Borrower’s cost and expense a survey, “Phase I” environmental report (at the reasonable request of the Administrative Agent with respect to such newly acquired real property)report, hazard insurance policy, appraisal report, and a mortgagee’s policy of title insurance from a title insurer reasonably acceptable to the Administrative Agent insuring the validity of such mortgage or deed of trust and its status as a first Lien (subject to Liens permitted by this Agreement and the other Loan DocumentsAgreement) on the real property encumbered thereby and such other instrument, documents, certificates, and opinions reasonably required by the Administrative Agent in connection therewith.