Limitations on Liens and Transfers. (a) Mortgagor shall not create, incur, suffer or permit to be created or incurred or to exist any mortgage, lien, charge or encumbrance on or pledge of any of the Trust Estate, other than (i) Permitted Encumbrances, (ii) a notice of intention filed by a mechanic, materialman or laborer under the New Jersey mechanic's lien law, and (iii) a building contract filed by a contractor or subcontractor under the New Jersey mechanic's lien law. Without limiting the generality of the foregoing sentence but notwithstanding the provisions of the foregoing sentence, Mortgagor shall not be deemed to have breached the provisions of the foregoing sentence by virtue of the existence of a lien for Impositions or mechanics' liens so long as Mortgagor is in good faith contesting the validity of the same in accordance with the provisions of Section 5.8.
Appears in 4 contracts
Samples: Mortgage and Security Agreement (Trumps Castle Associates Lp), Mortgage and Security Agreement (Trumps Castle Associates Lp), Mortgage and Security Agreement (Trumps Castle Associates Lp)
