Common use of Mortgage and Charge Clause in Contracts

Mortgage and Charge. a. The Promoter may have an arrangement with certain Banks and Financial Institutions (hereinafter collectively referred to ”the said Banks”), under which the said Bank would grant a line of credit to the Promoter to facilitate development of projects undertaken and carried on by it, and as security for repayment of loans which may be advanced to the Promoter by the said Bank, the Promoter creates or causes to be created mortgages/charges on the lands and construction thereon in favour of the said Banks, and the securities created in favour of the said Banks are substituted from time to time.

Mortgage and Charge. a. The Promoter may have an arrangement with certain Banks and Financial Institutions (hereinafter collectively referred to ”the said Banks”), under which the said Bank would grant a line of credit to the Promoter to facilitate development of projects undertaken and carried on by it, and as security for repayment of loans which may be advanced to the Promoter by the said Bank, the Promoter creates or causes to be created mortgages/charges on the lands and construction thereon in favour of the said BanksXxxxx, and the securities created in favour of the said Banks Xxxxx are substituted from time to time.

Mortgage and Charge. a. The Promoter may have an arrangement with certain Banks and Financial Institutions (hereinafter collectively referred to ”the said “Said Banks”), under which the said Bank Said Banks would grant a line of credit to the Promoter to facilitate development of projects undertaken and carried on by it, and as security for repayment of loans which may be advanced to the Promoter by the said BankSaid Banks, the Promoter creates or causes to be created mortgages/charges on the lands and construction thereon in favour of the said Said Banks, and the securities created in favour of the said Said Banks are substituted from time to time.;