Mortgage by Developer Clause Samples

Mortgage by Developer. Developer shall not execute a mortgage encumbering all or any portion of the right, title and estate of Developer in the improvements of the Project, without LAUSD’s prior written consent which may be withheld in LAUSD’s sole and absolute discretion. In the event a mortgage on the improvements of the Project is allowed, then such mortgage shall at all times be subject and subordinate to, and shall not affect or become a lien upon, LAUSD’s fee estate in the Campus, and shall only encumber Developer’s right, title or interest in the improvements of the Project or Developer's leasehold interest.