Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged Property, subject only to the following title exceptions (each such exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other exceptions and exclusions (general and specific) set forth in the mortgagee policy of title insurance issued with respect to the Mortgage Loan, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such Mortgaged Property is free and clear of any mechanics' and materialmen's liens which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and is not bonded over, escrowed for or covered by insurance.
Appears in 21 contracts
Sources: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc. Series 2006-1), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2006-5), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2005-2)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations set forth in paragraph (5) and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (12) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Mortgage Loan is cross-collateralized and cross-defaulted with any other Mortgage Loan, the lien of the Mortgage for such other Mortgage Loan and (g) if such Mortgage Loan is part of a Loan Group, the rights of the holder of the related Companion Loan pursuant to a Co-Lender Agreement or pooling and servicing agreement, none of whichwhich exceptions described in clauses (a) - (f) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects (4) the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The Mortgaged Property is free and clear of any mechanics' and materialmen's or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to policy. To the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 8 contracts
Sources: Mortgage Loan Purchase Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2006-Gg7), Mortgage Loan Purchase Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2007-Gg9), Mortgage Loan Purchase Agreement (Greenwich Capital Commercial Funding Corp. Commercial Mortgage Trust 2007-Gg11)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations set forth in paragraph (5) and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (12) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Mortgage Loan is cross-collateralized and cross-defaulted with any other Mortgage Loan, the lien of the Mortgage for such other Mortgage Loan and (g) if such Mortgage Loan is part of a Whole Loan, the rights of the holder of the related Companion Loan pursuant to a Co-Lender Agreement or pooling and servicing agreement, none of whichwhich exceptions described in clauses (a) - (g) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects (4) the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The Mortgaged Property is free and clear of any mechanics' and materialmen's or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to policy. To the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 7 contracts
Sources: Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2006-Gg8), Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2006-Gg8), Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2007-Gg10)
Mortgage Lien. Subject The Mortgagor has good indefeasible fee simple title (or with respect to Mortgage Loans described in paragraph (48), leasehold title) to the exceptions set forth in Paragraph (5) above, related Mortgaged Property and each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations and exceptions set forth in paragraph (5) and the following title exceptions (each such title exception, a "“Title Exception"”, and collectively, the "“Title Exceptions"”): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (11) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Mortgage Loan is cross-collateralized and cross-defaulted with any other Mortgage Loan, the lien of the Mortgage for such other Mortgage Loan and (g) if such Mortgage Loan is part of a Whole Loan, the rights of the holder of the related Companion Interest pursuant to an Intercreditor Agreement or the Pooling and Servicing Agreement, none of whichwhich exceptions described in clauses (a) – (g) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ’s ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects (4) the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The Mortgaged Property is free and clear of any mechanics' and materialmen's ’ or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's ’s title insurance policy as described above and to policy. To the Seller's ’s actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 4 contracts
Sources: Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2011-Gc5), Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2011-Gc5), Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2011-Gc5)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged Property, subject only to the following title exceptions (each such exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other exceptions and exclusions (general and specific) set forth in the mortgagee policy of title insurance issued with respect to the Mortgage Loan, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases, space leases or space operating leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such Mortgaged Property is free and clear of any mechanics' and materialmen's liens which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and is not bonded over, escrowed for or covered by insurance.
Appears in 3 contracts
Sources: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Pass-Through Certificates, Series 2004-5), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mort. Pass Thr. Certs SER 2004-3), Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Pass-Through Certificates, Series 2004-5)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each Each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations set forth in paragraph (5) and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (12) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Mortgage Loan is a Crossed Loan, the lien of the Mortgage for the other Crossed Loan(s) in the related Crossed Group and (g) if such Mortgage Loan is part of a Loan Combination, the rights of the holder of the related Non-Trust Mortgage Loan pursuant to the related Co-Lender Agreement or a related Outside Servicing Agreement, none of whichwhich exceptions described in clauses (a) - (f) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the related Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects (4) the value of the related Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The related Mortgaged Property is free and clear of any mechanics' and materialmen's or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to policy. To the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 2 contracts
Sources: Mortgage Loan Purchase Agreement (Citigroup Commercial Mortgage Trust 2008-C7), Mortgage Loan Purchase Agreement (Citigroup Commercial Mortgage Trust 2008-C7)
Mortgage Lien. Subject to In the exceptions set forth in Paragraph (5) abovecase of each Mortgage Loan, each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged Property, Property subject only to the exceptions set forth in paragraph (13) below and the following title exceptions (each such title exception, a "“Title Exception", ,” and collectively, the "“Title Exceptions"”): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ’s ability to pay its obligations under the Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee applicable policy described in paragraph (12) below or appearing of title insurance issued with respect to the Mortgage Loanrecord, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ’s ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) other matters to which like properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor’s ability to pay its obligations under the Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (e) the right of tenants (whether under ground leases, space leases or space operating leases) at the Mortgaged Property as tenants only pursuant to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such their respective leases), and (ef) if such Mortgage Loan constitutes is a Cross-Collateralized Mortgage Loancrossed loan, the lien of the Mortgage for another Mortgage Loan contained in such other Loan. Except with respect to crossed loans and as provided below, there are no mortgage loans that are secured by a mortgage on the same Cross-Collateralized Group; and such related Mortgaged Property is free that are senior or pari passu to the Mortgage securing any Mortgage Loan. The related assignment of such Mortgage executed and clear of any mechanics' and materialmen's liens which are prior to or equal with the lien delivered in favor of the related Mortgageholder of the Mortgage Note is in recordable form and constitutes a legal, except those which are insured against by a lender's title insurance policy as described above valid and binding assignment, sufficient to convey to the Seller's actual knowledge no rights are outstanding that assignee named therein all of the assignor’s right, title and interest in, to and under applicable law could give rise to such Mortgage. The related assignment of any such lien that would be prior or equal to Assignment of Leases not included in a Mortgage has been executed and delivered in favor of the lien holder of the related Mortgage Note, and is not bonded overin recordable form and constitutes a legal, escrowed for valid and binding assignment, sufficient to convey to the assignee named therein all of the assignor’s right, title and interest in, to and under such Assignment of Leases. In the case of an Mortgaged Property operated as a hotel or covered by insurancean assisted living facility, the Mortgagor’s personal property includes all personal property that a prudent mortgage lender making a similar mortgage loan would deem reasonably necessary to operate the related Mortgaged Property as it is currently being operated.
Appears in 2 contracts
Sources: Indenture (CBRE Realty Finance Inc), Seller Transfer Agreement (CBRE Realty Finance Inc)
Mortgage Lien. Subject to The lien of the exceptions set forth in Paragraph (5) above, each Mortgage securing the related Mortgage Loan is a legal, valid and enforceable first lien on the related Mortgaged Property, Underlying Mortgage Property subject only to the exceptions set forth in paragraph (5) above and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Underlying Mortgage Property or the security intended to be provided by such Mortgage or with the MortgagorUnderlying Obligor's ability to pay its obligations under the Loan when they become due or materially and adversely affects the value of the Mortgaged Underlying Mortgage Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee applicable policy described in paragraph (12) below or appearing of title insurance issued with respect to the Mortgage Loanrecord, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Underlying Mortgage Property or the security intended to be provided by such Mortgage or with the MortgagorUnderlying Obligor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Underlying Mortgage Property, (d) other matters to which like properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgage Property or the security intended to be provided by such Mortgage or with the Underlying Obligor's ability to pay its obligations under the Loan when they become due or materially and adversely affects the value of the Underlying Mortgage Property, (e) the right of tenants (whether under ground leases, space leases or space operating leases) at the Mortgaged Underlying Mortgage Property as tenants only pursuant to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such their respective leases), and (ef) if such Mortgage Loan constitutes is a Cross-Collateralized Mortgage Crossed Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; such other Loan. Except with respect to Crossed Loans and such Mortgaged Property is free and clear of any mechanics' and materialmen's liens which as provided below, there are prior no mortgage loans that are senior or pari passu with respect to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any Underlying Mortgage Property or such lien that would be prior or equal to the lien of the related Mortgage and is not bonded over, escrowed for or covered by insurance.Loan. Sch. K-5 SCHEDULE L FORM OF PREFERRED EQUITY SECURITY REPRESENTATIONS AND WARRANTIES
Appears in 1 contract
Sources: Indenture (Arbor Realty Trust Inc)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged Property, subject only to the following title exceptions (each such exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other exceptions and exclusions (general and specific) set forth in the mortgagee policy of title insurance issued with respect to the Mortgage Loan, none of which, individually or in the aggregate, materially and adversely interferes with the current principal use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's current ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such Mortgaged Property is free and clear of any mechanics' and materialmen's liens which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and is not bonded over, escrowed for or covered by insurance.
Appears in 1 contract
Sources: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2006-6)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each The related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations set forth in paragraph (5) and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (12) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject and (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the Mortgage Loanrelated Mortgaged Property and condominium declarations, none of whichwhich exceptions described in clauses (a) - (e) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects (4) the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The Mortgaged Property is free and clear of any mechanics' and materialmen's or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to policy. To the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 1 contract
Sources: Mortgage Loan Purchase Agreement (GS Mortgage Securities Trust 2007-Gg10)
Mortgage Lien. Subject The Mortgagor has good indefeasible fee simple title (or with respect to Mortgage Loans described in paragraph (48), leasehold title) to the exceptions set forth in Paragraph (5) above, related Mortgaged Property and each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations and exceptions set forth in paragraph (5) and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (11) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Mortgage Loan is cross-collateralized and cross-defaulted with any other Mortgage Loan, the lien of the Mortgage for such other Mortgage Loan and (g)the rights of the holder of any related Junior Interest, none of whichwhich exceptions described in clauses (a)—(g) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects (4) the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The Mortgaged Property is free and clear of any mechanics' and materialmen's or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Sellerpolicy. To Borrower's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 1 contract
Sources: Master Loan and Security Agreement (Ares Commercial Real Estate Corp)
Mortgage Lien. Subject to the exceptions set forth in Paragraph (5) above, each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged Property, subject only to the following title exceptions (each such exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other exceptions and exclusions (general and specific) set forth in the mortgagee policy of title insurance issued with respect to the Mortgage Loan, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), (e) condominium declarations of record and identified in such lender's title insurance policy (or if not yet issued, referred to in its pro forma title policy, a preliminary title policy with escrow instructions or a "marked up" commitment, in each case binding on the title insurer), and (ef) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such Mortgaged Property is free and clear of any mechanics' and materialmen's liens which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and is not bonded over, escrowed for or covered by insurance.
Appears in 1 contract
Sources: Mortgage Loan Purchase and Sale Agreement (Banc of America Commercial Mortgage Inc., Series 2008-1)
Mortgage Lien. Subject The Mortgagor has good indefeasible fee simple title (or with respect to Purchased Loans described in paragraph (48), leasehold title) to the exceptions set forth in Paragraph (5) above, related Mortgaged Property and each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged PropertyProperty (and/or Ground Lease, if applicable), subject only to the limitations and exceptions set forth in paragraph (5) and the following title exceptions (each such title exception, a "“Title Exception"”, and collectively, the "“Title Exceptions"”): (a) the lien of current real property taxes, ground rents, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially interferes with the current use or operation of the Mortgaged Property or the security intended to be provided by such Mortgage or with the Mortgagor's ability to pay its obligations when they become due or materially and adversely affects the value of the Mortgaged Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee policy applicable Title Policy (described in paragraph (11) below) or appearing of title insurance issued with respect record, (d) other matters to which like properties are commonly subject, (e) the right of tenants (whether under ground leases, space leases or operating leases) pertaining to the related Mortgaged Property and condominium declarations, (f) if such Purchased Loan is cross-collateralized and cross-defaulted with any other Purchased Loan, the lien of the Mortgage for such other Purchased Loan and (g) if such Purchased Loan is part of a Whole Loan, the rights of the holder of the related Junior Interest, none of whichwhich exceptions described in clauses (a) – (g) above, individually or in the aggregate, materially and adversely interferes with (1) the current use or operation of the Mortgaged Property or Property, (2) the security intended to be provided by such Mortgage or with Mortgage, (3) the Mortgagor's ’s ability to pay its obligations under the Mortgage Purchased Loan when they become due or materially and adversely affects (4) the value of the Mortgaged Property, (d) the right of tenants (whether under ground leases or space leases) at the Mortgaged Property to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such leases), and (e) if such Mortgage Loan constitutes a Cross-Collateralized Mortgage Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; and such . The Mortgaged Property is free and clear of any mechanics' and materialmen's ’ or other similar liens or claims which are prior to or equal with the lien of the related Mortgage, except those which are insured against by a lender's ’s title insurance policy as described above and to policy. To the Seller's ’s actual knowledge no rights are outstanding that under applicable law could give rise to any such lien that would be prior or equal to the lien of the related Mortgage and Mortgage, unless such lien is not bonded over, escrowed for or covered by insurance.
Appears in 1 contract
Mortgage Lien. Subject to In the exceptions set forth in Paragraph (5) abovecase of each Mortgage Loan, each related Mortgage is a legal, valid and enforceable first lien on the related Mortgaged Property, Underlying Mortgage Property subject only to the exceptions set forth in paragraph (5) above and the following title exceptions (each such title exception, a "Title Exception", and collectively, the "Title Exceptions"): (a) the lien of current real property taxes, water charges, sewer rents and assessments not yet due and payable, (b) covenants, conditions and restrictions, rights of way, easements and other matters of public record, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Underlying Mortgage Property or the security intended to be provided by such Mortgage or with the MortgagorUnderlying Obligor's ability to pay its obligations under the Loan when they become due or materially and adversely affects the value of the Mortgaged Underlying Mortgage Property, (c) any other the exceptions and exclusions (general and specific) and exclusions set forth in the mortgagee applicable policy described in paragraph (12) below or appearing of title insurance issued with respect to the Mortgage Loanrecord, none of which, individually or in the aggregate, materially and adversely interferes with the current use or operation of the Mortgaged Underlying Mortgage Property or the security intended to be provided by such Mortgage or with the MortgagorUnderlying Obligor's ability to pay its obligations under the Mortgage Loan when they become due or materially and adversely affects the value of the Mortgaged Underlying Mortgage Property, (d) other matters to which like properties are commonly subject, none of which, individually or in the aggregate, materially and adversely interferes with the current use of the Underlying Mortgage Property or the security intended to be provided by such Mortgage or with the Underlying Obligor's ability to pay its obligations under the Loan when they become due or materially and adversely affects the value of the Underlying Mortgage Property, (e) the right of tenants (whether under ground leases, space leases or space operating leases) at the Mortgaged Underlying Mortgage Property as tenants only pursuant to remain following a foreclosure or similar proceeding (provided that such tenants are performing under such their respective leases), and (ef) if such Mortgage Loan constitutes is a Cross-Collateralized Mortgage Crossed Loan, the lien of the Mortgage for another Mortgage Loan contained in the same Cross-Collateralized Group; such other Loan. Except with respect to Crossed Loans and such Mortgaged Property is free and clear of any mechanics' and materialmen's liens which as provided below, there are prior no mortgage loans that are senior or pari passu with respect to or equal with the lien of the related Mortgage, except those which are insured against by a lender's title insurance policy as described above and to the Seller's actual knowledge no rights are outstanding that under applicable law could give rise to any Underlying Mortgage Property or such lien that would be prior or equal to the lien of the related Mortgage and is not bonded over, escrowed for or covered by insuranceLoan.
Appears in 1 contract
Sources: Indenture (Arbor Realty Trust Inc)