Mortgage Modifications Clause Samples
Mortgage Modifications. As a condition precedent to the Borrower’s incurrence of Additional Intercreditor Indebtedness pursuant to Section 6.01(c) and/or Section 2.21 as provided for herein, the Borrower shall satisfy the following requirements:
(a) the Subsidiary Guarantors shall enter into, and deliver to the Administrative Agent and the Collateral Agent, at the direction and in the sole discretion of the Administrative Agent and the Collateral Agent, a mortgage modification or new Mortgage in proper form for recording in the relevant jurisdiction and in a form reasonably satisfactory to the Administrative Agent and the Collateral Agent (such Mortgage or mortgage modification of, the “Modification”);
(b) the Borrower shall deliver a local counsel opinion in form and substance as set forth in Section 4.03(a)(vii)(D) of this Agreement;
(c) the Borrower shall have caused a title company approved by the Administrative Agent to have delivered to the Administrative Agent and the Collateral Agent (A) evidence that the title insurance policy delivered pursuant to Section 4.03(a)(vii)(B) insures an amount equal to the lesser of (x) the Secured Obligations including any title insurance “cushion” reasonably requested by Collateral Agent and (y) the value of the Mortgaged Property as reasonably determined by the Collateral Agent and (B) an endorsement to the title insurance policy delivered pursuant to Section 4.03(a)(vii)(B), date down(s) and/or other evidence reasonably satisfactory to the Administrative Agent and/or the Collateral Agent insuring that (i) the priority of the liens evidenced by insuring the continuing priority of the Lien of the Mortgage as security for such Indebtedness has not changed and (ii) confirming and/or insuring that (a) since the immediately prior incurrence of such additional Indebtedness, there has been no change in the condition of title and (b) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the Mortgage, other than the Permitted Liens (without adding any additional exclusions or exceptions to coverage; a “Modification Endorsement”);
(d) the Borrower shall, upon the request of the Administrative Agent and/or the Collateral Agent, deliver to the approved title company, the Collateral Agent and/or all other relevant third parties all other items reasonably necessary to maintain the continuing priority of the Lien of the Mortgage as security for such Indebtedness; and
(e) any other items reasonably req...
Mortgage Modifications. As a condition precedent to the Borrower’s incurrence of additional Indebtedness pursuant to Section 2.25 (other than pursuant to clause (a)(2) thereof) or 2.26 and to the extent applicable additional Indebtedness is required by its terms to be secured by a first priority Lien pursuant to Section 6.01(p), 6.01(y) or 6.01(z)(vi)(y) on Mortgaged Properties as provided for herein, the Borrower shall satisfy the following requirements:
(a) the Subsidiary Guarantors shall enter into, and deliver to the Administrative Agent and the Collateral Trustee, at the direction and in the sole discretion of the Administrative Agent and/or the Collateral Trustee (i) in the case of additional Indebtedness incurred pursuant to Section 2.25 or 2.26, a mortgage modification or new Mortgage, and (ii) in the case of additional Indebtedness secured by a first priority Lien incurred pursuant to Section 6.01(p), 6.01(y) or 6.01(z)(vi)(y), a new Mortgage; in each case in proper form for recording in the relevant jurisdiction and in a form reasonably satisfactory to the Administrative Agent;
(b) the Borrower shall deliver a local counsel opinion in form and substance as set forth in Section 4.02(a)(ii) of this Agreement;
(c) the Borrower shall have caused a title company approved by the Administrative Agent to have delivered to the Administrative Agent and the Collateral Trustee an endorsement to the title insurance policy delivered pursuant to Section 4.01(i) of the Existing Credit Agreement or Section 5.09(b)(ii)(A), as applicable, date down(s) or other evidence reasonably satisfactory to the Administrative Agent and/or the Collateral Trustee insuring that (i) the priority of the liens evidenced by insuring the continuing priority of the Lien of the Mortgage as security for such Indebtedness has not changed and (ii) confirming and/or insuring that (a) since the immediately prior incurrence of such additional Indebtedness, there has been no change in the condition of title and (b) there are no intervening liens or encumbrances which may then or thereafter take priority over the Lien of the Mortgage, other than the Permitted Liens (without adding any additional exclusions or exceptions to coverage);
(d) with respect to each Mortgaged Property required to be insured pursuant to the Flood Disaster Protection Act of 1973 or the National Flood Insurance Act of 1968, and the regulations promulgated thereunder, because it is located in an area which has been identified by the Secretary of ...
Mortgage Modifications. By the date that is ninety (90) days after the Amendment No. 5 Effective Date, as such time period may be extended, by not more than additional thirty (30) days, in the Administrative Agent’s reasonable discretion, the applicable Loan Party shall deliver to the Administrative Agent, unless otherwise agreed by the Administrative Agent in its reasonable discretion, the following items: (i) such amendments to the Mortgages of such Loan Party to the extent reasonably necessary to effectuate the transactions contemplated hereby; (ii) with respect to any Mortgage that is amended pursuant to the this paragraph, mortgage modification or bring-down endorsements to the applicable Mortgage Policies, to the extent such endorsements are reasonably available in the applicable jurisdiction; and (iii) such other documentation reasonably requested by the Administrative Agent in connection therewith (including the delivery of local counsel opinions solely with respect to enforceability of any such amendments) to give effect to the transactions contemplated by this Amendment, in each case, in form and substance reasonably satisfactory to the Administrative Agent.
Mortgage Modifications. The applicable Borrower or Guarantor which owns the real property described on Schedule A appended hereto shall execute and deliver to Agent, on or before sixty (60) days following the Amendment No. 2 Effective Date (or such later date as Agent shall agree in writing), in form and substance reasonably satisfactory to Agent, a Modification with respect to the Mortgage covering such real property, duly authorized, executed and delivered by such Borrower or Guarantor, together with an appropriate endorsement with respect to the existing mortgagee title insurance policy insuring Agent's interest in each such Mortgage, as a result of the recordation of each such Mortgage Modification.
Mortgage Modifications. If the Holder of any mortgage obtained by the Redeveloper under this Agreement reasonably requires any changes or modifications to the terms of this Agreement, the Borough shall reasonably cooperate with the Holder of any such mortgage(s).
Mortgage Modifications. The Agent shall have received from the Borrower, where necessary or appropriate in the reasonable judgment of the Agent upon advice of counsel, duly executed modifications of the Mortgage Instruments. The Mortgage Instruments shall be modified to reflect the increase in the Revolving Committed Amount effected by this Agreement. The Agent, the Trustee and the Borrower may provide in such modifications of the Mortgage Instruments for the prospect of future increases in the Revolving Committed Amount, but any such future increases shall, in each instance, be subject to the specific approval by each of the Banks.
Mortgage Modifications. Within ninety (90) days after the ABL Incremental Effective Date (or such longer period, as approved in the sole discretion of the Administrative Agent), the Company shall execute and deliver, or cause its applicable Subsidiaries to execute and deliver, appropriate modifications or amendments (if any) to the Mortgages, as reasonably requested by the Administrative Agent, together with all related filings, payment of costs and fees, and other actions as required by the ABL Credit Agreement relating to the Mortgages.
Mortgage Modifications. Upon the request of Agent, Borrower shall deliver to Agent modifications to the Mortgages to reflect the increase in the Term Loans provided for herein and the increase in the Revolving Loan Commitment provided for under that certain Increased Commitment Agreement to be entered into on or about the Second Amendment Date.
Mortgage Modifications. To the extent reasonably determined to be necessary by the Administrative Agent, each of the following items:
(i) fully executed and notarized mortgage modifications (each, a “Mortgage Modification”), in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each Mortgaged Property;
(ii) an opinion of counsel (which counsel shall be reasonably satisfactory to Collateral Agent) in each state in which a Mortgaged Property is located with respect to the enforceability of the form(s) of Mortgage Modifications to be recorded in such state with respect to such Mortgaged Properties and such other matters as Collateral Agent may reasonably request, in each case in form and substance reasonably satisfactory to Collateral Agent; and
(iii) with respect to the lender’s title insurance policy insuring each Mortgaged Property, a mortgage modification endorsement, executed by a title company that is reasonably satisfactory to Collateral Agent with respect to each Mortgaged Property that is in form and substance reasonably satisfactory to Collateral Agent, insuring that the validity, enforceability and priority of the applicable mortgage and that the effectiveness of such title policy shall remain unchanged following recordation of the related Mortgage Modification.
Mortgage Modifications. The applicable Borrower or Guarantor which owns the real property described on Schedule A appended hereto shall execute and deliver to Agent, on the date hereof, in form and substance reasonably satisfactory to Agent, a modification with respect to each Mortgage covering such real property, duly authorized, executed and delivered by such Borrower or Guarantor, together with an appropriate endorsement with respect to the existing mortgagee title insurance policy insuring Agent's interest in each such Mortgage, as a result of the recordation of each such Mortgage modification.