Mortgage Obligations Clause Samples

Mortgage Obligations. (i) As reflected in the Title Policy, the Shopping Center is subject as of the date hereof to the mortgage(s) securing obligation(s) in the amount(s) set forth in Section 4.3(b) of the Contributor Disclosure Letter (such obligations and any other obligations incurred to refinance such obligations, the "Loan Obligations") and is subject as of the date hereof to no other mortgage. Section 4.3(b) of the Contributor Disclosure Letter sets forth the original principal amount, approximate outstanding principal amount, interest rate, term and other material economic provisions of each of the Loan Obligations. (ii) The documents identified in Section 4.3(b) of the Contributor Disclosure Letter, true and correct copies of which have been delivered to PREIT (or to which PREIT has been given access), constitute all of the material documents evidencing, defining or securing the Loan Obligations (the "Loan Documents"). (iii) The Project Partnership has complied with the Loan Documents, and there are no events of default thereunder now outstanding. To the Contributors' knowledge, no event has occurred, which with the passage of time or the giving of notice or both, could ripen into an event of default under the terms of the Loan Documents.

Mortgage Obligations. The Debtors, jointly and severally, covenant and agree with the Bank that, so long as any of the principal of or interest on the Term Note, any fee or expense in connection therewith, or any expense or amount due under the Mortgage, the Subordinate Mortgage, or the Third Mortgage shall remain unpaid, all obligations of the Mortgagor under the Mortgage and all obligations of the Mortgagor under the Subordinate Mortgage and all the obligations of the Mortgagor under the Third Mortgage shall be timely discharged in accordance with the terms and conditions of such mortgages.

Mortgage Obligations. The Guaranteed Obligations of Grantor (only), and Grantor’s obligations under this Deed of Trust and the other Credit Documents to which it is a party; for avoidance of doubt, and notwithstanding anything to the contrary in any other Credit Documents, the Guaranteed Obligations of any other Credit Party (other than Grantor) and the Obligations of the Borrowers are not and shall not be secured by this Deed of Trust.

Mortgage Obligations. The obligations and liabilities related to the mortgages described on SCHEDULE 3.1(e) attached hereto, which, as of March 31, 1996, are estimated to have an outstanding balance of $938,626 (the "Mortgage Obligations") and are secured by the Real Estate described in SCHEDULE 3.1(e).

Mortgage Obligations. Within one hundred (100) days following the Closing Date (or such longer time period as may be granted by the Administrative Agent in its sole discretion), each of the Parent and the Borrower will cause the applicable Obligors to duly execute and deliver to Administrative Agent a Mortgage with respect to each Mortgaged Property, in each case in form for recording in the recording office of each political subdivision where such Mortgaged Property is located, so as to grant and perfect in favor of the Collateral Agent, for the benefit of the Secured Parties, a first priority Lien, against the Mortgaged Property purported to be covered thereby, together with each of the following: (a) evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage as may be necessary or, in the reasonable opinion of the Administrative Agent or Collateral Agent, desirable effectively to create a valid, perfected first priority Lien, subject only to Permitted Liens, against the Mortgaged Property purported to be covered thereby; (b) evidence of the payment of (or satisfactory arrangements for the payment of) all mortgage recording taxes, fees, costs and expenses of filing of each Mortgage as may be necessary in the reasonable opinion of the Administrative Agent, to create a valid, perfected super priority first Lien against the Mortgaged Property identified in such Mortgage, subject only to Permitted Liens; and (c) any Other Mortgage Deliverables with respect thereto as may be requested by the Administrative Agent in its sole and absolute discretion.

Mortgage Obligations. Notwithstanding the provisions in Section 3.2 of the Agreement to the contrary, effective as of the Closing Date, the Purchaser shall either assume the Mortgage Obligations (in which case the Mortgage Obligations shall be deemed to be included in the Assumed Liabilities) or make payment in full of the Mortgage Obligations.

Mortgage Obligations. (i) As reflected in the Title Policy, the Shopping Center is subject to the mortgage(s) securing obligation(s) in the amount(s) set forth in Section 4.3(b) of the Contributor Disclosure Letter (the "Loan Obligations") and is subject to no other mortgage. Section 4.3(b) of the Contributor Disclosure Letter sets forth the original principal amount, approximate outstanding principal amount, interest rate, term and other material economic provisions of each of the Loan Obligations. (ii) The documents identified in Section 4.3(b) of the Contributor Disclosure Letter, true and correct copies of which have been delivered to PREIT (or to which PREIT has been given access), constitute all of the material documents evidencing, defining or securing the Loan Obligations (the "Loan Documents"). (iii) The Project Partnership has complied with the Loan Documents, and there are no events of default thereunder now outstanding. No event has occurred, which with the passage of time or the giving of notice or both, could ripen into an event of default under the terms of the Loan Documents.

Mortgage Obligations