Mortgage Provisions Sample Clauses

Mortgage Provisions. The Mortgage Loan documents for each Mortgage Loan, together with applicable state law, contain customary and, subject to the limitations and exceptions set forth in representation 13 below, enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the practical realization against the related Mortgaged Property of the principal benefits of the security intended to be provided thereby, including, without limitation, judicial or non-judicial foreclosure or similar proceedings (as applicable for the jurisdiction where the related Mortgaged Property is located). None of the Mortgage Loan documents contains any provision that expressly excuses the related Mortgagor from obtaining and maintaining insurance coverage for acts of terrorism.
Mortgage Provisions. All insurance required under this Section ------------------- 2.13 shall be taken out in the name of the Mortgagor. The Mortgagee shall be named as an additional insured under all liability policies (other than workers' compensation and similar insurance) and the Mortgagor and the Mortgagee (or its assignee) shall be named as the sole loss payees under all physical damage policies in accordance with paragraph (c) of this Section 2.13. All policies for such insurance shall also provide that (i) there shall be no recourse against the Mortgagee (or its assignee) for the payment of premiums or commissions, (ii) if such policies provide for the payment of club calls, assessments or advances, there shall be no recourse against the Mortgagee (or its assignee) for the payment thereof, and (iii) at least ten (10) days' or such greater period as may be provided in any such policy prior written notice of any cancellation, reduction in amount or material change in coverage of such insurance shall be given to the Mortgagee (or its assignee) by the insurance underwriters. All policies for physical damage shall also contain a breach of warranty clause in favor of the Mortgagee, to the extent applicable.
Mortgage Provisions. All insurance required under this Schedule A shall be taken out in the name of Owner or on its behalf by an Affiliate of Construction Supervisor and RBFE, the Indenture Trustee and each Note Holder and the Sureties shall be named as an additional insured under all liability policies (other than workers' compensation and similar insurance), and RBFE, the Indenture Trustee and, so long as the Performance Bond is outstanding or amounts are due to the Surety as a result of payments made by it thereunder, the Surety, shall be named as the loss payees, as their interests may appear, under all physical damage policies with respect to the Drilling Rig for any loss in excess of $5,000,000 or, after the occurrence and during the continuation of any Event of Default, any loss. All policies for such insurance shall also provide that (i) there shall be no recourse against Owner (or its assignee), RBFE, the Indenture Trustee or any Note Holder or any loss payee or additional insured for the payment of premiums or commissions, (ii) if such policies provide for the payment of club calls, assessments or advances, there shall be no recourse against Owner (or its assignee), RBFE, the Indenture Trustee or any Note Holder or any loss payee or additional insured for the payment thereof. All policies shall provide that the insurers shall provide to Owner (or its assignee), RBFE, the Indenture Trustee and each Note Holder and any loss payee and additional insured, as the case may be, 30 days prior notice of any material change in the coverage of such insurance as well as ten (10) days prior written notice of any cancellation of such insurance in the event of non-payment of premiums and seven (7) days prior written notice of any cancellation of such insurance for war risk.
Mortgage Provisions. The Mortgage Note or Mortgage for each Mortgage Loan, together with applicable state law, contains customary and enforceable provisions (subject to the exceptions set forth in paragraph (xiii)) such as to render the rights and remedies of the holder thereof adequate for the practical realization against the related Mortgaged Property of the principal benefits of the security intended to be provided thereby. Each Mortgage Loan contains a "due on sale" clause, which provides for the acceleration of the payment of the unpaid principal balance of the Mortgage Loan if, without prior written consent of the holder of the Mortgage, the property subject to the Mortgage or any material portion thereof, is transferred, sold or encumbered other than the junior liens listed on Schedule B attached hereto; provided, however, that certain Mortgage Loans provide a mechanism for the assumption of the loan by a third party upon the Mortgagor's satisfaction of certain conditions precedent, and upon payment of a transfer fee, if any.
Mortgage Provisions. The Mortgage Note, Mortgage (along with any security agreement and UCC financing statement) and Assignment of Leases for each Mortgage Loan, together with applicable state law, contain customary and, subject to the exceptions set forth in Paragraph 13 below, enforceable provisions for commercial Mortgage Loans such as to render the rights and remedies of the holder thereof adequate for the practical realization against the related Mortgaged Property of the principal benefits of the security intended to be provided thereby. The Mortgage Loan documents for each Mortgage Loan, subject to applicable law, provide for the appointment of a receiver for the collection of rents or for the related mortgagee to enter into possession to collect the rents if there is an event of default under such Mortgage Loan.