Common use of Multiple Mortgages Clause in Contracts

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Article 20 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Article 20, each holder of a junior Mortgage shall succeed to the rights set forth in this Article 20 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Article 20 and holders of junior Mortgages have provided written notice to the Agency under Section 20.4. No failure by the senior Mortgagee to exercise its rights under this Article 20 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or any Mortgagee’s rights under this Article 20. For purposes of this Section 20.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State and having an office in City, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Article 20 Section 18 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Article 20Section 18, each holder of a junior Mortgage shall succeed to the rights set forth in this Article 20 Section 18 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Article 20 Section 18 and holders of junior Mortgages have provided written notice to the Agency under Section 20.418.4. No failure by the senior Mortgagee to exercise its rights under this Article 20 Section 18 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or any Mortgagee’s rights under this Article 20Section 18. For purposes of this Section 20.818.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in Citythe City of San Francisco, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project Site or the Property or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Article 20 Section 13 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Article 20Section 13, each holder of a junior Mortgage shall succeed to the rights set forth in this Article 20 Section 13 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Article 20 Section 13 and holders of junior Mortgages have provided written notice to the Agency under Section 20.413.4. No failure by the senior Mortgagee to exercise its rights under this Article 20 Section 13 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Vertical Developer’s or any Mortgagee’s rights under this Article 20Section 13. For purposes of this Section 20.813.9, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in the City, setting forth the order of priorities of the liens of Mortgages on real property property, may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project or the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Article 20 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Article 20, each holder of a junior Mortgage shall succeed to the rights set forth in this Article 20 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Article 20 and holders of junior Mortgages have provided written notice to the Agency under Section 20.4. No failure by the senior Mortgagee to exercise its rights under this Article 20 and no delay in the response of any Mortgagee to any notice by the Agency shall extend any cure period or Developer’s or any Mortgagee’s rights under this Article 20. For purposes of this Section 20.8, in the absence of an order of a court of competent jurisdiction that is served on the Agency, a title report prepared by a reputable title company licensed to do business in the State and having an office in City, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single any portion of the Project Site or any interest thereinProperty, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Article 20 Section 8 to the exclusion of the holder of any other junior Mortgage; provided, however, that if the holder of a the senior Mortgage fails to exercise the rights set forth in this Article 20Section 8, each holder of a junior Mortgage then may exercise the rights set forth in this Section 8 to the exclusion of any more junior lienholders but each such junior lienholder shall succeed to the rights set forth in this Article 20 Section 8 only if the holders of all senior Mortgages senior to it have failed to exercise the rights set forth in this Article 20 and holders of junior Mortgages have provided written notice to the Agency under Section 20.48. No failure by the senior Mortgagee to exercise its rights under this Article 20 Section 8 and no delay in the response of any Mortgagee to any notice by the Agency County shall extend any cure period or Developer’s 's or any Mortgagee’s 's rights under this Article 20Section 8. For purposes of this Section 20.88.4, in the absence of an order of a court of competent jurisdiction that is served on the AgencyCounty, a title report prepared by a reputable title company licensed to do business in the State of California and having an office in CityCounty, setting forth the order of priorities priority of lien of the liens of Mortgages on real property Mortgages, may be relied upon by the Agency County as conclusive evidence of priority.

Multiple Mortgages. If at any time there is more than one Mortgage constituting a lien on a single portion of the Project Site or any interest therein, the lien of the Mortgagee prior in time to all others on that portion of the mortgaged property shall be vested with the rights under this Article 20 to the exclusion of the holder of any other Mortgage; provided, however, that if the holder of a senior Mortgage fails to exercise the rights set forth in this Article 20, each holder of a junior Mortgage shall succeed to the rights set forth in this Article 20 only if the holders of all Mortgages senior to it have failed to exercise the rights set forth in this Article 20 and holders of junior Mortgages have provided written notice to the Agency Authority under Section 20.4. No failure by the senior Mortgagee to exercise its rights under this Article 20 and no delay in the response of any Mortgagee to any notice by the Agency Authority shall extend any cure period or Developer’s or any Mortgagee’s rights under this Article 20. For purposes of this Section 20.8, in the absence of an order of a court of competent jurisdiction that is served on the AgencyAuthority, a title report prepared by a reputable title company licensed to do business in the State and having an office in City, setting forth the order of priorities of the liens of Mortgages on real property may be relied upon by the Agency Authority as conclusive evidence of priority.