Common use of Permitted Mortgage Clause in Contracts

Permitted Mortgage. Homeowner may mortgage the Leased Premises or grant a security interest in the Improvements, either for the purchase or refinance of Improvements located thereon, only with the prior written consent of IHT and only pursuant to a mortgage or other security instrument satisfying all of the requirements for a Permitted Mortgage. By signing this Lease, IHT gives written permission for any mortgage signed by the Homeowner effective on the day this Lease is signed for the purpose of financing Homeowner’s purchase of the Improvements.