Common use of Permitted Mortgage Clause in Contracts

Permitted Mortgage. Homeowner may mortgage the Leased Premises only with the written consent of ACHT. Not less than thirty (30) days prior to the date on which Homeowner (or a prospective Homeowner who has contracted to purchase the Improvements) requests ACHT’s consent to a mortgage to be effective, Homeowner (or prospective Homeowner) shall furnish to ACHT copies of every document to be executed in connection with the transaction represented by such mortgage. ACHT may choose to consent to any mortgage, and in so doing shall designate such mortgage as a “Permitted Mortgage.” However, ACHT shall be required to consent to a mortgage only if (a) at the time such copies of documents are submitted and at the time proposed by Homeowner (or prospective Homeowner) for the execution of such documents, no default is then outstanding; and (b) The mortgage so submitted is a Standard Permitted Mortgage as defined in the attached Exhibit PERMITTED MORTGAGES. Homeowner shall pay to ACHT at ACHT’s option, all fees, costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by ACHT in connection with any Permitted Mortgage.

Permitted Mortgage. Homeowner may mortgage the Leased Premises only with the written consent of ACHTCHT. Not less than thirty (30) days prior to the date on which Homeowner (or a prospective Homeowner homeowner who has contracted to purchase the Improvements) requests ACHTCHT’s consent to a mortgage to be effective, Homeowner (or prospective Homeownerhomeowner) shall furnish to ACHT CHT copies of every document to be executed in connection with the transaction represented by such mortgage. ACHT CHT may choose to consent to any mortgage, and in so doing shall designate such mortgage as a “Permitted Mortgage.” However, ACHT CHT shall be required to consent to a mortgage only if (a) at the time such copies of documents are submitted and at the time proposed by Homeowner (or prospective Homeowner) for the execution of such documents, no default is then outstanding; and (b) The mortgage so submitted is a Standard Permitted Mortgage as defined in the attached Exhibit PERMITTED MORTGAGES. Homeowner shall pay to ACHT CHT at ACHTCHT’s option, as additional Ground Lease Fee, all fees, costs and expenses, including, without limitation, reasonable attorneys’ fees, incurred by ACHT CHT in connection with any Permitted Mortgage.