Post-Closing Mortgages Clause Samples
The Post-Closing Mortgages clause establishes the requirement for the buyer to grant a mortgage or security interest in certain assets after the closing of a transaction. Typically, this clause outlines the specific assets to be mortgaged, the timeline for executing the necessary documents, and any conditions that must be met post-closing. Its core function is to ensure that the seller or lender retains a secured interest in the assets as collateral, thereby protecting their position and mitigating risk in the event of default after the transaction has closed.
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Post-Closing Mortgages. (a) With respect to each First Lien Collateral Property and Credit Facility Property, the Company shall provide to the Collateral Agent, within 45 days after the Issue Date, a Mortgage and any necessary UCC fixture filing in respect thereof, together with:
(i) evidence that (A) counterparts of such Mortgage have been duly executed, acknowledged and delivered and such Mortgage and any corresponding UCC or equivalent fixture filing (if applicable) are in form suitable for filing or recording in all filing or recording offices that are reasonably necessary in order to create a valid and subsisting Lien on such First Lien Collateral Property or Credit Facility Property in favor of the Collateral Agent for the benefit of the Trustee, the Collateral Agent and the Holders of the Notes each with a secured amount equal to the principal amount of the Notes; provided, however, with respect to any First Lien Collateral Property or Credit Facility Property located in a jurisdiction that requires payment of mortgage recording tax (or the equivalent), the Mortgages in such jurisdictions will secure an amount equal to the value of such First Lien Collateral Property or Credit Facility Property, as applicable (as determined by the Company as of the Issue Date), except that, with respect to the Credit Facility Property located in Washington, D.C., the Mortgage will secure an amount equal to $3,900,000 (B) such Mortgage and any corresponding UCC or equivalent fixture filings have been duly submitted for recording of filing, as applicable, and (C) all filing and recording taxes and fees have been paid or otherwise provided for; and
(ii) fully paid lender’s policies of title insurance in an amount commercially reasonable (as determined by the Company on the Issue Date) issued by a nationally recognized title insurance company in the applicable jurisdiction that is selected by the Company, insuring the relevant Mortgage as having created (x) in the case of each First Lien Collateral Property, a first priority valid and subsisting Lien on the real property described therein with the ranking or the priority which it is expressed to have in such Mortgage and (y) in the case of each Credit Facility Property, a second priority valid and subsisting Lien on the real property described therein with the ranking or the priority which it is expressed to have in such Mortgage, in each case subject only to Permitted Liens, with such endorsements as are customary and appropriate (as reasonab...
Post-Closing Mortgages. On or before December 17, 2015 (or such later date as may be approved by the Administrative Agent in its discretion), the Borrower shall deliver Mortgages or supplements to Mortgages executed by the applicable Loan Party encumbering substantially all of the Loan Parties’ Proven Reserves described in the most recently delivered Reserve Report to the extent that such Proven Reserves were not previously subject to an Acceptable Security Interest pursuant to a Mortgage or supplement to Mortgage that was previously executed, delivered and recorded in the appropriate real property records of the applicable county.
Post-Closing Mortgages. Within ninety (90) days following the Closing Date (or such later date as determined by the Administrative Agent in its sole discretion), with respect to the Mortgaged Properties located in Madison County, Illinois, deliver to the Administrative Agent, Mortgages with respect to such properties executed and delivered by a duly authorized officer of each party thereto, together with all other items required to be delivered pursuant to Section 5.1(h) with respect to the other Mortgaged Properties on the Closing Date, including fully paid flood hazard insurance on such Mortgaged Properties, on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994 and the rules and regulations promulgated thereunder, in each case as amended, supplemented or otherwise modified from time to time.
Post-Closing Mortgages. Within ninety (90) days after the Closing Date, the Borrower shall deliver, with respect to each parcel of real Property which is not required to be subject to a Lien in favor of the Agent on the Closing Date, a Mortgage on such real Property, in form and substance reasonably satisfactory to the Agent, to be held by the Agent until such time as the Agent is permitted to file and perfect such Mortgage in accordance with the provisions of Section 6.14.
Post-Closing Mortgages. The Loan Parties shall, within (i) sixty (60) days after the Closing Date (or such later date as may be agreed to by Administrative Agent in its sole discretion) provide Administrative Agent with the documentation (and take all necessary action to cooperate with the Administrative Agent in furtherance thereof) as required under clause (i) of Section 8.1.11 [Additional Subsidiaries and Real Property; Further Assurances] for any UCC as-extracted and fixture filings for any real property of the Loan Parties that does not constitute Excluded Collateral and is not otherwise set forth in clause (ii) below, and (ii) 180 days after the Closing Date (or such later date as may be agreed to by Administrative Agent in its sole discretion) provide Administrative Agent with the documentation (and take all necessary action to cooperate with the Administrative Agent in furtherance thereof) as required under clause (ii) of Section 8.1.11 [Additional Subsidiaries and Real Property; Further Assurances] for any real property of the Loan Parties that does not constitute Excluded Collateral.
Post-Closing Mortgages. Fully executed and notarized ---------------------- Mortgages (each a "Post-Closing Date Mortgage" and, collectively, the "Post-Closing Date Mortgages"), in proper form for recording in all appropriate places in all applicable jurisdictions, encumbering each Real Property Asset listed in Schedule 6.10A annexed hereto (each a -------------- "Post-Closing Date Mortgaged Property" and, collectively, the "Post- Closing Date Mortgaged Properties");
Post-Closing Mortgages. The Company agrees as soon as reasonably possible after the Initial Closing Date but in any event no later than seventy-five (75) days (or such longer period of time as may be determined by the Purchaser in its sole discretion) after such date, to take all such actions and execute and deliver, or cause to be executed and delivered, all such mortgages, documents, instruments, agreements, opinions and certificates similar to those described in Sections 3.9 and 3.10 with respect to each interest in Real Property described on Schedule 7.18 that the Purchaser shall reasonably request to create in favor of the Purchaser a valid and, subject to any filing and/or recording referred to herein, perfected first priority Lien in such interests. In addition to the foregoing, the Company shall, at the request of the Purchaser, deliver, from time to time, to the Purchaser such appraisals as are required by law or regulation of interests in Real Property with respect to which the Purchaser has been granted a Lien.
Post-Closing Mortgages individually or collectively, as the case may be, each Mortgage, Assignment of Leases and Rents and Security Agreement, dated as of or prior to the Future Advance Date, made by M▇▇▇▇▇▇▇▇ in favor of Administrative Agent for the benefit of the Lenders which covers the Post-Closing Property.
Post-Closing Mortgages. (a) Post Closing Mortgages on Owned Real Property. The Mortgaged Property Value shall be equal to (i) seventy percent (70%) of the Total Desktop Analysis Value on or before May 2, 2005 and (ii) ninety percent (90%) of the Total Desktop Analysis Value on or before May 31, 2005. The Covered Property Value shall be equal to (i) seventy percent (70%) of the Total Desktop Analysis Value on or before May 31, 2005 and (ii) ninety percent (90%) of the Total Desktop Analysis Value on or before June 30, 2005. Thereafter the Borrower shall use commercially reasonable efforts to cause the Mortgaged Property Value and the Covered Property Value to be equal to the sum of the Total Desktop Analysis Value. The Collateral Agent agrees, with respect to each Real Property set forth on Schedule XI, that, upon request of the applicable Tenant, it shall enter into a Subordination, Non-Disturbance and Attornment Agreement, substantially in the form of Exhibit I.
Post-Closing Mortgages. The applicable Credit Parties shall, on or before the date that is thirty (30) days after the First Amendment Effective Date (or such later date as Administrative Agent may hereafter approve in writing in its sole discretion), sign and deliver to Administrative Agent those certain additional Mortgages (and/or amendments to existing Mortgages) and/or other Collateral Documents as may be required to ensure Borrowers’ continued compliance with its covenant and obligation as set forth under Section 5.18 of the Credit Agreement, by further encumbering those certain presently unencumbered Oil and Gas Properties more particularly described on Exhibit A to this First Amendment (and/or such other, or alternative, Oil and Gas Properties as Administrative Agent may hereafter approve in writing in its sole discretion), which is incorporated into this First Amendment by this reference. Borrowers’ failure to cause the timely delivery all such additional Mortgages (and/or amendments to existing Mortgages) and/or other Collateral Documents, shall constitute an immediate Event of Default under Section 7.01(c) of the Credit Agreement.