Representations, Warranties and Covenants of Mortgagor Sample Clauses
The 'Representations, Warranties and Covenants of Mortgagor' clause sets out the statements of fact, ongoing promises, and assurances made by the mortgagor (borrower) to the mortgagee (lender) regarding the property and the mortgage agreement. Typically, this clause requires the mortgagor to confirm ownership of the property, the absence of undisclosed liens, compliance with laws, and to promise to maintain the property and fulfill all obligations under the mortgage. By establishing these representations and ongoing commitments, the clause protects the lender by ensuring the mortgagor’s reliability and providing grounds for recourse if any statements are false or obligations are breached.
Representations, Warranties and Covenants of Mortgagor. Mortgagor agrees, covenants, represents and/or warrants as follows:
Representations, Warranties and Covenants of Mortgagor. Mortgagor hereby represents, warrants and covenants (which representations, warranties and covenants will survive creation of any indebtedness of Mortgagor to Mortgagee or Lenders and any extension of credit thereunder) as follows:
(a) The Personal Property is not used or bought for personal, family or household purposes.
(b) The tangible portion of the Personal Property will be kept on or at the Premises; and Mortgagor shall not, without the prior written consent of Mortgagee, remove the Personal Property or any portion thereof therefrom except such portions or items of Personal Property which are consumed or worn out in ordinary usage, all of which will be promptly replaced by Mortgagor with similar items of comparable value.
(c) At the request of Mortgagee, Mortgagor shall join Mortgagee in executing one or more financing statements and fixture filings pursuant to the Uniform Commercial Code of New Jersey as in effect in the State of New Jersey ("Uniform Commercial Code"), in form satisfactory to Mortgagee and shall pay the cost of recording and filing the same in all public offices wherever recording or filing is deemed by Mortgagee to be necessary or desirable.
(d) Mortgagor does not do business under any trade name except as previously disclosed in writing to Mortgagee. Mortgagor shall immediately notify Mortgagee in writing of any change in its place of business or the adoption or change of any trade name or fictitious business name and shall, upon request of Mortgagee, execute any additional financing statements or other certificates necessary to reflect the adoption or change in trade name or fictitious business name.
(e) Mortgagor shall immediately notify Mortgagee of any claim against the Personal Property adverse to the interest of Mortgagee therein.
Representations, Warranties and Covenants of Mortgagor. Mortgagor represents and warrants to Mortgagee as follows:
Representations, Warranties and Covenants of Mortgagor. THE MORTGAGOR HEREBY COVENANTS AND AGREES THAT:
Representations, Warranties and Covenants of Mortgagor. Mortgagor represents, warrants and covenants to Lender:
Representations, Warranties and Covenants of Mortgagor. Mortgagor represents, warrants, covenants and agrees with Mortgagee as follows:
Representations, Warranties and Covenants of Mortgagor. The Mortgagor agrees, covenants, represents and warrants as follows:
Representations, Warranties and Covenants of Mortgagor. Mortgagor agrees, covenants, represents and/or warrants as follows:
20.1. Title(a) .
(a) Mortgagor has good and marketable title to:
(i) an indefeasible fee estate in the Land and Improvements; and
(ii) all of the Personal Property; subject only to the Permitted Encumbrances.
(b) To the best of Mortgagor’s knowledge, there are no Leases affecting the Land or the Improvements except for (i) Leases which (x) in the aggregate do not affect more than 10% of the total area of the Land or 10% of the gross building area of the Improvements and (y) are subordinate to the lien of this Mortgage or (ii) Leases which cannot reasonably be expected to have a Material Adverse Effect.
(c) To the best of Mortgagor’s knowledge, except as permitted or created by the Credit Documents and except for any Permitted Encumbrances, Mortgagor is not obligated under, and the Mortgaged Property is not bound by or subject to, any right, of first refusal, option or other contractual right to sell, assign or otherwise dispose of any Mortgaged Property or any interest therein.
(d) The granting of this Mortgage is within Mortgagor’s corporate powers and has been duly authorized by all necessary corporate, and, if required, stockholder action. This Mortgage has been duly executed and delivered by Mortgagor and constitutes a legal, valid and binding obligation of Mortgagor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting the creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law.
(e) To the best of Mortgagor’s knowledge, adequate ingress and egress is available to and from the Land and the Improvements for any reasonable purpose.
(f) This Mortgage and the Uniform Commercial Code Financing Statements described in Section 1.09 of this Mortgage, when duly recorded in the public records identified in the Perfection Certificate will create a valid, perfected and enforceable lien upon and mortgage and security interest in all of the Mortgaged Property subject only to the Permitted Liens. Mortgagor will forever warrant and defend its title to the Mortgaged Property, the rights of Mortgagee therein under this Mortgage and the validity and priority of the lien of this Mortgage thereon against the claims of all persons and parties except those having rights under Permitted Encumbrances to the extent of those rights.
Representations, Warranties and Covenants of Mortgagor. Mort▇▇▇▇▇ ▇▇▇ees, covenants, represents and/or warrants as follows:
Representations, Warranties and Covenants of Mortgagor. Mortgagor, for itself and its successors and assigns, does hereby represent, warrant and covenant to and with Mortgagee, its successors and assigns, that: