Transfer of the Mortgaged Property. Mortgagor shall not sell, transfer, pledge, encumber, create a security interest in, or otherwise hypothecate all or any part of the Mortgaged Property without Lender*s prior written consent. The consent by Lender to any sale, transfer, pledge, encumbrance, creation of a security interest in, or other hypothecation of the Mortgaged Property shall not be deemed to constitute a novation or a consent to any further sale, transfer, pledge, encumbrance, creation of a security interest in, or other hypothecation or to waiver Lender*s right, at its option, to declare the indebtedness secured hereby immediately due and payable, without notice to Mortgagor or any other person or entity, upon any such sale, transfer, pledge, encumbrance, creation of security interest, or other hypothecation to which it shall not have consented.
Transfer of the Mortgaged Property. If all or any part of the Mortgaged Property, or if all or any part of Borrowers’ and Accommodation Parties’ interest therein, is sold or transferred, whether by lease, deed, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Mortgage shall be immediately due and payable. Notwithstanding the foregoing (i) if the Borrowers and Accommodation Parties own the Mortgaged Property as co-tenants, a transfer of the Mortgaged Property, or any interest therein, from one co-tenant to another co-tenant, whether by reason of death or otherwise, shall not be considered a transfer; (ii) a taking by eminent domain shall not be considered a transfer unless it is a total taking and the payment is made for the full value of the Mortgaged Property, (iii) the creation of a lien or encumbrance which has been consented to by the Lender in writing and is subordinate to the lien created by this Mortgage shall not be considered a transfer, and (iv) the creation of a purchase money security interest for household appliances shall not be considered a transfer. The Lender shall give Borrowers and Accommodation Parties notice of such acceleration, and the notice shall provide a period of not less then thirty (30) days from the date the notice is delivered or mailed within which Borrowers and Accommodation Parties may pay all sums secured by this Mortgage. If Borrowers and Accommodation Parties fails to pay such sums prior to the expiration of such time period, then the Lender may invoke any remedies permitted by the Note or this Mortgage without further notice or demand on Borrowers and Accommodation Parties.
Transfer of the Mortgaged Property. Any sale, lease, conveyance, assignment, pledge, encumbrance, or transfer of all or any part of the Mortgaged Property or any interest therein, voluntarily or involuntarily, whether by operation of law or otherwise, except: (i) sales or transfers of items of the Accessories which have become obsolete or worn beyond practical use and which have been replaced by adequate substitutes, owned by Grantor, having a value equal to or greater than the replaced items when new; and (ii) the grant, in the ordinary course of business, of a leasehold interest in a part of the Improvements to a tenant for occupancy, not containing a right or option to purchase and not in contravention of any provision of this Mortgage or of any other Loan Document. Holder may, in its sole discretion, waive a default under this paragraph, but it shall have no obligation to do so, and any waiver may be conditioned upon such one or more of the following (if any) which Holder may require: the grantee's integrity, reputation, character, creditworthiness and management ability being satisfactory to Holder in its sole judgment and grantee executing, prior to such sale or transfer, a written assumption agreement containing such terms as Holder may require, a principal paydown on the Note, an increase in the rate of interest payable under the Note, a transfer fee, a modification of the term of the Note, and any other modification of the Loan Documents which Holder may require.
Transfer of the Mortgaged Property. Any sale, lease, conveyance, assignment, pledge, encumbrance, or transfer of all or any part of the Mortgaged Property or any interest therein, voluntarily or involuntarily, whether by operation of law or otherwise, without Beneficiary’s prior written consent, except: (i) sales or transfers items of the Accessories which have become obsolete or worn beyond practical use and which have been replaced by adequate substitutes, owned by Grantor, having a value equal to or greater than the replaced items when new; (ii) the grant, in the ordinary course of business, of a leasehold interest in a part of the Improvements to a tenant for occupancy, not in excess of one year and not containing a right or option to purchase and not in contravention of any provision of this Deed of Trust or of any other Credit Document; and (iii) Permitted Encumbrances. Beneficiary may, in its sole discretion, waive a default under this paragraph, but it shall have no obligation to do so, and any waiver may be conditioned upon such one or more of the following (if any) which Beneficiary may require: the grantee’s integrity, reputation, character, creditworthiness and management ability being satisfactory to Beneficiary in its sole judgment and grantee executing, prior to such sale or transfer, a written assumption agreement containing such terms as Beneficiary may require, a principal pay down on the Obligations (or any one or more thereof), an increase in the rate of interest payable upon the Obligations, a transfer fee, a modification of the term of the Obligations (or any one or more thereof), and any other modification of the Credit Documents which Beneficiary may require.
Transfer of the Mortgaged Property. Any sale, lease, conveyance, assignment, pledge, encumbrance, or transfer of all or any part of the Mortgaged Property or any interest therein, voluntarily or involuntarily, whether by operation of law or otherwise, without Mortgagee’s prior written consent, except: (i) sales or transfers of items of the Accessories which have become obsolete or worn beyond practical use and which have been replaced by adequate substitutes, owned by Mortgagor, having a value equal to or greater than the replaced items when new; (ii) the grant, in the ordinary course of business, of a leasehold interest in a part of the Improvements to a tenant for occupancy, not in excess of one year and not containing a right or option to purchase and not in contravention of any provision of this Mortgage or of any other Credit Document; and (iii) Permitted Encumbrances. Mortgagee may, in its sole discretion, waive a default under this paragraph, but it shall have no obligation to do so, and any waiver may be conditioned upon such one or more of the following (if any) which Mortgagee may require: the grantee’s integrity, reputation, character, creditworthiness and management ability being satisfactory to Mortgagee in its sole judgment and grantee executing, prior to such sale or transfer, a written assumption agreement containing such terms as Mortgagee may require, a principal pay down on the Obligations (or any one or more thereof), an increase in the rate of interest payable upon the Obligations, a transfer fee, a modification of the term of the Obligations (or any one or more thereof), and any other modification of the Credit Documents which Mortgagee may require.
Transfer of the Mortgaged Property. EXCEPT AS EXPRESSLY PERMITTED PURSUANT TO THE TERMS OF THE CREDIT AGREEMENT OR ANY OTHER LOAN DOCUMENT, MORTGAGOR SHALL NOT SELL, TRANSFER, PLEDGE, ENCUMBER, CREATE A SECURITY INTEREST IN, GROUND LEASE, OR OTHERWISE HYPOTHECATE, ALL OR ANY PORTION OF THE MORTGAGED PROPERTY WITHOUT THE PRIOR WRITTEN CONSENT OF MORTGAGEE. THE CONSENT BY MORTGAGEE TO ANY SALE, TRANSFER, PLEDGE, ENCUMBRANCE, CREATION OF A SECURITY INTEREST IN, GROUND LEASE OR OTHER HYPOTHECATION OF, ANY PORTION OF THE MORTGAGED PROPERTY SHALL NOT BE DEEMED TO CONSTITUTE A NOVATION OR A CONSENT TO ANY FURTHER SALE, TRANSFER, PLEDGE, ENCUMBRANCE, CREATION OF A SECURITY INTEREST IN, GROUND LEASE, OR OTHER HYPOTHECATION, OR TO WAIVE THE RIGHT OF MORTGAGEE, AT ITS OPTION, TO DECLARE THE OBLIGATIONS SECURED HEREBY IMMEDIATELY DUE AND PAYABLE, WITHOUT NOTICE TO MORTGAGOR OR ANY OTHER PERSON OR ENTITY, UPON ANY SUCH SALE, TRANSFER, PLEDGE, ENCUMBRANCE, CREATION OF A SECURITY INTEREST, GROUND LEASE, OR OTHER HYPOTHECATION TO WHICH MORTGAGEE SHALL NOT HAVE CONSENTED.
Transfer of the Mortgaged Property. Except as otherwise permitted under the Credit Agreement, there shall be no sale, conveyance, transfer, lease, sublease, pledge or further encumbrance or transfer of any interest in any part of the Mortgaged Property, without the prior written consent of Mortgagee.
Transfer of the Mortgaged Property. The Grantor acknowledges ---------------------------------- that the continuous ownership of the Mortgaged Property by the Grantor is of a material nature to the transaction contemplated by, and the Beneficiary's agreement to create the Obligations under, the Transaction Documents. The Grantor agrees that, except as otherwise provided in any Transaction Document, the Grantor will not, directly or indirectly, sell, grant, convey, assign or otherwise transfer (collectively, a "transfer"), or permit any transfer of, the Mortgaged Property or any legal or beneficial interest in the Mortgaged Property, by operation of law or otherwise, without the prior consent of the Beneficiary. For the purposes of this Deed of Trust, but without limiting the foregoing, a transfer of the legal or beneficial ownership, directly or indirectly, of thirty-three percent or more of the issued and outstanding stock of any class of stock of any corporate general xxxx in the Grantor, substantially all of the assets of the Grantor or thirty-three percent or more of the capital or profits of the Grantor or of any general partner in the Grantor, shall be deemed a transfer of the Mortgaged Property or an interest in the Mortgaged Property; provided that a transfer of the legal or beneficial -------- ownership of thirty-three percent or more of the issued and outstanding stock of any class of stock of any corporate general partner in the Grantor or thirty- three percent or more of the capital or profits of the Grantor or of any general partner in the Grantor shall not be deemed a transfer of the Mortgaged Property or an interest in the Mortgaged Property if such transfer is to any Affiliate, to Xxx X. Xxxxxx, to Xxxxxx X. Xxxxx, to any heir or devisee of Don G. Angel or Xxxxxx X. Xxxxx or to the trustee of any living trust of Don G. Angel or Xxxxxx X. Xxxxx Upon the occurrence of any transfer of the Mortgaged Property or any legal or beneficial interest in the Mortgaged Property, by operation of law or otherwise, without the prior consent of the Beneficiary, the Beneficiary may elect to declare the Obligations, together with any other sums secured by this Deed of Trust, immediately due and payable. The Beneficiary may withhold its consent to any proposed transfer for no reason or any reason, including the failure of the prospective transferee of the Mortgaged Property to reach an agreement in writing with the Beneficiary increasing the interest payable on the Obligations to such rate as th...
Transfer of the Mortgaged Property. The Mortgagor acknowledges ---------------------------------- that the continuous ownership of the Mortgaged Property by the Mortgagor is of a material nature to the transaction contemplated by, and the Mortgagee's agreement to create the Obligations under, the Transaction Documents. The Mortgagor agrees that, except as otherwise provided in any Transaction Document, the Mortgagor will not, directly or indirectly, sell, grant, convey, assign or otherwise transfer (collectively, a "transfer"), or permit any transfer of, the Mortgaged Property or any legal or beneficial interest in the Mortgaged Property, by operation of law or otherwise, without the poor consent of the Mortgagee. For the purposes of this Mortgage, but without limiting the foregoing, a transfer of the legal or beneficial ownership, directly or indirectly, of thirty-three percent or more of the issued and outstanding stock of any class of stock of
Transfer of the Mortgaged Property. If all or any part of the Mortgaged Property, or an interest therein, is sold or transferred, whether by lease, deed, contract for deed, or otherwise, whether for consideration or by gift or in the event of death or otherwise, and whether voluntarily, involuntarily or by operation of law, then all sums secured by this Impact Fund (Balloon) Loan Mortgage shall be immediately due and payable. Notwithstanding the foregoing; (i) if the Borrower owns the Mortgaged Property as co-tenants, tenants in common, or joint tenants, then a transfer of the Mortgaged Property, or any interest therein, from one co-tenant to another co-tenant, from one tenant in common to another tenant in common, or from one joint tenant to another joint tenant, whether by reason of death or otherwise, shall not be considered a transfer; (ii) a taking by eminent domain of a portion of the Mortgaged Property shall not be considered a transfer, unless it is a total taking in the sense that payment is made for the full value of the Mortgaged Property, (iii) the creation of a sale or transfer which has been consented to in writing by Impact Fund Lender shall not be considered a transfer, (iv) the creation of a purchase money security interest for household appliances shall not be considered a transfer, and (v) any transfer that is required by law shall not be considered a transfer.
