Mortgage Condition definition
Mortgage Condition means the Loan Parties obligation to deliver the documents or take the actions specified on paragraph (c) of Schedule 6.17 within the time period specified therein.
Mortgage Condition is satisfied when the Company has secured its Secured Obligations by a lien on and security interest in the Reservoir Site Property and has delivered to the Collateral Agent an executed mortgage (together with appropriate UCC forms for related fixture filings) and (a) has filed such mortgage with the Middlesex County South Registry District of the Land Court, and (b) has recorded such mortgage with the Middlesex County South Registry of Deeds, has filed such UCC forms in the appropriate offices, all as shall be required to grant, record, perfect and protect such Liens, all in form and substance reasonably satisfactory to the Administrative Agent in its commercially reasonable judgement, and has delivered to the Collateral Agent evidence of such filings, which may be in the form of receipts from the filing offices for such filings, file stamped copies of the mortgage and UCC forms evidencing that such filings have been made or a letter to the Collateral Agent from outside counsel to the Company confirming that such counsel has made such filings.
Mortgage Condition means, as to any Qualified Real Property of the Loan Parties, (a) the Agent shall have received a Mortgage with respect to each Mortgaged Property encumbered by such Mortgage, executed and delivered by a duly authorized officer of each party thereto, (b) if requested by the Agent, the Agent shall have received, and the title insurance company issuing the policy referred to in clause (c) below (the “Title Insurance Company”) shall have received, maps or plats or an as-built survey of the sites of the Mortgaged Properties either certified to the Agent and the Title Insurance Company in a manner satisfactory to them, dated a date reasonably satisfactory to the Agent and the Title Insurance Company by an independent professional licensed land surveyor reasonably satisfactory to the Agent and the Title Insurance Company or otherwise acceptable to the Title Insurance Company to induce the Title Insurance Company to remove any survey exception from the policy referred to in clause (c) below and issue customary survey- dependent endorsements, (c) the Agent shall have received in respect of each Mortgaged Property a mortgagee’s title insurance policy (or policies) or marked up unconditional binder for such insurance, in each case in form and substance reasonably satisfactory to the Agent, (d) the Agent shall have received evidence satisfactory to it that all premiums in respect of each such policy referred to in clause (c) above, all charges for mortgage recording tax, and all related expenses, if any, have been paid, (e) if requested by the Agent, the Agent shall have received (A) a policy of flood insurance that (1) covers any parcel of improved real property that is encumbered by any Mortgage and (2) provides coverage in an amount not less than the outstanding principal amount of the indebtedness secured by such Mortgage that is reasonably allocable to such real property or the maximum limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, whichever is less, and (B) confirmation that the Borrower has received the notice required pursuant to Section 208(e)(3) of Regulation H of the Board, (f) the Agent shall have received a copy of all recorded documents referred to, or listed as exceptions to title in, the policy or policies referred to in clause (c) above and a copy of all other material documents affecting the Mortgaged Properties,
Examples of Mortgage Condition in a sentence
Promptly following the execution and delivery of this Amendment by Owner, Tenant and JetBlue, Owner shall request the Consent and the SNDA (but Owner shall not be obligated to take any other action, or incur any expense, liability or obligation, to satisfy the Mortgage Condition).
The Delayed Draw Date shall have occurred not later than the earlier of (x) the third Business Day following the date on which the Mortgage Condition is satisfied and (y) the date that is 45 days after the Closing Date.
More Definitions of Mortgage Condition
Mortgage Condition means, as to any Qualified Real Property of the Loan Parties, (a) the Agent shall have received a Mortgage with respect to each Mortgaged Property encumbered by such Mortgage, executed and delivered by a duly authorized officer of each party thereto, (b) if requested by the Agent, the Agent shall have received, and the title insurance company issuing the policy referred to in clause (c) below (the “Title Insurance Company”) shall have received, maps or plats or an as-built survey of the sites of the Mortgaged Properties either certified to the Agent and the Title Insurance Company in a manner satisfactory to them, dated a date reasonably satisfactory to the Agent and the Title Insurance Company by an independent professional licensed land surveyor reasonably satisfactory to the Agent and the Title Insurance Company or otherwise acceptable to the Title Insurance Company to induce the Title Insurance Company to remove any survey exception from the policy referred to in clause (c) below and issue customary survey-dependent endorsements, (c) the Agent shall have received in respect of each Mortgaged Property a mortgagee’s title insurance policy (or policies) or marked up unconditional binder for such insurance, in each case in form and substance reasonably satisfactory to the Agent, (d) the Agent shall have received evidence satisfactory to it that all premiums in respect of each such policy referred to in clause (c) above, all charges for mortgage recording tax, and all related expenses, if any, have been paid, (e) if requested by the Agent, the Agent shall have received (A) a policy of flood insurance that (1) covers any parcel of improved real property that is encumbered by any Mortgage and (2) provides coverage in an amount not less than the outstanding principal amount of the indebtedness secured by such Mortgage that is reasonably allocable to such real property or the maximum limit of coverage made available with respect to the particular type of property under the National Flood Insurance Act of 1968, whichever is less, and (B) confirmation that the Borrower has received the notice required pursuant to Section 208(e)(3) of Regulation H of the Board, (f) the Agent shall have received a copy of all recorded documents referred to, or listed as exceptions to title in, the policy or policies referred to in clause (c) above and a copy of all other material documents affecting the Mortgaged Properties, (g) the Agent shall have received evidence that counterpa...