Mortgage Guarantor definition
Examples of Mortgage Guarantor in a sentence
In the event that the Mortgage Guarantor or any other person other than the Mortgage Guarantor receives the payment of any compensation derived from the collection of the Insurance Policies of the Insured Property, the Borrower Party shall notify the Borrower Party within 5 (five) business days of the date on which the Mortgage Guarantor or other person other than the Mortgage Guarantor, as appropriate, received such payment.
The Borrower and the Secured Obligations are obliged to maintain and retain, and the Borrower will make its subsidiaries and the Mortgage Guarantor maintain and retain, all its necessary assets and the Insured Properties, as appropriate, for the performance of their activities, in good operating condition and under normal operating conditions, except for ordinary wear and tear.
No later than within 5 (five) business days after any of the Insured Properties is insurable due to the existence of constructions, buildings and improvements on them or because in the insurance industry in Mexico can be contracted insurance on real estate (land), the Borrower is obliged to contract and maintain in force at all times, and will make the Mortgage Guarantor contract and maintain in force at all times, the Insurance Policies of the Insurances in Guarantee.
The Borrower Party undertakes to make the Mortgage Guarantor refrain from selling, alienating, transmitting or donating the Intangible Property or constituting a lien on them, including the right of usufruct, use or servitude, or perform any act that grants the possession of the Properties in Guarantee to any third party, unless you have the prior written consent of the Lender.
If any Obligation is not paid or performed by Borrower punctually when due, subject to any applicable grace period, including without limitation any Obligation due by acceleration of the maturity thereof following the occurrence of an Event of Default (as defined in the Mortgage), Guarantor will, upon Bank's demand, immediately pay or perform such Obligation or cause the same to be paid or performed strictly in accordance with the terms thereof.
Since the date of the most recent financial statements of Borrower, Mortgage, Guarantor, the Collateral and the Property delivered to Lender, there has been no material adverse change in the financial condition, operations or business of Borrower, Mortgage or Guarantor or the Collateral or the Property from that set forth in said financial statements.
Likewise, the Borrower is obliged to make the Mortgage Guarantor comply with all its obligations under the Mortgage Contract.
Notwithstanding the foregoing, the Mortgage Guarantor shall be permitted to guaranty 100% of the Mortgage Loan.
The Borrower is obligated, and will require its subsidiaries and the Mortgage Guarantor with respect to Insured Properties to conduct their business in compliance with applicable Anti-Corruption Laws and to maintain policies and procedures designed to promote and achieve compliance with such laws.
The Borrower shall immediately notify the Borrower, and shall have the Mortgage Guarantor immediately notify the Borrower, of the commencement of any proceedings in connection with an expropriation event.