Mortgaged Property(ies) definition
Examples of Mortgaged Property(ies) in a sentence
The severed loan(s) secured by the transferred Mortgaged Property(ies) will be in an amount equal to 100% of the Mortgage Loan allocated to the related Mortgage Property(ies).
If in spite of this stipulation the Mortgaged Property/ies is/are sold, the vendee shall assume this mortgage in the terms and conditions under which it is constituted, it being understood that the assumption by the vendee shall not release the vendor of his obligations to the MORTGAGEES; on the contrary, both the vendor and the vendee shall be jointly and severally liable for the payment or fulfillment of the Secured Obligations.
Mortgage Loan agreement, at any time after the second anniversary of the effective date of such prepayment, provided that the lender is provided with an updated environmental report of the Mortgaged Properties (or, in the case of a release, the related individual Mortgaged Property) indicating to lender’s reasonable satisfaction that there are no hazardous substances located on, in, above or under such Mortgaged Property(ies) in violation of any applicable environmental laws.
Mortgage Loan documents, at any time after the second anniversary of the effective date of such prepayment, provided that the lender is provided with an updated environmental report of the Mortgaged Properties (or, in the case of a release, the related individual Mortgaged Property) indicating to lender’s reasonable satisfaction that there are no hazardous substances located on, in, above or under such Mortgaged Property(ies) in violation of any applicable environmental laws.
Subject to the terms and conditions of this Article 3, Borrower shall have the right to obtain the release of one or more Mortgaged Property(ies) securing the Loan made to Borrower (the “Release Mortgaged Property”) by replacing such Mortgaged Property(ies) with one or more Seniors Housing Facility(ies) that meets the requirements of this Agreement (the “Substitute Mortgaged Property”) thereby effecting a “Substitution” of Collateral.
Also, the Mortgage allows for the severance of this portfolio loan into separate mortgage loans in connection with the sale of one or more Mortgaged Property(ies) to a third party provided certain conditions are satisfied.
No Subsidiary Guarantor shall have any Investment in any Subsidiary (other than another Subsidiary Guarantor), an Unconsolidated Affiliate or other Person nor shall any Subsidiary Guarantor own or lease any property other than its respective Mortgaged Property(ies) and personal property incidental thereto (or an equity interest in another Subsidiary Guarantor).
After any transfer to New Valley Permitted Transferee(s), any reference to Borrower shall be deemed (as to the affected Mortgaged Property(ies)) to refer both to Borrower (as to any Nonrecourse Carve-Outs) and to the New Valley Permitted Transferee(s) (as to all matters) and, further, Borrower shall remain liable and responsible for all of the obligations and liabilities under the Environmental Indemnity Agreement as if Borrower continued to own the Mortgaged Property(ies).