Examples of Mortgaged Estate in a sentence
Upon the occurrence and during the continuance of an Event of Default, Beneficiary, in its sole discretion, without obligation so to do and without notice to or demand upon Grantor and without releasing Grantor from any obligation, may take any action in respect of the Mortgaged Estate in such manner and to such extent as Beneficiary may deem necessary to protect the security hereof.
All proceeds of Condemnation awards or proceeds of sale in lieu of Condemnation with respect to the Mortgaged Estate and all judgments, decrees and awards for injury or damage to the Mortgaged Estate shall be paid to Beneficiary for the benefit of Grantor and shall be applied in the manner in which Insurance Proceeds are to be applied pursuant to Section 1.06 hereof.
Grantor shall perform when due all obligations required to be performed by Grantor by the provisions of any agreement affecting title to the Mortgaged Estate.
Grantor shall not subject the Mortgaged Estate or any part thereof to any easements, permits, licenses, plans, tract maps or other instruments which would or might affect the title to the Mortgaged Estate (other than a Permitted Exception) without the prior written consent of Beneficiary.
Nothing contained herein shall be construed as making Beneficiary liable in any way for any loss, damage or injury resulting from the failure to insure the Mortgaged Estate.
Grantor shall not further encumber the Mortgaged Estate or any portion thereof.
After the occurrence of any casualty to the Mortgaged Estate or any part thereof, Grantor shall give prompt written notice thereof to Beneficiary and each insurer and submit a claim to insurer for payment of insurance proceeds with a copy of such claim sent by Grantor to Beneficiary.
To the extent that proceeds of the Secured Obligations are used to pay any outstanding lien, charge or prior encumbrance against the Mortgaged Estate and such proceeds or advances have been or will be advanced by Beneficiary, Beneficiary shall be subrogated to any and all rights and liens held by any owner or holder of such outstanding liens, charges and prior encumbrances, irrespective of whether said liens, charges or encumbrances are released of record.
Grantor shall at all times keep, or cause to be kept, the Improvements which now are or hereafter become a part of the Mortgaged Estate insured under an "all risk" extended coverage form of insurance policy containing both a replacement cost and an agreed amount endorsement (and against all other hazards as reasonably may be required by Beneficiary, which may include, without limitation, insurance against loss or damage by flood and earthquake).
Grantor shall, within thirty (30) days after Grantor receives notice thereof, pay and discharge, at Grantor's cost and expense, all liens, encumbrances and charges upon the Mortgaged Estate, or any part thereof or interest therein, except for Permitted Exceptions.