Example ContractsClausesmortgage noteVariants
Mortgage Note
Mortgage Note contract clause examples

Mortgage Liens. Within 90 days of the Closing Date (with extensions as deemed necessary by the Collateral Agent), mortgage instruments, including amendments, on the Material Domestic Real Property listed in [Schedule 6.20(a)(ii)] in form and substance reasonably satisfactory to the Collateral Agent, executed and notarized in multiple counterparts, filed in appropriate jurisdictions to provide a first priority lien on the subject property, together with such local counsel opinions, surveys, title insurance policies (or a marked, signed commitment to issue, or a signed pro-forma version thereof) and endorsements, flood hazard certifications, evidence of property and casualty insurance coverage and other items as the Collateral Agent may reasonably require in connection therewith. Existing surveys will be accepted and updated surveys will not be required unless the title insurance company issuing the applicable title insurance policy is unwilling to accept a customary survey affidavit of no change with respect to such survey. Unless required by Law, Collateral Agent shall not require appraisals of any such Material Domestic Real Property and, for purposes of determining title insurance policy amounts, amounts secured under mortgages in jurisdictions that impose a mortgage recording tax, and any other applicable requirements hereunder, the value of such property shall be deemed to be the same as the value used under the Existing Credit Agreement. In lieu of a mortgage amendment or new mortgage on any such Material Domestic Real Property, Collateral Agent agrees to accept # a favorable opinion from local counsel in the jurisdiction in which the Material Domestic Real Property is located, in form and substance reasonably satisfactory to Collateral Agent and confirming that # the recording of the existing mortgage under the Existing Credit Agreement is the only filing or recording necessary to give constructive notice to third parties of the lien created by such mortgage as security for the Obligations hereunder and no other documents, instruments, filings or other actions are necessary or appropriate under applicable Law in order to maintain the continued enforceability, validity or priority of such lien and # such existing mortgage secures the Obligations and # an endorsement from the applicable title insurance company reasonably acceptable to the Collateral Agent confirming that such existing mortgage secures the Obligations.

Material Domestic Real Property. Grant a mortgage lien on and security interest in # all of each Loan Party’s Material Domestic Real Property on [Schedule 6.20(a)(ii)] as provided in [Section 7.15(a)] and, # with respect to any additional Material Domestic Real Property acquired after the Closing Date, such additional Material Domestic Real Property from time to time on request of the Administrative Agent as provided in this [Section 7.14(d)]. With respect to any Material Domestic Real Property acquired after the Closing Date, the Loan Parties will deliver to the Collateral Agent promptly, but in any event within 120 days of the request of the Administrative Agent (which shall not be made prior to the date of acquisition of such Material Domestic Real Property), with extensions as deemed necessary by the Collateral Agent, mortgage instruments on such Material Domestic Real Property in form and substance reasonably satisfactory to the Collateral Agent, executed and notarized in multiple counterparts, filed in appropriate jurisdictions to provide a first priority lien on the subject property, together with such local counsel opinions, surveys, title insurance policies (or a marked, signed commitment to issue, or a signed pro-forma version thereof), flood hazard certifications, evidence of property and casualty insurance coverage and other items as the Collateral Agent may reasonably require in connection therewith. Existing surveys will be accepted and updated surveys will not be required unless the title insurance company issu ing the applicable title insurance policy is unwilling to accept a customary survey affidavit of no change with respect to such survey. Unless required by Law, Collateral Agent shall not require appraisals of any such Material Domestic Real Property and the purchase price thereof shall be satisfactory evidence of the value thereof for purposes of determining title insurance policy amounts, amounts secured under mortgages in jurisdictions that impose a mortgage recording tax, initial net book value and any other applicable requirements hereunder.

Draft better contracts
faster with AllDrafts

AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.

And AllDrafts generates clean Word and PDF files from any draft.