Common use of Agreements Affecting the Property Clause in Contracts

Agreements Affecting the Property. Optionor hereby covenants and agrees with Optionee that so long as this Agreement remains in full force and effect, Optionor shall not sell, assign, convey (absolutely or as security), grant a security interest in, or otherwise encumber or dispose of, any portion of the Property or any interest or rights therein, and shall not modify any existing lease(s) or enter into any new lease(s) without the prior written consent of Optionee. Optionee is aware that an existing loan encumbering the property is currently in place, the property is pledged as security and the loan is due on October 1,