Amendments Requested by Mortgagee Sample Clauses
The "Amendments Requested by Mortgagee" clause defines the process by which a mortgagee (typically a lender) can request changes to an agreement, usually to ensure the contract aligns with their lending requirements. In practice, this clause may require the borrower or other parties to cooperate in making reasonable modifications, such as updating insurance provisions or adding lender protections, as a condition of financing. Its core function is to facilitate the mortgagee’s ability to secure their interests and ensure the agreement remains compatible with the terms of the loan, thereby reducing obstacles to funding and clarifying the parties’ obligations regarding amendments.
Amendments Requested by Mortgagee. If requested by any Mortgagee or prospective Mortgagee, Tenant agrees to execute and deliver any amendment of this Lease that is reasonably required by such Mortgagee or prospective Mortgagee; provided, that Tenant shall be under no obligation to amend this Lease if the result of such amendment would be to materially and adversely increase Tenant’s obligations or to materially and adversely affect Tenant’s rights under this Lease or to amend Article 5. Any such amendment shall be in effect only for the period of time in which such Mortgage is outstanding.
Amendments Requested by Mortgagee. A. If requested by any Mortgagee or prospective Mortgagee, Manager agrees to execute and deliver any amendment of this Agreement and shall exercise its rights under the Submanagement Agreement to cause Marriott to execute and deliver any amendment of the Submanagement Agreement that is reasonably required by such Mortgagee or prospective Mortgagee, provided that Manager shall be under no obligation to amend this Agreement and shall be under no obligation to cause Marriott to amend the Submanagement Agreement if the result of any such amendment would be: (i) to reduce, defer or delay the amount of any payment to be made to Manager hereunder (or to Marriott under the Submanagement Agreement); (ii) to materially and adversely increase Manager's obligations or affect Manager's rights under this Agreement; (iii) to change the Term of this Agreement or of the Submanagement Agreement; (iv) to cause the Hotel to be operated other than pursuant to the System Standards and other provisions hereof; or (v) to amend Section 5.02 or Section 5.03 hereunder or under the Submanagement Agreement. Any such amendment shall be in effect only for the period of time in which such Mortgage is outstanding.
B. Notwithstanding the provisions of Section 8.06.A, if a Mortgagee or prospective Mortgagee requests that Manager enter into an amendment of this Agreement and/or Marriott enter into an amendment of the Submanagement Agreement which would impose additional duties (for example, an increase in the reporting requirements or in the record-keeping requirements, or adding the obligation to prepare parallel accounting statements using a different fiscal year) on Manager or Marriott, as applicable, or would otherwise adversely affect Manager's rights under this Agreement or Marriott's rights under the Submanagement Agreement, but not to the degree of materiality which would be prohibited under Section 8.06.A, and with respect to which Manager and/or Marriott believe, in their respective good faith judgment, that they can be adequately compensated, Manager hereby agrees that it will execute and deliver such requested amendment of this Agreement and shall exercise its rights under the Submanagement Agreement to cause Marriott to execute and deliver such requested amendment of the Submanagement Agreement, provided that Lessee agrees to compensate Manager and to allow Manager to compensate Marriott under the Submanagement Agreement for the additional burden imposed by any such amendment. I...
Amendments Requested by Mortgagee. 29 ARTICLE IX
Amendments Requested by Mortgagee. PHB shall execute amendments to this Agreement or separate agreements to the extent reasonably requested by a Mortgagee proposing to make a loan to Developer secured by a security interest in all or any part of the Property or the Project, or by a Limited Partner making an investment in the Partnership provided that such proposed amendments or other agreements do not materially and adversely affect the rights of PHB or its interest in the Property.
Amendments Requested by Mortgagee. If requested by any Mortgagee or prospective Mortgagee, Manager agrees to execute and deliver any amendment of this Agreement that is reasonably required by such Mortgagee or prospective Mortgagee, provided that Manager shall be under no obligation to amend this Agreement if the result of such amendment would be: (i) to reduce, defer or delay the amount of any payment to be made to Manager hereunder; (ii) to materially and adversely increase Manager’s obligations or affect Manager’s rights under this Agreement; (iii) to change the Term; (iv) to cause the Hotel to be operated other than pursuant to the System Standards and other provisions hereof; or (v) to amend Section 5.02, Section 5.03 or Article VI. Any such amendment shall be in effect only for the period of time in which such Mortgage is outstanding.
Amendments Requested by Mortgagee. PDC shall execute amendments to this Agreement or separate agreements to the extent reasonably requested by a Mortgagee proposing to make a loan to Developer secured by a security interest in all or any part of the Property and/or the Project, provided that such proposed amendments or other agreements do not materially and adversely affect the rights of PDC.
Amendments Requested by Mortgagee. If requested by any Mortgagee or prospective Mortgagee, Manager agrees to execute and deliver any amendment of this Agreement and/or the Pooling Agreement that is reasonably required by such Mortgagee or prospective Mortgagee, provided that Manager shall be under no obligation to amend this Agreement or the Pooling Agreement if the result of such amendment would be: (i) to reduce, defer or delay the amount of any payment to be made to Manager hereunder or the Pooling Agreement; (ii) to materially and adversely increase Manager’s obligations or affect Manager’s rights under this Agreement or the Pooling Agreement; (iii) to change the Term; (iv) to cause the Hotel to be operated other than pursuant to the System Standards and other provisions hereof; or (v) to amend Section 5.02, Section 5.03 or Article VI. Any such amendment shall be in effect only for the period of time in which such Mortgage is outstanding.
Amendments Requested by Mortgagee. If requested by any Mortgagee or prospective Mortgagee and otherwise consistent with this Agreement, Manager agrees to execute and deliver any amendment of this Agreement that is reasonably required by such Mortgagee or prospective Mortgagee, provided that Manager shall be under no obligation to amend this Agreement if the result of such amendment would be: (i) to reduce, defer or delay the amount of any payment to be made to Manager hereunder; (ii) to materially and adversely increase Manager’s obligations or affect Manager’s rights under this Agreement; (iii) to change the Term; or (iv) to cause the Hotel to be operated other than pursuant to the Franchise Agreement or Prudent Industry Practice and other provisions hereof unless otherwise agreed to by Owner and Manager. Any such amendment shall be in effect only for the period of time in which such Mortgage is outstanding.
Amendments Requested by Mortgagee. 40 11.7 Ground Leases...........................................................................................41