Common use of Initial Unencumbered Properties Clause in Contracts

Initial Unencumbered Properties. As of the Closing Date, the Unencumbered Properties shall consist of the Initial Unencumbered Properties; provided that the Property known as Courtyard by Marriott Downtown Oakland and located at ▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇, may be excluded from the Unencumbered Property Pool by the Required Lenders if a closure letter issued by the City of Oakland is not delivered by Borrower on or before August 6, 2012; it being acknowledged, however that Borrower shall have no obligation to obtain any such closure letter.