No Required Collateral Property Consents, Permits, Etc. Neither any Borrower nor any Guarantor has received any written notice of, and has no knowledge of, any approvals, consents, licenses, permits, utility installations and connections (including, without limitation, drainage facilities), curb cuts and street openings, required by Applicable Law affecting such Collateral Property for the maintenance, operation, servicing and use of such Collateral Property or any Building for its current use (hereinafter referred to as the “Project Approvals”) which have not been granted, effected, or performed and completed (as the case may be), or any fees or charges therefor which have not been fully paid, or which are no longer in full force and effect. No Project Approvals will terminate, or become void or voidable or terminable on any foreclosure sale of such Collateral Property pursuant to the applicable Mortgage. To Borrowers’ knowledge, except as disclosed to Agent, there are no outstanding notices, suits, orders, decrees or judgments relating to zoning, building use and occupancy, fire, health, sanitation or other violations affecting, against, or with respect to, such Collateral Property or any part thereof.
Appears in 1 contract
Sources: Credit Agreement (Bluerock Residential Growth REIT, Inc.)
No Required Collateral Property Consents, Permits, Etc. Neither any the Borrower nor any Guarantor the Guarantors has received any written notice of, and has no knowledge of, any approvals, consents, licenses, permits, utility installations and connections (including, without limitation, drainage facilities), curb cuts and street openings, required by Applicable Law applicable laws, rules, ordinances or regulations or any agreement affecting such the Collateral Property for the maintenance, operation, servicing and use of such the Collateral Property or any Building the Land for its current use (hereinafter referred to as the “Project Approvals”) which have not been granted, effected, or performed and completed (as the case may be), or any fees or charges therefor which have not been fully paid, or which are no longer in full force and effect. No Project Approvals such approvals, consents, permits or licenses (including, without limitation, any railway siding agreements) will terminate, or become void or voidable or terminable on any foreclosure sale of such Collateral Property pursuant to the applicable MortgageCollateral. To Borrowers’ knowledge, except as disclosed to Agentthe best knowledge of the Borrower and the Guarantors, there are no outstanding notices, suits, orders, decrees or judgments relating to zoning, building use and occupancy, fire, health, sanitation or other violations affecting, against, or with respect to, such the Collateral Property or any part thereof.
Appears in 1 contract
Sources: Bridge Loan Agreement (Ramco Gershenson Properties Trust)