Common use of Permitted Property Transfers Clause in Contracts

Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer: (1) a Transfer which is expressly permitted under this Mortgage; (2) a Lease which is permitted under the terms of the Loan Documents; (3) the sale of inventory in the ordinary course of business; and (4) the transfer of the Premises from Mortgagor to an affiliate of Mortgagor (an “Affiliate Transfer”) that is owned and controlled in substantially the same manner as Mortgagor is owned and controlled on the date of Transfer and with the equivalent or better financial condition than that of Mortgagor (“Affiliate Transferee”) provided that (u) at Mortgagee’s option, Mortgagee receives opinions of counsel, and Mortgagor and Affiliate Transferee authorization documents, in form and substance acceptable to Mortgagee, (v) Mortgagee receives an endorsement (or new policy(ies) if an endorsement is not available) to Mortgagee’s mortgagee policy(ies), in form and substance satisfactory to Mortgagee, (w) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of Mortgagor, (x) assumption documentation reasonably required by Mortgagee is executed (including without limitation, a re-affirmation by Guarantor), (y) no Event of Default shall have occurred and is continuing, and (z) Mortgagor pays all of Mortgagee’s reasonable out of pocket costs and expenses associated with Mortgagee’s review and documentation of the Transfer.

Permitted Property Transfers. Notwithstanding the foregoing, none of the following Transfers shall be deemed to be a Prohibited Property Transfer: (1) a Transfer which is expressly permitted under this Mortgage; (2) a Lease which is permitted under the terms of the Loan Documents; (3) the sale of inventory in the ordinary course of business; and (4) the transfer of the Premises from Mortgagor to an affiliate of Mortgagor (an “Affiliate Transfer”) that is owned and controlled in substantially the same manner as Mortgagor is owned and controlled on the date of Transfer and with the equivalent or better financial condition than that of Mortgagor (“Affiliate Transferee”) provided that (u) at Mortgagee’s option, Mortgagee receives opinions of counsel, and Mortgagor and Affiliate Transferee authorization documents, in form and substance acceptable to Mortgagee, (v) Mortgagee receives an endorsement (or new policy(ies) if an endorsement is not available) to Mortgagee’s mortgagee policy(ies), in form and substance satisfactory to Mortgagee, (w) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of Mortgagor, Mortgagor (x) assumption documentation reasonably required by Mortgagee is executed (including without limitation, a re-affirmation by Guarantor), (y) no Event of Default shall have occurred and is continuing, and (z) Mortgagor pays all of Mortgagee’s reasonable out of pocket costs and expenses associated with Mortgagee’s review and documentation of the Transfer.