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 Deed; (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 Grantor to an affiliate of Grantor (an “Affiliate Transfer”) that is owned and controlled in substantially the same manner as Grantor is owned and controlled on the date of Transfer and with the equivalent or better financial condition than that of Grantor (“Affiliate Transferee”) provided that (u) at Grantee’s option, Grantee receives opinions of counsel, and Grantor and Affiliate Transferee authorization documents, in form and substance acceptable to Grantee, (v) Grantee receives an endorsement (or new policy(ies) if an endorsement is not available) to Grantee’s mortgagee policy(ies), in form and substance satisfactory to Grantee, (w) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of Grantor, (x) assumption documentation reasonably required by Grantee is executed (including without limitation, a re-affirmation by Guarantor), (y) no Event of Default shall have occurred and is continuing, and (z) Grantor pays all of Grantee’s reasonable out of pocket costs and expenses associated with Grantee’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 DeedDeed of Trust; (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 Grantor to an affiliate of Grantor (an “Affiliate Transfer”) that is owned and controlled in substantially the same manner as Grantor is owned and controlled on the date of Transfer and with the equivalent or better financial condition than that of Grantor (“Affiliate Transferee”) provided that (u) at GranteeBeneficiary’s option, Grantee Beneficiary receives opinions of counsel, and Grantor and Affiliate Transferee authorization documents, in form and substance acceptable to GranteeBeneficiary, (v) Grantee Beneficiary receives an endorsement (or new policy(ies) if an endorsement is not available) to GranteeBeneficiary’s mortgagee policy(ies), in form and substance satisfactory to GranteeBeneficiary, (w) the organizational documents of the Affiliate Transferee are substantially similar to the organizational documents of Grantor, (x) assumption documentation reasonably required by Grantee Beneficiary is executed (including without limitation, a re-affirmation by Guarantor), (y) no Event of Default shall have occurred and is continuing, and (z) Grantor pays all of GranteeBeneficiary’s reasonable out of pocket costs and expenses associated with GranteeBeneficiary’s review and documentation of the Transfer.