REIT Covenants. (a) At all times necessary after the Closing while any portion of any Note remains outstanding, ▇▇▇▇▇ Oxford will hold real property (within the meaning of Treasury Regulation section 1.856-3(d)). (b) Except for such regulatory notices, consents, or approvals as may be required under applicable law, ▇▇▇▇▇ Oxford has taken all steps necessary such that, upon default and foreclosure of the Note, the registered holders will replace the Company as a partner in ▇▇▇▇▇ Oxford, and AIMCO/Bethesda has agreed that, in such circumstances, it will not unreasonably oppose the admission of the registered holders as partners therein.
Appears in 3 contracts
Sources: Mezzanine Note Agreement (Apartment Income REIT Corp.), Mezzanine Note Agreement (Apartment Income REIT Corp.), Mezzanine Note Agreement (Aimco OP L.P.)
REIT Covenants. (a) At all times necessary after the Closing while any portion of any Note remains outstanding, ▇▇▇▇▇ Oxford will hold real property (within the meaning of Treasury Regulation section 1.856-3(d)).
(b) Except for such regulatory notices, consents, or approvals as may be required under applicable law, ▇▇▇▇▇ Oxford has taken all steps necessary such that, upon default and foreclosure of the Note, the registered holders will replace the Company as a partner in ▇▇▇▇▇ Oxford, and AIMCO/Bethesda Brookwood has agreed that, in such circumstances, it will not unreasonably oppose the admission of the registered holders as partners therein.
Appears in 2 contracts
Sources: Mezzanine Note Agreement (Aimco OP L.P.), Mezzanine Note Agreement (Aimco Properties L.P.)