Common use of Sale or Transfer of Real Property Clause in Contracts

Sale or Transfer of Real Property. The sale, conveyance, transfer, lease, or encumbrance of all or any part of or interest in the Real Property without the prior written consent of Grantee shall also constitute an Event of Default. Grantee may, in its sole discretion, consent to any such sale or transfer. Should Grantee consent to such sale or transfer, it will be deemed to have waived its right to declare an Event of Default hereunder as to such transfer, only if prior to such sale or transfer (i) Grantee determines that the credit of any purchaser or transferee is satisfactory; (ii) the purchaser or transferee agrees to pay interest on the amount owed to Grantee under the Notes and under this Deed at whatever rate Grantee requires; and (iii) the purchaser or transferee executes an assumption agreement that is acceptable to Grantee that obligates the purchaser or transferee to keep all the promises and agreements made in the Notes and in this Deed whether according to their original terms or as amended pursuant to the assumption agreement. The foregoing provisions will apply to each and every sale and transfer whether or not Grantee has consented to any previous sale or transfer. Provided, however, that this Section 12 shall not prohibit the conveyance of the Real Property or any part thereof by means of any security deed which (i) secures a bona fide loan or advance of money by a lender to Grantor, (ii) is subordinate to this Deed in all respects, (iii) the terms of which expressly state that the same is subordinate to this Deed, and (iv) which is executed at a time when the Grantor is not in default under this Deed or under any document evidencing or securing the Secured Indebtedness.