Zoning and Uses. Borrower shall not, and shall cause Property Owner not to, do any of the following: (i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties (or to the extent applicable, zoning reclassification of any of the Mortgaged Properties) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged Property, or use or permit the use of any Mortgaged Property in a manner that would result in the use of such Mortgaged Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Legal Requirement or Permitted Encumbrance in a manner that would have a Material Adverse Effect; (ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance; (iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effect; (iv) execute or file any subdivision plat affecting the Mortgaged Properties, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Properties, if same would have a Material Adverse Effect; or (v) permit or consent to any of the Mortgaged Properties being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Mezzanine Loan Agreement (W2007 Grace Acquisition I Inc)
Zoning and Uses. The Borrower shall not, not and shall cause not permit the Property Owner not to, do any of the following:
to (i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or or, to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any the Mortgaged Property, Property or use or permit the use of any the Mortgaged Property in a manner that would result in the such use of such Mortgaged Property becoming a nonconforming use under applicable land-use restrictions or (and, if any, zoning ordinances ordinances) or that would violate the terms of any Major Lease, Legal Requirement Requirements or any Permitted Encumbrance in a manner that would have a Material Adverse Effect;
Encumbrance, (ii) consent to any modificationmodify, amendment amend or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectadverse to the interests of the Lender, or default in any of its material obligations under a Permitted Encumbrance;
(iii) other than the Permitted Encumbrances, impose or consent to permit or suffer the imposition of any restrictive covenants, easements or encumbrances upon a the Mortgaged Property in any manner that would have a Material Adverse Effect;
adversely affects in any material respect the value or utility of the Mortgaged Property, (iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged PropertiesProperty (provided, if same would have however that, subject to the Borrower's obtaining, or causing to be obtained, a Material Adverse Effect; or
property identification number title insurance policy endorsement satisfactory to the Lender and there not occurring any change in ownership of any portion of the Mortgaged Property and there being no resulting breach of any Approved Lease, the tax lot(s) comprising the Mortgaged Property may be divided to provide for separately assessed tax lots) or (v) permit or consent to any of suffer the Mortgaged Properties being Property to be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Mezzanine Loan Agreement (Prime Group Realty Trust)
Zoning and Uses. None of Borrower, Senior Mezzanine Borrower shall not, and shall cause or Property Owner not to, shall do any of the followingfollowing with respect to any of the Properties without the prior written consent of Lender (such consent not to be unreasonably withheld, delayed or conditioned), except, as to clause (ii) below, to the extent the same is commercially reasonable and not reasonably expected to have a Material Adverse Effect:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties (or to the extent applicable, zoning reclassification of any of the Mortgaged Properties) or any portion thereof, seek any material variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged a Property, or use or permit the use of any Mortgaged a Property in a manner that would result in the use of such Mortgaged Property becoming a nonconforming use (other than a legal nonconforming use) in any material respect under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement or Permitted Encumbrance in a manner that would have a Material Adverse Effectany material respect;
(ii) consent to any modification, amendment or supplement to any of the terms of of, or materially default in its obligations under, any Permitted Encumbrance Encumbrance, to the extent the same would result in a manner that would have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(iv) execute or file any subdivision plat affecting any of the Mortgaged Properties, or institute, or permit the institution of, proceedings to alter any tax lot comprising any of the Mortgaged Properties;
(v) amend, if same would have a modify, surrender, terminate or waive any material rights or remedies under, or enter into, or default (beyond applicable grace, cure or notice periods) in its material obligations under, any Material Adverse EffectAgreement in any manner that might diminish (x) the value of the applicable Property or Properties or (y) the rights of Borrower, any Senior Mezzanine Borrower, Property Owner or Lender thereunder;
(vi) amend, modify, surrender, terminate or waive any material rights or remedies under, or enter into, or default (beyond applicable grace, cure or notice periods) in its material obligations under, any Ground Lease in any manner that might diminish (x) the value of the applicable Property or Properties or (y) the rights of Borrower, any Senior Mezzanine Borrower, any Property Owner or Lender thereunder; or
(vvii) permit or consent to any of the Mortgaged Properties being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Junior Mezzanine Loan Agreement (Gramercy Capital Corp)
Zoning and Uses. Borrower shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged that would have a Material Adverse Effect on the Property, or use or permit the use of any Mortgaged the Property in a manner that would result in the use of such Mortgaged the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Permitted Encumbrance in any portion of the Property is a manner that would have a Material Adverse Effectnonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Lender);
(ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectof, or materially default in its obligations under, any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged the Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged PropertiesProperty;
(v) amend or cause to be amended any Material Agreement in any manner that might diminish (x) the value of the Property or (y) the rights of Borrower or Lender thereunder, if or terminate the same would have a Material Adverse Effectfor any reason or purpose whatsoever, in each case, without the prior written consent of Lender; or
(vvi) permit or consent to any of the Mortgaged Properties Property’s being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Zoning and Uses. The Borrower shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or or, to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any the Mortgaged Property, Property or use or permit the use of any the Mortgaged Property in a manner that would result in the such use of such Mortgaged Property becoming a nonconforming use under applicable land-use restrictions or (and, if any, zoning ordinances ordinances) or that would violate the terms of any Major Lease, Legal Requirement Requirements or any Permitted Encumbrance in a manner that would have a Material Adverse Effect;
Encumbrance, (ii) consent to any modificationmodify, amendment amend or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectadverse to the interests of the Agent or any Lender, or default in any of its material obligations under a Permitted Encumbrance;
(iii) other than the Permitted Encumbrances, impose or consent to permit or suffer the imposition of any restrictive covenants, easements or encumbrances upon a the Mortgaged Property in any manner that would have a Material Adverse Effect;
adversely affects in any material respect the value or utility of the Mortgaged Property, (iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged PropertiesProperty (provided, if same would have however, that, subject to the Borrower obtaining a Material Adverse Effect; or
property identification number endorsement to a Qualified Title Policy satisfactory to the Agent and thus not occurring in respect thereto a change of ownership of any portion of the Mortgaged Property, the tax lot(s) comprising the Mortgaged Property may be divided to provide for separately assessed tax lots) or (v) permit or consent to any of suffer the Mortgaged Properties being Property to be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Zoning and Uses. Neither Borrower nor Operating Lessee shall not, and shall cause Property Owner not to, do any of the following:
(ixii) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty, except as required pursuant to this Agreement) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged Property, or use or permit the use of any Mortgaged Property in a manner that would result in the use of such Mortgaged Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Permitted Encumbrance in any portion of any Property is a manner that would have a Material Adverse Effectnonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Lender);
(iixiii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectof, or materially default in its obligations under, any of its material obligations under a Permitted Encumbrance;
(iiixiv) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged any Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(ivxv) execute or file any subdivision plat affecting the Mortgaged Propertiesany Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising any Property;
(xvi) amend or cause to be amended any Material Agreement in any manner reasonably likely to (x) diminish the Mortgaged Propertiesvalue of any Property, if same would have (y) diminish the rights of Borrower or Lender thereunder or (z) or otherwise cause or reasonably be expected to result in a Material Adverse Effect, or terminate the same for any reason or purpose whatsoever, in each case, without the prior written consent of Lender; or
(vxvii) permit or consent to any of the Mortgaged Properties Property being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Zoning and Uses. Borrower shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged that would have a Material Adverse Effect on the Property, or use or permit the use of any Mortgaged the Property in a manner that would result in the use of such Mortgaged the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Permitted Encumbrance in any portion of the Property is a manner that would have a Material Adverse Effectnonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Lender);
(ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectof, or materially default in its obligations under, any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged the Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged PropertiesProperty;
(v) amend or cause to be amended any Material Agreement in any manner that might diminish (x) the value of the Property, if or (y) the rights of Borrower or Lender thereunder, or terminate the same would have a Material Adverse Effectfor any reason or purpose whatsoever, in each case, without the prior written consent of Lender; or
(vvi) permit or consent to any of the Mortgaged Properties Property being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Zoning and Uses. Borrower Without the Lender's prior written consent (which consent shall notnot be unreasonably withheld, conditioned or delayed and, solely with respect to the Melville-Catskill Platform and clauses (a), (e) or (f) below, shall cause Property Owner not tobe required if such action (i) is material, do Borrowers have used reasonable efforts to notify Lender in advance (and in any event will provide notice as promptly as practicable afterwards) and (ii) is consistent with the approved Business Plan and does not decrease density or change expected uses below those set forth in the approved Business Plan or decrease the value of the following:
Properties), (ia) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties a Real Property (or to the extent applicable, the zoning reclassification of any of the Mortgaged Propertiessuch Property) or any portion thereofthereof or, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, the zoning ordinances) applicable to any Mortgaged a Real Property, or (b) use or permit the use of any Mortgaged a Real Property in a manner that would result in the use of such Mortgaged Property becoming is reasonably likely to have a nonconforming use under applicable land-use restrictions or zoning ordinances Material Adverse Effect or that would violate the material terms of any Major Lease, material agreement, or material Legal Requirement Requirements, (c) modify, amend or Permitted Encumbrance supplement any permitted Lien in a manner that would have a Material Adverse Effect;
(ii) consent adverse in any material respect to any modification, amendment or supplement to any the interests of the terms Lender, (d) other than easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of any Permitted Encumbrance business which, in the aggregate, do not materially detract from the value of the property subject thereto or materially interfere with the ordinary conduct of the business of the Borrowers or a manner that would have a Material Adverse EffectPlatform Affiliate, or default in any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to permit or suffer the imposition of any restrictive covenantscovenants or easements upon Real Property, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effect;
(ive) execute or file any subdivision plat affecting the Mortgaged Propertiesa Property, or (f) institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Propertiesa Property, if same would have a Material Adverse Effect; or
or (vg) permit or consent suffer a Real Property to any of the Mortgaged Properties being be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or implied easement.
Appears in 1 contract
Zoning and Uses. Borrower Tenant shall not, and shall cause Property Owner not to, do any without the prior written consent of the following:
Landlord (i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Leased Property (or to the extent applicable, limiting zoning reclassification of any of the Mortgaged PropertiesLeased Property); (ii) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged the Leased Property, or use or permit the use of any Mortgaged Property in a manner that would result in the use of such Mortgaged Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Legal Requirement or Permitted Encumbrance in a manner that would have a Material Adverse Effect;
(ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
; (iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effect;
(iv) execute or file any subdivision plat affecting the Mortgaged PropertiesLeased Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Properties, if same would have a Material Adverse EffectLeased Property; or
or (viv) knowingly permit or consent suffer the Leased Property or any portion thereof to any of the Mortgaged Properties being be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement; provided, however, such consent shall not be unreasonably withheld, conditioned or delayed with respect to clauses (i)-(iv) provided that there is no more than a de minimis effect on the value or use of the Leased Property; and, provided, further, that Tenant may take, or cause to be taken by any Operating Subtenant, an action described in the foregoing clauses (i) and (ii) if the same and any effect on a Facility and the Leased Property is de minimis and limited in the duration such that it would expressly not survive the expiration or earlier termination of this Lease. In the event any matter expressly permitted or consented to by Landlord requires any signature or other action by Landlord, Landlord agrees to, at ▇▇▇▇▇▇’s sole cost and expense, reasonably cooperate with Tenant (or any Operating Subtenant) and all applicable authorities in connection with the foregoing clauses (i)-(iv), including the provision and execution of such customary documents and other information as may be requested by ▇▇▇▇▇▇ (or any Operating Subtenant) or such authorities relating to the Leased Property and which are within Landlord’s reasonable control to obtain and provide, provided that ▇▇▇▇▇▇ acknowledges and agrees that any third-party claims arising under such documents are expressly covered by ▇▇▇▇▇▇’s indemnification obligations under Section 21.1. Landlord further agrees to use commercially reasonable efforts (at ▇▇▇▇▇▇’s sole cost and expense) to obtain the consent of the Fee Mortgagee should Fee Mortgagee’s consent be required in connection with the foregoing clauses (i)-(iv). Notwithstanding the foregoing or anything to the contrary contained herein, no Landlord approval shall be required in connection with the matters listed on Schedule 13.
Appears in 1 contract
Sources: Master Lease (MGM Growth Properties Operating Partnership LP)
Zoning and Uses. Borrower Tenant shall not, and shall cause Property Owner not to, do any without the prior written consent of the following:
Landlord (i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Leased Property (or to the extent applicable, limiting zoning reclassification of any of the Mortgaged PropertiesLeased Property); (ii) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged the Leased Property, or use or permit the use of any Mortgaged Property in a manner that would result in the use of such Mortgaged Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Legal Requirement or Permitted Encumbrance in a manner that would have a Material Adverse Effect;
(ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
; (iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effect;
(iv) execute or file any subdivision plat or map, or any amendment thereto, affecting the Mortgaged PropertiesLeased Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Properties, if same would have a Material Adverse EffectLeased Property; or
or (viv) knowingly permit or consent suffer the Leased Property or any portion thereof to any of the Mortgaged Properties being be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement; provided, however, such consent shall not be unreasonably withheld, conditioned or delayed with respect to clauses (i)-(iv) provided that (a) there is no more than a de minimis adverse effect on the value or use (for the Primary Intended Use) of the Leased Property, provided, further, that Tenant may take an action described in the foregoing clauses (i) and (ii) if the same and any effect on the Facility and the Leased Property is de minimis and limited in the duration such that it would expressly not survive the expiration or earlier termination of this Lease. In the event any matter expressly permitted or consented to by Landlord requires any signature or other action by Landlord, Landlord agrees to, at Tenant’s sole cost and expense, reasonably cooperate with Tenant and all applicable authorities in connection with the foregoing clauses (i)-(iv), including the provision and execution of such customary documents and other information as may be requested by Tenant or such authorities relating to the Leased Property and which are within Landlord’s reasonable control to obtain and provide, provided that Tenant acknowledges and agrees that any third-party claims arising under such documents are expressly covered by Tenant’s indemnification obligations under Section 21.1. Landlord further agrees to use commercially reasonable efforts (at Tenant’s sole cost and expense) to obtain the consent of the Fee Mortgagee should Fee Mortgagee’s consent be required in connection with the foregoing clauses (i)-(iv). Notwithstanding the foregoing or anything to the contrary contained herein, no Landlord approval shall be required in connection with the matters listed on Schedule 13. This Section 8.3 shall be subject to Section 8.4.
Appears in 1 contract
Zoning and Uses. Borrower shall notWithout the Agent's prior written consent, and shall cause Property Owner not towhich --------------- may be granted or withheld in the Agent's sole discretion, do any of the following:
(ia) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties an MOB Property (or to the extent applicable, the zoning reclassification of any of the Mortgaged Propertiessuch MOB Property) or any portion thereofthereof or, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, the zoning ordinances) applicable to any Mortgaged an MOB Property, or (b) use or permit the use of any Mortgaged an MOB Property in a manner that would result in the use of such Mortgaged Property becoming is reasonably likely to have a nonconforming use under applicable land-use restrictions or zoning ordinances Material Adverse Effect or that would violate the material terms of any Major Lease, material agreement, Legal Requirement Requirements, (c) modify, amend or Permitted Encumbrance supplement any permitted Lien in a manner that would have a Material Adverse Effect;
(ii) consent adverse in any material respect to any modification, amendment or supplement to any the interests of the terms Lenders, (d) other than easements, rights-of-way, restrictions and other similar encumbrances incurred in the ordinary course of any Permitted Encumbrance business which, in a manner that would have a Material Adverse Effectthe aggregate, or default are not substantial in amount and which do not in any case materially detract from the value of its material obligations under the property subject thereto or materially interfere with the ordinary conduct of the business of the Company or a Permitted Encumbrance;
(iii) Subsidiary, impose or consent to permit or suffer the imposition of any restrictive covenantscovenants or easements upon an MOB Property, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effect;
(ive) execute or file any subdivision plat affecting the Mortgaged Propertiesan MOB Property, or (f) institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Propertiesan MOB Property, if same would have a Material Adverse Effect; or
or (vg) permit or consent suffer an MOB Property to any of the Mortgaged Properties being be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or implied easement.
Appears in 1 contract
Sources: Credit Agreement (G&l Realty Corp)
Zoning and Uses. Except as disclosed on Schedule 6.1(g) hereto, Borrowers shall take such actions as shall be necessary to prevent any First Mezzanine Borrower from and allowing any Property Owner from, and Borrowers shall not, and shall cause Property Owner not to, do any of the following:
as applicable (i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged Property, Property or use or permit the use of any Mortgaged Property in a manner that would result in the such use of such Mortgaged Property becoming a nonconforming non-conforming use under applicable land-use restrictions or (and, if any, zoning ordinances ordinances) or that would violate the terms of the Loan Documents or of any Major Lease, Legal Requirement Requirements or any “Permitted Encumbrance Encumbrance” (as such term is defined in a manner that would have a Material Adverse Effect;
the Senior Loan Agreement as in effect on the Closing Date), (ii) consent to any modificationmodify, amendment amend or supplement to any of the terms of any “Permitted Encumbrance Encumbrance” (as defined under the Senior Loan Agreement) in a manner adverse to the interests of Lender or that would could reasonably be expected to have a Material Adverse Effect with respect to such Property, (iii) modify, amend or supplement any of the terms of any other “Permitted Encumbrance” (as such term is defined in the Senior Loan Agreement as in effect on the Closing Date) in a manner adverse to the interest of Lender or that could reasonably be expected to have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
(iiiiv) impose or consent to permit or suffer the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged any Property in any manner that would could reasonably be expected to have a Material Adverse Effect;
, (ivv) execute or file any subdivision plat affecting the Mortgaged Propertiesa Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Properties, if same would have a Material Adverse Effect; or
any Property or (vvi) permit or consent suffer a Property to any of the Mortgaged Properties being be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Sources: Mezzanine Loan Agreement (Strategic Hotel Capital Inc)
Zoning and Uses. Borrower shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable that is reasonably likely to any Mortgaged have a Material Adverse Effect on the Property, or use or permit the use of any Mortgaged the Property in a manner that would result in the use of such Mortgaged the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Permitted Encumbrance in any portion of the Property is a manner that would have a Material Adverse Effectnonconforming use, Borrower shall not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Lender);
(ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectof, or materially default in its obligations under, any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged the Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged PropertiesProperty;
(v) amend or cause to be amended any Material Agreement in any manner that might (x) diminish the value of the Property, if same would (y) diminish the rights of Borrower or Lender thereunder or (z) or otherwise cause or be reasonably likely to have a Material Adverse Effect, or terminate the same for any reason or purpose whatsoever, in each case, without the prior written consent of Lender; or
(vvi) permit or consent to any of the Mortgaged Properties Property being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
Appears in 1 contract
Zoning and Uses. Borrower Neither Maryland Guarantor nor Operating Lessee shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged the Property, or use or permit the use of any Mortgaged the Property in a manner that would result in the use of such Mortgaged the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement (and if under applicable zoning ordinances the use of all or Permitted Encumbrance in any portion of the Property is a manner that would have a Material Adverse Effectnonconforming use, Maryland Guarantor shall not cause or permit such nonconforming use to be discontinued or abandoned without the express written consent of Lender);
(ii) consent to any modification, amendment or supplement to any of the terms of any Permitted Encumbrance in a manner that would have a Material Adverse Effectof, or materially default in its obligations under, any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged the Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged PropertiesProperty;
(v) amend or cause to be amended any Material Agreement in any manner that might (x) diminish the value of the Property, if same would have (y) diminish the rights of Maryland Guarantor or Lender thereunder or (z) or otherwise cause or reasonably be expected to result in a Material Adverse Effect, or terminate the same for any reason or purpose whatsoever, in each case, without the prior written consent of Lender; or
(vvi) permit or consent to any of the Mortgaged Properties Property’s being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
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Zoning and Uses. Except as disclosed on Schedule 6.1(g) hereto, no Borrower or Operating Lessee shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged Property, Property or use or permit the use of any Mortgaged Property in a manner that would result in the such use of such Mortgaged Property becoming a nonconforming non-conforming use under applicable land-use restrictions or (and, if any, zoning ordinances ordinances) or that would violate the terms of the Loan Documents or of any Major Lease, Legal Requirement Requirements or any Permitted Encumbrance in a manner that would have a Material Adverse Effect;
Encumbrance, (ii) consent to any modificationmodify, amendment amend or supplement to any of the terms of any Permitted Encumbrance in a manner adverse to the interests of Lender or that would could reasonably be expected to have a Material Adverse Effect with respect to such Property, (iii) modify, amend or supplement any of the terms of any other Permitted Encumbrance in a manner adverse to the interest of Lender or that could reasonably be expected to have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
(iiiiv) impose or consent to permit or suffer the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged any Property in any manner that would could reasonably be expected to have a Material Adverse Effect;
, (ivv) execute or file any subdivision plat affecting the Mortgaged Propertiesa Property, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Properties, if same would have a Material Adverse Effect; or
any Property or (vvi) permit or consent suffer a Property to any of the Mortgaged Properties being be used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
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Zoning and Uses. Borrower shall not, and shall cause Property Owner not to, do any of the following:
(i) initiate or support any material limiting change in the permitted uses of any of the Mortgaged Properties Property (or to the extent applicable, zoning reclassification of any of the Mortgaged PropertiesProperty) or any portion thereof, seek any variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged the Property, or use or permit the use of any Mortgaged the Property in a manner that would result in the use of such Mortgaged the Property becoming a nonconforming use under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, the Condominium Documents, Legal Requirement or Permitted Encumbrance in a manner that would have a an Material Adverse Effect;
(ii) consent to any modification, amendment or supplement to any of the terms of of, or materially default in its obligations under, any Permitted Encumbrance in a manner that would have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged the Property in any manner that would have a Material Adverse Effect;
(iv) execute or file any subdivision plat affecting the Mortgaged PropertiesProperty, or institute, or permit the institution of, proceedings to alter any tax lot comprising the Mortgaged Properties, if same would have a Material Adverse Effect; orProperty;
(v) permit or consent to any of the Mortgaged Properties Property's being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement; or
(vi) amend or cause to be amended (x) any of the Condominium Documents in any manner that would (a) have a Material Adverse Effect, (b) materially impair or otherwise materially diminish Lender's rights hereunder or under the Condominium Documents, (c) materially increase Borrower's obligations or liabilities under the Condominium Documents, or (d) materially impair or otherwise materially diminish Borrower's rights under the Condominium Documents, or terminate any of the Condominium Documents for any reason or purpose whatsoever, in each case, without the prior written consent of Lender which consent shall not be unreasonably withheld or delayed. With regard to any action described in this Section 6.16(vi) for which Lender's consent is required, Lender shall not withhold its consent or disapproval to any such action for more than ten (10) Business Days after request for approval thereof has been made by Borrower, accompanied by a detailed description of the request for which approval is sought, provided that Borrower submits such request for Lender's approval in an envelope labeled "Priority" and delivered to Lender by overnight delivery and otherwise in accordance with the provisions of Section 9.4 and which request shall state at the top of the first page in bold lettering "LENDER'S RESPONSE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF THIS NOTICE PURSUANT TO THE TERMS OF A LOAN AGREEMENT BETWEEN THE UNDERSIGNED AND LENDER." In the event that Lender fails to either approve such request or disapprove such request for more than ten (10) Business Days after receipt thereof, the action that was the subject of said request shall be deemed approved.
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Sources: Loan Agreement (Alexanders Inc)
Zoning and Uses. No Borrower shall not, and shall cause Property Owner not to, do any of the followingfollowing with respect to any of the Properties without the prior written consent of Lender (such consent not to be unreasonably withheld, delayed or conditioned), except, as to clause (ii) below, to the extent the same is commercially reasonable and not reasonably expected to have a Material Adverse Effect:
(i) initiate or support any limiting change in the permitted uses of any of the Mortgaged Properties (or to the extent applicable, zoning reclassification of any of the Mortgaged Properties) or any portion thereof, seek any material variance under existing land use restrictions, laws, rules or regulations (or, to the extent applicable, zoning ordinances) applicable to any Mortgaged a Property, or use or permit the use of any Mortgaged a Property in a manner that would result in the use of such Mortgaged Property becoming a nonconforming use (other than a legal nonconforming use) in any material respect under applicable land-use restrictions or zoning ordinances or that would violate the terms of any Major Lease, Material Agreement or Legal Requirement or Permitted Encumbrance in a manner that would have a Material Adverse Effectany material respect;
(ii) consent to any modification, amendment or supplement to any of the terms of of, or materially default in its obligations under, any Permitted Encumbrance Encumbrance, to the extent the same would result in a manner that would have a Material Adverse Effect, or default in any of its material obligations under a Permitted Encumbrance;
(iii) impose or consent to the imposition of any restrictive covenants, easements or encumbrances upon a Mortgaged Property in any manner that would have a Material Adverse Effectadversely affects in any material respect its value, utility or transferability;
(iv) execute or file any subdivision plat affecting any of the Mortgaged Properties, or institute, or permit the institution of, proceedings to alter any tax lot comprising any of the Mortgaged Properties;
(v) amend, if same would have a modify, surrender, terminate or waive any material rights or remedies under, or enter into, or default (beyond applicable grace, cure or notice periods) in its material obligations under, any Material Adverse EffectAgreement in any manner that might diminish (x) the value of the applicable Property or Properties or (y) the rights of any Borrower or Lender thereunder;
(vi) amend, modify, surrender, terminate (or allow to terminate, including by failure to exercise an extension option) or waive any material rights or remedies under, or enter into, or default (beyond applicable grace, cure or notice periods) in its material obligations under, any Ground Lease in any manner that might diminish (x) the value of the applicable Property or Properties or (y) the rights of any Borrower or Property Owner or Lender thereunder; or
(vvii) permit or consent to any of the Mortgaged Properties being used by the public or any Person in such manner as might make possible a claim of adverse usage or possession or of any implied dedication or easement.
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