Additional Covenants Regarding Operator Clause Samples
The "Additional Covenants Regarding Operator" clause sets out specific obligations and commitments that the operator must adhere to beyond the general terms of the agreement. These covenants may include requirements such as maintaining certain standards of operation, complying with applicable laws, or providing regular reports to the other party. For example, the operator might be required to ensure all necessary licenses are kept current or to implement particular safety protocols. The core function of this clause is to clearly define the operator’s responsibilities, thereby reducing ambiguity and ensuring that the operator’s conduct aligns with the expectations and requirements of the agreement.
Additional Covenants Regarding Operator. Reserved.
Additional Covenants Regarding Operator. (a) Borrower will furnish to Lender (i) within 5 days after the receipt by Borrower from Operator, copies of any and all notices of Borrower’s default or failure to pay or perform an obligation under the Operating Rider to Multifamily Loan and Security Agreement Operating Lease – Seniors Housing Page 3 Lease, and/or (ii) immediately upon the issuance by Borrower to Operator, copies of any and all notices of Operator’s default or failure to pay or perform an obligation under the Operating Lease.
(b) Without the prior written approval of Lender, Borrower will not take any of the following actions:
(i) Surrender, terminate, cancel, modify, renew or extend the Operating Lease.
(ii) Permit the change of the Operator.
(iii) Enter into any other agreement relating to the operation of the Facility with the Operator or any other Person.
(iv) Consent to the assignment by the Operator of its interest under the Operating Lease or similar agreement.
(c) If at any time Lender consents to the appointment of a new Facility Operator, such new operator and Borrower will, as a condition of Lender’s consent, execute an assignment of operating agreement, in a form acceptable to Lender in Lender’s Discretion. If any such replacement operator is an Affiliate of Borrower, and if a nonconsolidation opinion was delivered at the origination of the Loan, Borrower will deliver to Lender an updated nonconsolidation opinion in form and substance satisfactory to Lender with regard to nonconsolidation.
Additional Covenants Regarding Operator. (a) Borrower will furnish to Lender (i) within 5 days after the receipt by Borrower from Operator, copies of any and all notices of Borrower’s default or failure to pay or perform an obligation under the Operating Lease, and/or (ii) immediately upon the issuance by Borrower to Operator, copies of any and all notices of Operator’s default or failure to pay or perform an obligation under the Operating Lease.
(b) Without the prior written approval of Lender, Borrower will not take any of the following actions:
(i) Surrender, terminate, cancel, modify, renew or extend the Operating Lease.
(ii) Permit the change of the Operator.
(iii) Enter into any other agreement relating to the operation of the Facility with the Operator or any other Person.
(iv) Consent to the assignment by the Operator of its interest under the Operating Lease or similar agreement.
(c) If at any time Lender consents to the appointment of a new Facility Operator, such new operator and Borrower will, as a condition of Lender’s consent, execute an assignment of operating agreement, in a form acceptable to Lender in Lender’s Discretion. If any such replacement operator is an Affiliate of Borrower, and if a nonconsolidation opinion was delivered at the origination of the Loan, Borrower will deliver to Lender an updated nonconsolidation opinion in form and substance satisfactory to Lender with regard to nonconsolidation.
E. Section 7.01(h) is deleted and replaced with the following: