Common use of Control Provisions Clause in Contracts

Control Provisions. (a) The MARC Principals and its Affiliates control, directly or indirectly, and without the requirement for consent of any other Person, the management of the Borrower, the Property Owner and the Property. (b) There are no provisions in any limited partnership agreement, operating agreement, certificate of incorporation, bylaws or any other agreement or instrument to which a MARC Principal, the Borrower or the Property Owner is party, under which any Person (other than a MARC Principal, the Borrower or the Property Owner) has the right to exercise the management or control rights, powers or authority currently belonging to a MARC Principal, the Borrower or the Property Owner, except [for independent directors in connection with a Senior Loan or] as set forth in any mortgage, deed of trust or similar security agreement with respect to a Senior Loan upon exercise of the rights and remedies upon default set forth in any of the foregoing.