Common use of Operations Agreements Clause in Contracts

Operations Agreements. To Borrower’s Knowledge, (i) each Operations Agreement is in full force and effect, (ii) Borrower is not in default thereunder, and, (iii) there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder.

Appears in 5 contracts

Sources: First Mezzanine Loan Agreement (Clipper Realty Inc.), Loan Agreement (Clipper Realty Inc.), Loan Agreement (Clipper Realty Inc.)

Operations Agreements. (a) To Borrower’s Knowledgeknowledge, (i) each Operations Agreement is in full force and effect, (iib) neither Borrower nor, to Borrower’s knowledge, any other party to any Operations Agreement, is not in default thereunder, andand (c) to Borrower’s knowledge, (iii) there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. Except as described herein, to B▇▇▇▇▇▇▇’s knowledge, the REA has not been modified, amended or supplemented.

Appears in 1 contract

Sources: Loan Agreement (Belpointe PREP, LLC)

Operations Agreements. (a) To Borrower’s Knowledgeknowledge, (i) each Operations Agreement is in full force and effect, (iib) neither Borrower nor Owner nor, to B▇▇▇▇▇▇▇’s knowledge, any other party to any Operations Agreement, is not in default thereunder, andand (c) to Borrower’s knowledge, (iii) there are no conditions which, with the passage of time or the giving of notice, or both, would constitute a default thereunder. Except as described herein, to B▇▇▇▇▇▇▇’s knowledge, the REA has not been modified, amended or supplemented.

Appears in 1 contract

Sources: Mezzanine Loan Agreement (Belpointe PREP, LLC)