Subdivision Maps. Neither Borrower nor any Asset Guarantor shall have any right to record any final map, plat, parcel map, lot line adjustment or other subdivision map of any kind covering any portion of any Property (collectively, "Subdivision Map"), without Lender’s prior written consent, which approval may be granted or withheld in Lender’s sole and absolute discretion. Without limitation on the foregoing, Lender shall also have the right to approve, in its sole and absolute discretion, any changes to or amendments of the current zoning for any Property. Notwithstanding anything to the contrary contained in this Section 9.5, Lender shall not unreasonably withhold, condition or delay its consent to, and approval of, any modification, amendment or restatement of any Subdivision Map (including, without limitation, any replatting of the same) or changes or amendments to the current zoning for the Property, so long as the same does not change the permitted use of any Asset as provided in Section 9.18 hereof unless the applicable Asset is non-operating, or reduce the zoned density or permitted floor area ratio of the Property and Improvements as such exist as of the date hereof.
Appears in 2 contracts
Sources: Loan Agreement (IMH Financial Corp), Loan Agreement (IMH Financial Corp)