Examples of Controlled Properties in a sentence
If the Operating Partnership determines that the applicable Controlled Properties have both Economic Occupancy and Physical Occupancy consistent with or exceeding local market levels for self-storage and/or mini-warehouse facilities for such periods, then the Operating Partnership shall so notify the applicable Manager Parties pursuant to a written notice in accordance with the provisions of Section 8.4(b) below.
The sewer, water and utility services of the Controlled Properties are directly connected with sources or systems serving the general public, without traversing property owned by others, or, if not directly connected, valid perpetual recorded easements have been established for rights of way over intervening property.
The Controlled Owners hold the fee simple or leasehold estate in and to the Controlled Properties, for their own account, not as an agent or trustee for another party, and the Owned Properties are free and clear of all agreements, liens and encumbrances except those specifically set forth in Schedule B of the Lender's title insurance policies.
All taxes relating to the Controlled Properties, to the extent due, have been paid in full.
Borrowers have received no written notice and have no knowledge of any pending or proposed special or other assessments for public improvements affecting the Controlled Properties or any contemplated improvements to the Controlled Properties that may result in such special or other assessments, except for any increase in the assessed valuation of the Controlled Properties resulting from improvements to be made in the premises demised to tenants under Leases.
During the continuance of an Event of Default, Lender may instruct Borrowers to remove the property manager with respect to any or all of the Controlled Properties and to designate a replacement property manager acceptable to Lender and Borrowers shall so remove the property manager(s) and so designate replacement(s).
Borrowers will pay all Impositions and other prior charges and liens now or hereafter assessed or liened on or levied against the Controlled Properties or any part thereof or interest therein when and as the same become due and payable.
Without limitation of the foregoing, neither the Controlled Properties nor any part thereof constitute a nonconforming use under any Applicable Laws.
No unrestored fire or other casualty damage affects the Controlled Properties, and all insurance policies required by Section 6.03(a) are in full force and effect.
If after the date hereof the area in which the Controlled Properties are located is identified or designated as such an area, Borrowers will obtain and maintain insurance against damage or loss by flood on such basis and in such amounts as shall be required from time to time by Lender.