Examples of Mortgage Borrower Entity in a sentence
Each Borrower Entity shall cause the applicable Mortgage Borrower Entity to remain in good standing under the laws of the State in which the Individual Property owned by such Mortgage Borrower Entity is located, to the extent required for the ownership, maintenance, management and operation of such Individual Property.
Notwithstanding the foregoing, Borrower shall be entitled to cause or permit Mortgage Borrower to enforce and terminate any Management Agreement in accordance with the terms thereof; provided, however, that if the Management Agreement for any Individual Property is terminated, Borrower shall cause the applicable Mortgage Borrower Entity to simultaneously enter into a replacement Management Agreement for such Individual Property.
Borrower shall not permit any Mortgage Borrower Entity to retain a manager to manage any Individual Property unless such manager is a Qualified Manager and has entered into a Management Agreement and an Agreement Regarding Management Agreement, each in form and substance, reasonably acceptable to Lender.
Neither of Borrower nor Mortgage Borrower is in default in any material respect in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement or instrument to which it is a party or by which Borrower or, to Borrower’s Actual Knowledge, Mortgage Borrower, the Collateral, any Mortgage Principal’s general partner interest in the related Mortgage Borrower Entity, or any Individual Property is bound.
Borrower shall not permit any Mortgage Borrower Entity or any Mortgage Principal to issue any equity or ownership interests or other securities other than those that have been issued as of the Closing Date.
There are no prior assignments of the Collateral or any Mortgage Principal’s general partner interest in the related Mortgage Borrower Entity which are presently outstanding except in accordance with the Loan Documents.
There are no prior assignments of the Collateral, the Mezzanine A Collateral, any Mortgage Principal’s general partner interest in the related Mortgage Borrower Entity or any Mezzanine A Principal’s general partner interest in the related Mezzanine A Borrower Entity which are presently outstanding except in accordance with the Loan Documents and the Mezzanine A Loan Documents.
Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Collateral or any Mortgage Principal’s general partner interest in the related Mortgage Borrower Entity, or permit any such action to be taken, other than Permitted Encumbrances.
No portion of any Individual Property, the Collateral, the Mezzanine A Collateral, any Mortgage Principal’s general partner interest in the related Mortgage Borrower Entity or any Mezzanine A Principal’s general partner interest in the related Mezzanine A Borrower Entity is being or will be purchased with proceeds of any illegal activity and, to Borrower’s Actual Knowledge, there are no illegal activities or activities relating to any controlled substances at any Individual Property.
Borrower shall not create, incur, assume or suffer to exist any Lien on any portion of the Collateral, the Mezzanine A Collateral, any Mortgage Principal’s general partner interest in the related Mortgage Borrower Entity or any Mezzanine A Principal’s general partner interest in the related Mezzanine A Borrower Entity, or permit any such action to be taken, other than Permitted Encumbrances.