Permitted Real Property Encumbrances definition

Permitted Real Property Encumbrances means (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the applicable title policy in respect thereof (or any update thereto) and found, on the date of delivery of such title policy to the Administrative Agent in accordance with the terms hereof, reasonably acceptable by the Administrative Agent, (ii) as to any particular real property at any time, such easements, encroachments, covenants, restrictions, rights of way, minor defects, irregularities or encumbrances on title which do not, in the reasonable opinion of the Administrative Agent, materially impair such real property for the purpose for which it is held by the mortgagor or owner, as the case may be, thereof, or the Lien held by the Administrative Agent, (iii) municipal and zoning laws, regulations, codes and ordinances, which are not violated in any material respect by the existing improvements and the present use made by the mortgagor or owner, as the case may be, of such real property, (iv) general real estate taxes and assessments not yet delinquent, and (v) such other items as the Administrative Agent may consent to.
Permitted Real Property Encumbrances means (i) as to any particular real property at any time, such easements, encroachments, covenants, rights of way, subdivisions, parcelizations, minor defects, irregularities, encumbrances on title (including leasehold title) or other similar charges or encumbrances which do not materially detract from the value of such real property for the purpose for which it is held by the owner thereof, (ii) municipal and zoning ordinances and other land use or environmental regulations or restrictions, which are not violated in any material respect by the existing improvements and the present use made by the owner thereof of the premises, (iii) general real estate taxes and assessments not yet due or as to which the grace period has not yet expired (not to exceed 30 days) or the amount or validity of which are being contested in good faith by appropriate proceedings diligently pursued, if adequate provision for the payment of such taxes has been made on the books of such Person to the extent required by GAAP or, in the case of a Foreign Subsidiary, generally accepted accounting principles in effect from time to time in its jurisdiction of organization and (iv) such other items to which Administrative Agent may consent in its reasonable discretion.
Permitted Real Property Encumbrances. “ shall mean (i) all liens for taxes and assessments not yet due and payable and (ii) liens for taxes, assessments and other charges, if any, the validity of which is being contested in good faith by appropriate action, and with respect to Seller, for which adequate reserves (as determined in accordance with GASB) have been established on Seller’s books with respect thereto, (iii) normal easements, covenants and conditions of record and disclosed on the preliminary title report(s) obtained by Buyer which do not materially affect Buyer’s intended use of the Hospital Campus Real Property unless objected to in writing by Buyer, (iv) those Encumbrances on any Real Property listed on Schedule 4.16, and (iv) any other matter disclosed to Buyer and deemed in writing by Buyer to be a Permitted Real Property Encumbrance.

Examples of Permitted Real Property Encumbrances in a sentence

  • As of the Closing Date, all of the Acquired Assets are free and clear of any encumbrances, except for Permitted Real Property Encumbrances.

  • Conveyance of the Real Property to Buyer shall be by limited warranty Deed subject only to the Permitted Real Property Encumbrances (as defined below).


More Definitions of Permitted Real Property Encumbrances

Permitted Real Property Encumbrances means, with respect to any particular Mortgaged Property, (i) those liens, encumbrances and other matters affecting title to any Mortgaged Property listed in the Mortgage Policies in respect thereof and as of the date of delivery of such Mortgage Policies to the Administrative Agent in accordance with the terms hereof, reasonably acceptable to the Lenders, (ii) such easements, encroachments, covenants, rights of way, minor defects, irregularities or encumbrances on title which do not arise out of the incurrence of any Debt and which do not materially impair the use of such Mortgaged Property for the purpose for which it is held by the mortgagor thereof, or the Lien granted to the Administrative Agent for the benefit of the Secured Parties, and (iii) municipal and zoning ordinances; provided that no violation exists thereunder that could materially impair the use of the existing improvements and the present use made by the mortgagor thereof of the Premises (as defined in the respective Mortgage).
Permitted Real Property Encumbrances means, with respect to any particular real property, easements, zoning restrictions or other restrictions, rights-of-way, encroachments, covenants or encumbrances on real property imposed by law or arising in the ordinary course of business that do not materially detract from the value of the affected property or interfere with the ordinary conduct of business of the Borrower or any of its Subsidiaries or materially impair the use thereof to the Borrower or any Subsidiary.
Permitted Real Property Encumbrances means (i) as to any particular real property at any time, such easements, encroachments, covenants, rights of way, minor defects, irregularities or encumbrances on title which do not, (1) secure Indebtedness or (2) in the reasonable opinion of Administrative Agent, materially impair such real property for the purpose for which it is held by the owner thereof, the marketability thereof or the Lien held by Collateral Agent, (ii) municipal and zoning ordinances, which are not violated in any material respect by the existing improvements and the present use made by the owner thereof of the premises (iii) landlord’s liens, or mechanics’, carriers’, workers’, repairers’ and similar encumbrances arising or incurred in the ordinary course of business for amounts which are not delinquent, (iv) encumbrances for Taxes, assessments and governmental charges not yet due and payable, and (v) with respect to leasehold interests in real property, mortgages, obligations, liens and other encumbrances incurred, created, assumed or permitted to exist and arising by, through or under a landlord or owner of such leased property encumbering the landlord’s or owner’s interest in such leased property.
Permitted Real Property Encumbrances means with respect to each parcel of Leased Real Property (a) real estate Taxes imposed which are not due and payable as of the Closing Date or which are being contested in good faith by appropriate proceedings; (b) mechanics liens and similar liens for labor, materials or supplies provided with respect to such Leased Real Property incurred in the ordinary course of business for amounts which are not delinquent and which would not, individually or in the aggregate, have a Material Adverse Effect on the Company or which are contested by appropriate proceedings; (c) zoning, building codes and other land use Laws regulating the use or occupancy of such Leased Real Property or the activities conducted thereon which are imposed by any governmental authority having jurisdiction over such Leased Real Property and which are not violated by the current use or occupancy of such Leased Real Property or the operation of the business by the Company or any violation of which would not have a Material Adverse Effect on the Company; (d) liens which have otherwise been imposed on such property by the landlord; and (e) easements, covenants, conditions, restrictions and other similar matters affecting title to such Leased Real Property which do not materially impair the use or occupancy of such Leased Real Property or the operation of the business by the Company.
Permitted Real Property Encumbrances has the meaning set forth in Section 5.6(b).
Permitted Real Property Encumbrances has the meaning as described in Section 2.15(b).
Permitted Real Property Encumbrances means taxes and assessments, both general and special, which are a Lien but not yet due and payable, zoning and land use restrictions arising under applicable Law, easements and other matters of record that do not adversely affect the current use or value of the Owned Real Property.