Further Conveyance. (a) Notwithstanding the prohibition contained in paragraph 6(a) of the Regulatory Agreement against the conveyance or transfer of any interest in any of the Mortgaged Property, HUD approves the (sub) subleasing by the Commercial Tenant of the Commercial Portion, in a commercially reasonable and practical manner.
Further Conveyance. Notwithstanding the prohibition contained in section 35 of the Agreement against the conveyance or transfer of any interest in the Mortgaged Property or the Rents therefrom, HUD approves the (sub) subleasing by the Commercial Tenant of the Commercial Portion, in a commercially reasonable and practical manner. Without limiting any regulatory or administrative controls, or section 35 of the Agreement, Commercial Tenant agrees not to permit or suffer a conveyance, transfer or encumbrance of any interest in the Commercial Tenant, directly or indirectly, without the written consent of HUD.
Further Conveyance. Notwithstanding the prohibition contained in section 35 of the Agreement against the conveyance or transfer of any interest in the Mortgaged Property or the Rents therefrom, HUD recognizes the Subleases, and further, approves the (sub) subleasing by (i) the Commercial Tenant of the Commercial Portion, and (ii) the Residential Tenant of the Residential Portion, subject to such (sub) subleasing being accomplished in a commercially reasonable and practical manner. [If there is a purchase option component to the Transaction involving tax credit investors, you may conform the bracketed provisions; otherwise, delete the bracketed provisions] Without limiting any of HUD’s regulatory or administrative controls under the Amended Regulatory Agreement, including without limitation section 35 of the Agreement, Master Tenant agrees not to permit or suffer a conveyance, transfer or encumbrance of any interest in the Master Tenant, directly or indirectly, without the written consent of HUD. [Notwithstanding the foregoing, HUD hereby consents to the consummation of the transactions contemplated in that certain Purchase Option Agreement (Federal Investor Member) and that certain Purchase Option Agreement (State Investor Member), delivered to HUD prior to the execution of this Rider (individually, an “Option Agreement”), provided that (i) at the time of consummation of said transactions a default does not exist under the FHA-Insured Loan or an event of default does not exist under the Master Lease, or an event exists which with the passage of time and/or giving of notice would become a default under the FHA-Insured Loan or an event of default under the Master Lease, and (ii) upon the consummation of said transactions, (A) 100% of the member interests in the Master Tenant shall be held by one or more of the parties with an ownership interest in the Borrower, and (B) they will have been accomplished in accordance with and subject to the respective Option Agreement, without encumbering directly or indirectly the Mortgaged Property, including without limitation any Personalty.]
Further Conveyance. Applicant agrees that any conveyance made by it of its leasehold interest in the Project or the Subject Property of any part thereof shall specifically state that it is subject to the terms of this Declaration.
Further Conveyance. Notwithstanding the prohibition contained in section 35 of the Agreement against the conveyance or transfer of any interest in the Mortgaged Property or the Rents therefrom, HUD approves the (sub)subleasing by the Residential Tenant of the Multifamily Portion, in a commercially reasonable and practical manner. Without limiting any regulatory or administrative controls, or section 35 of the Agreement, Residential Tenant agrees not to permit or suffer a conveyance, transfer or encumbrance of any interest in the Residential Tenant, directly or indirectly, without the written consent of HUD.
