Common use of Reciprocal Easement Agreements Clause in Contracts

Reciprocal Easement Agreements. Borrower shall not cause or permit Mortgage Borrower to enter into, terminate or modify in any material respect any REA without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Borrower shall cause Mortgage Borrower to enforce, comply with, and cause each of the parties to the REA to comply with all of the material economic terms and conditions contained in the REA. Each request by Borrower for approval and consent by Lender pursuant to this Section 5.20 shall be in writing and contain a legend in capitalized bold letters on the top of the cover page stating: “LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDER’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN LENDER’S CONSENT BEING DEEMED TO HAVE BEEN GRANTED” and Borrower shall include the following documentation with such request all materials reasonably necessary in order for Lender to evaluate such matter. In the event that Lender fails to grant or withhold its approval and consent to such matter within such ten (10) Business Day period (and, in the case of a withholding of consent, stating the grounds therefor in reasonable detail), then, so long as no Event of Default is continuing, Lender’s approval and consent shall be deemed to have been granted. There shall be no administrative or approval fee in connection with this Section 5.20, but Borrower shall pay any out-of-pocket costs and expenses incurred by Lender.

Reciprocal Easement Agreements. Borrower shall not cause or permit Mortgage Borrower to enter into, terminate or modify in any material respect any REA without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Borrower shall cause Mortgage Borrower to enforce, comply with, and cause each of the parties to the REA to comply with all of the material economic terms and conditions contained in the REA. Each request by Borrower for approval and consent by Lender pursuant to this Section 5.20 shall be in writing and contain a legend in capitalized bold letters on the top of the cover page stating: “LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDER’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN LENDER’S CONSENT BEING DEEMED TO HAVE BEEN GRANTED” and Borrower shall include the following documentation with such request all materials reasonably necessary in order for Lender to evaluate such matter. In the event that Lender fails to grant or withhold its approval and consent to such matter within such ten (10) Business Day period (and, in the case of a withholding of consent, stating the grounds therefor in reasonable detail), then, so long as no Event of Default is continuing, Lender’s approval and consent shall be deemed to have been granted. There shall be no administrative or approval fee in connection with this Section 5.20, but Borrower shall pay any out-of-pocket costs and expenses incurred by Lender.

Reciprocal Easement Agreements. Borrower shall not cause or permit Senior Mezzanine Borrower to cause or permit Mortgage Borrower to enter into, terminate or modify in any material respect any REA without Lender’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Borrower shall cause Senior Mezzanine Borrower to cause Mortgage Borrower to enforce, comply with, and cause each of the parties to the REA to comply with all of the material economic terms and conditions contained in the REA. Each request by Borrower for approval and consent by Lender pursuant to this Section 5.20 shall be in writing and contain a legend in capitalized bold letters on the top of the cover page stating: “LENDER’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDER’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN LENDER’S CONSENT BEING DEEMED TO HAVE BEEN GRANTED” and Borrower shall include the following documentation with such request all materials reasonably necessary in order for Lender to evaluate such matter. In the event that Lender fails to grant or withhold its approval and consent to such matter within such ten (10) Business Day period (and, in the case of a withholding of consent, stating the grounds therefor in reasonable detail), then, so long as no Event of Default is continuing, Lender’s approval and consent shall be deemed to have been granted. There shall be no administrative or approval fee in connection with this Section 5.20, but Borrower shall pay any out-of-pocket costs and expenses incurred by Lender.

Reciprocal Easement Agreements. Borrower shall not cause or permit Mortgage Borrower to enter into, terminate or modify in any material respect any REA without LenderLxxxxx’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed. Borrower shall cause Mortgage Borrower to enforce, comply with, and cause each of the parties to the REA to comply with all of the material economic terms and conditions contained in the REA. Each request by Borrower for approval and consent by Lender pursuant to this Section 5.20 shall be in writing and contain a legend in capitalized bold letters on the top of the cover page stating: “LENDERLXXXXX’S RESPONSE IS REQUESTED WITHIN TEN (10) BUSINESS DAYS. LENDERLXXXXX’S FAILURE TO RESPOND WITHIN SUCH TIME PERIOD SHALL RESULT IN LENDER’S CONSENT BEING DEEMED TO HAVE BEEN GRANTED” and Borrower shall include the following documentation with such request all materials reasonably necessary in order for Lender to evaluate such matter. In the event that Lender fails to grant or withhold its approval and consent to such matter within such ten (10) Business Day period (and, in the case of a withholding of consent, stating the grounds therefor in reasonable detail), then, so long as no Event of Default is continuing, LenderLxxxxx’s approval and consent shall be deemed to have been granted. There shall be no administrative or approval fee in connection with this Section 5.20, but Borrower shall pay any out-of-pocket costs and expenses incurred by Lender.