Common use of After Acquired Properties Clause in Contracts

After Acquired Properties. Subject to the requirements of (i) liens existing at the time of acquisition, (ii) purchase money mortgage liens and (iii) liens in connection with construction or development financing which construction or development financing is reasonably acceptable to the Lender, grant to the Lender a valid mortgage lien on, or spread the lien of a Mortgage to encumber, any real property acquired by Borrower or any Subsidiary after the date hereof. Reference is made to that certain Building Loan Agreement, dated as of July 3, 2002 (the "Building Loan Agreement"), by and among 731 Commercial LLC and 731 Residential LLC and Bayerische Hypo-und Vereinsbank, AG (the "Bank"), that certain Project Loan Agreement, dated as of July 3, 2002 (the "Project Loan Agreement"), and that certain Supplemental Loan Agreement, dated as of July 3, 2002 (the "Supplemental Loan Agreement" and together with the Building Loan Agreement and the Project Loan Agreement, the "Loan Agreements") pursuant to which the Bank will lend to 731 Commercial LLC and 731 Residential LLC a maximum of $_____ million (the "Construction Loan") for the purposes of funding the cost of constructing a ___ square foot mixed residential/office/retail building at the property known as 731 Lexington Avenue, New York, New York (the "Project"). It is xxxxxxxxxx xxx xxxxxx xxxx xx xxxx xx xxe Construction Loan (and any refinancing thereof that has been approved by Lender and that does not permit a mortgage in favor of Lender to be granted with respect to the 59th Street Property) shall remain outstanding, no such mortgage xxxxx xx xequired with respect to the 59th Street Property.

After Acquired Properties. Subject to the requirements of (i) liens existing at the time of acquisition, (ii) purchase money mortgage liens and (iii) liens in connection with construction or development financing which construction or development financing is reasonably acceptable to the Lender, grant to the Lender a valid mortgage lien on, or spread the lien of a Mortgage to encumber, any real property acquired by Borrower or any Subsidiary after the date hereof. Reference is made to that certain Building Loan Agreement, dated as of July 3, 2002 (the "Building Loan Agreement"), by and among 731 Commercial LLC and 731 Residential LLC and Bayerische Hypo-und Vereinsbank, AG (the "Bank"), that certain Project Loan Agreement, dated as of July 3, 2002 (the "Project Loan Agreement"), and that certain Supplemental Loan Agreement, dated as of July 3, 2002 (the "Supplemental Loan Agreement" and together with the Building Loan Agreement and the Project Loan Agreement, the "Loan Agreements") pursuant to which the Bank will lend to 731 Commercial LLC and 731 Residential LLC a maximum of $_____ million (the "Construction Loan") for the purposes of funding the cost of constructing a ___ square foot mixed residential/office/retail building at the property known as 731 Lexington Avenue, New York, New York (the "Project"). It is xxxxxxxxxx xxx xxxxxx xxxx xx xxxx xx xxe agreed that so long as the Construction Loan (and any refinancing thereof that has been approved by Lender and that does not permit a mortgage in favor of Lender to be granted with respect to the 59th Street PropertyProject) shall remain outstanding, no such mortgage xxxxx xx xequired shall be required with respect to the 59th Street PropertyProject.