Alienation and Further Encumbrances. (a) Grantor acknowledges that Grantee has relied upon the principals of Grantor and their experience in owning and operating the Property through a management contract with Merry Land Property Management, Inc. and properties similar to the Property in connection with the closing of the loan evidenced by the Note. Accordingly, except as specifically allowed hereinbelow in this Section and notwithstanding anything to the contrary contained in SECTION 4.6 hereof, in the event that the Property or any part thereof or interest therein shall be sold, conveyed, disposed of, alienated, hypothecated, leased (except to Tenants of space in the Improvements in accordance with the provisions of SECTION 1.12 hereof), assigned, pledged, mortgaged, further encumbered or otherwise transferred or Grantor shall be divested of its title to the Property or any interest therein, in any manner or way, whether voluntarily or involuntarily, without the prior written consent of Grantee being first obtained, which consent may be withheld in Grantee's sole discretion, then the same shall constitute an Event of Default hereunder and Grantee shall have the right, at its option, to declare any or all of the indebtedness secured hereby, irrespective of the maturity date specified in the Note, immediately due and payable and to otherwise exercise any of its other rights and remedies contained in ARTICLE III hereof. If such acceleration is during any period when a prepayment fee is payable pursuant to the provisions set forth in the Note, then, in addition to all of the foregoing, such prepayment fee shall also then be immediately due and payable to the same end as though Grantor were prepaying the entire indebtedness secured hereby on the date of such acceleration. For the purposes of this Section: (i) in the event either Grantor or any of its general partners or managing members is a corporation or trust, the sale, conveyance, transfer or disposition of more than 10% of the issued and outstanding capital stock of Grantor or any of its general partners or of the beneficial interest of such trust (or the issuance of new shares of capital stock in Grantor or any of its general partners or managing members so that immediately after such issuance the total capital stock then issued and outstanding is more than 110% of the total immediately prior to such issuance) shall be deemed to be a transfer of an interest in the Property; and (ii) in the event Grantor or any general partner or managing m...
Alienation and Further Encumbrances. (a) Borrower acknowledges that Lender has relied upon the principals of Borrower and their experience in owning and operating the Property and properties similar to the Property in connection with the closing of the loan evidenced by the Note. Accordingly, except as specifically allowed hereinbelow in this Section and notwithstanding anything to the contrary contained in Section 6.6 hereof, in the event that the Property or any part thereof or direct or indirect interest therein or direct or indirect interest in Borrower shall be sold, conveyed, disposed of, alienated, hypothecated, leased (except to Tenants of space in the Improvements in accordance with the provisions of Section 2.8 hereof), assigned, pledged, mortgaged, further encumbered or otherwise transferred or Borrower shall be divested of its title to the Property or any direct or indirect interest therein, in any manner or way, whether voluntarily or involuntarily (each, a “Transfer”), without the prior written consent of Lender being first obtained, which consent may be withheld in Lender’s sole discretion, then the same shall constitute an Event of Default and Lender shall have the right, at its option, to declare any or all of the Debt, irrespective of the maturity date specified in the Note, immediately due and payable and to otherwise exercise any of its other rights and remedies contained in Article V hereof.
Alienation and Further Encumbrances. (a) Notwithstanding anything to the contrary contained in Section 5.6 hereof, neither the Property, nor any part thereof or interest therein (including without limitation, any fee, leasehold or subleasehold interest therein), shall be sold, conveyed, disposed of, alienated, hypothecated, leased (except to Tenants under Leases which are not in violation of Section 1.10 hereof), assigned, pledged, mortgaged, further encumbered or otherwise transferred, nor shall Borrower be divested of its title to the Property or any interest therein, in any manner or way, whether voluntarily or involuntarily (any of the foregoing, a “Transfer”), except as expressly set forth in this Section 1.11, in each case without the prior written consent of Lender being first obtained, which consent may be withheld in Lender’s sole discretion. For the purposes of this Section 1.11, a “
Alienation and Further Encumbrances. In the event Trustor shall sell, convey, transfer, dispose of, alienate, or lease for a period of greater than thirty five (35) years the Property, or any part thereof or any interest therein, or shall be divested of its title or any interest therein, in any manner or way, whether voluntarily or involuntarily (any of the foregoing being individually called a "TRANSFER"), without the written consent of Beneficiary being first obtained, which consent may not be unreasonably withheld, Beneficiary shall have the right at its option to declare any Indebtedness or obligation secured hereby, irrespective of the maturity date specified in any note evidencing the same, immediately due and payable unless said transfer is permitted under the Credit Agreement. Acceptance by Beneficiary of any payment or payments on the Promissory Notes or other sums secured by this Deed of Trust by one other than Trustor shall not constitute (i) any notice to Beneficiary of any Transfer or proposed Transfer of any interest in the Property covered by this Deed of Trust or (ii) any consent or waiver of the right to consent to such Transfer or proposed Transfer of any interest in the Property.
Alienation and Further Encumbrances. (a) Mortgagor acknowledges that Mortgagee has relied upon the principals of Mortgagor and their experience in owning and operating the Mortgaged Property and properties similar to the Mortgaged Property in connection with the closing of the loan evidenced by the Note. Accordingly, and except for dispositions of minor amounts of used personal property in the normal course of business (because of obsolescence or otherwise) in accordance with Section 1.21, and except as permitted under Section 1.23 hereof or elsewhere in this Mortgage, in the event that the Mortgaged Property or any part thereof or interest therein shall be sold, conveyed, disposed of, alienated, hypothecated, leased (except to Tenants of space in the Improvements in
Alienation and Further Encumbrances. For purposes of Section ----------------------------------- 1.13 of the Deed of Trust, (a) the transfer, pledge or assignment of Tenant's interest in the Lease, (b) the transfer of the Pledged Interests or the Pledged Stock to any person or entity other than Healthcare Realty, a Healthcare Realty Affiliate, Tenant or a Tenant Affiliate, (c) the transfer of the Project to any person or entity other than a Bankruptcy Remote Entity wholly owned by Tenant, Tenant's Parent or Healthcare Realty pursuant to the terms of Sections 3.3 and 3.4 hereof, or (d) the transfer by New Borrower of its interest in the Leasehold Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the "Leasehold Deed of Trust") dated as of the date hereof given by Xxxxxx, as ----------------------- Trustor in favor of New Borrower, as Beneficiary shall all be deemed a transfer of an interest in or of the Project which shall be prohibited without Lender's consent as provided in said Section 1.13. Notwithstanding the foregoing, Xxxxxx may transfer the Tenant's interest in the Lease to a Tenant Affiliate provided such Tenant Affiliate is a Bankruptcy Remote Entity and assumes Tenant's obligations under the Lease and this Agreement and executes any and all documents reasonably requested by Xxxxxx to effectuate such assumption.
Alienation and Further Encumbrances. Borrower acknowledges that Lender has relied upon the Borrower and the principals of Borrower and their experience in owning and operating properties similar to the Property in agreeing to make the loan evidenced by the Note and will continue to rely upon Borrower’s ownership of the Property as a means of maintaining the value of the Property as security for repayment of the Note and the performance of the obligations of Borrower contained herein and the other Loan Documents. Borrower acknowledges that Lender has a valid interest in maintaining the value of the Property so as to ensure that the indebtedness secured hereby may be recovered by Lender should Borrower default in the repayment of the indebtedness secured hereby or the performance of the obligations of Borrower hereunder and under the other Loan Documents.
Alienation and Further Encumbrances. (a) Grantor acknowledges that Beneficiary has relied upon the principals of Grantor and their experience in owning and operating properties similar to the Property in connection with the closing of the loan evidenced by the Note. Accordingly, except as specifically allowed hereinbelow in this Section and notwithstanding anything to the contrary contained in
Alienation and Further Encumbrances. In the event that the Property or any part thereof or interest therein shall be sold (including any installment sales agreement), conveyed, disposed of, alienated, hypothecated, leased, assigned, pledged, mortgaged, further encumbered or otherwise transferred or Mortgagor shall be divested of its title to the Property or any interest therein, in any manner or way, whether voluntarily or involuntarily, without the prior written consent of Mortgagee being first obtained, which consent may be withheld in Mortgagee's sole discretion, then, the same shall constitute a default hereunder and Mortgagee shall have the right, at its option, to exercise any of its other rights and remedies contained in Article III hereof.
Alienation and Further Encumbrances. All of the terms, conditions, agreements and restrictions relating to the ownership interests in, and control of, the Borrower or its constituent parties or to conveyances of the Security Property or to assignments of ownership interests in the Security Property, all as set forth in Section 10 hereof and elsewhere in this Mortgage shall be deemed to apply to each of the individual TICS comprising Borrower (and their respective constituent parties), except as specifically indicated otherwise.
