Approved Project Collateral Documents Clause Samples

Approved Project Collateral Documents. To the extent permitted under the terms of the Senior Construction Loan applicable to such Approved Project, the Hotel Owner for such Approved Project shall have duly authorized, executed and delivered the following Loan Documents to the Lender to provide Loan Security for the Loan Obligations: (a) for the first Hotel Owner executing and delivering such agreement the Guarantee Agreement in the form of Exhibit 5.2.2A (the "Guarantee Agreement") and for each subsequent Hotel Owner a joinder to such Guarantee Agreement in the form attached thereto pursuant to which such subsequent Hotel Owner joins in and jointly and severally assumes the obligations to the Lender under the Guarantee Agreement; (b) an Assignment of Lease, Rents and Project Documents in the form of Exhibit 5.2.2B (the "Blanket Assignment"); (c) an Assignment and Subordination of Franchise Agreement in the form of Exhibit 5.2.2C (the "Assignment and Subordination of Franchise Agreement"); (d) an Assignment and Subordination of Management Agreement in the form of Exhibit 5.2.2D (the "Assignment and Subordination of Management Agreement"); (e) a second mortgage (or a version thereof converted into a deed of trust if required in the jurisdiction where such Approved Project is located) modified as reasonably required by the Lender to include all necessary changes in remedial provisions, waivers and other matters applicable to the jurisdiction where such Approved Project is located and otherwise in the form of Exhibit 5.2.2E (the "Mortgage"); (f) a Security Agreement in the form of Exhibit 5.2.2F (the "Security Agreement"); (g) a joinder to the Environmental Indemnity Agreement (in the form attached thereto) pursuant to which such Hotel Owner joins in and jointly and severally assumes the obligations to the Lender under the Environmental Indemnity; (h) such UCC-1 financing statements as the Lender reasonably determines are necessary with respect to the Loan Security granted by such Hotel Owner; (i) an Assignment of Reservations Service Agreement in the form of Exhibit 5.2.2.I (the "Assignment of Reservations Service Agreement").