Common use of Change in Business or Operation of Property Clause in Contracts

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 15 contracts

Samples: Loan Agreement (World Wrestling Entertainmentinc), Loan Agreement (Maguire Properties Inc), Loan Agreement (Thomas Properties Group Inc)

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Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an a first class office building property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 5 contracts

Samples: Loan Agreement (Hines Global REIT, Inc.), Loan Agreement (KBS Real Estate Investment Trust, Inc.), Loan Agreement (KBS Real Estate Investment Trust, Inc.)

Change in Business or Operation of Property. Borrower Borrowers shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its their business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property building, or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 5 contracts

Samples: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property building, or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 5 contracts

Samples: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.), Loan Agreement (Behringer Harvard Reit I Inc)

Change in Business or Operation of Property. Borrower shall not enter into any line of business other than the ownership of Owner. Borrower shall not permit Owner to purchase or own any real property other than the Property and shall not or to enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an a first class office building property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 4 contracts

Samples: Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.), Mezzanine Loan Agreement (KBS Real Estate Investment Trust, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office building property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 3 contracts

Samples: Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc), Loan Agreement (Behringer Harvard Reit I Inc)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property it is currently being operated or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property)whatsoever.

Appears in 2 contracts

Samples: Loan Agreement (Ambase Corp), Loan Agreement (Ambase Corp)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office a retail shopping center property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 2 contracts

Samples: Loan Agreement (Inland Real Estate Income Trust, Inc.), Loan Agreement (Inland Real Estate Income Trust, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office a retail property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 2 contracts

Samples: Loan Agreement (Medalist Diversified REIT, Inc.), Loan Agreement (Medalist Diversified REIT, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office Industrial/Office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Gladstone Commercial Corp)

Change in Business or Operation of Property. Borrower shall not permit Owner to purchase or own any real property other than the Property and shall not or to enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property in the manner in which they are currently operated or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (KBS Real Estate Investment Trust, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property industrial business park or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Presidential Realty Corp/De/)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property a freight distribution center or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (American Realty Capital Daily Net Asset Value Trust, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an a commercial office property building or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (American Realty Capital New York City REIT, Inc.)

Change in Business or Operation of Property. Borrower shall not enter into any line of business other than the ownership of Owner. Borrower shall not permit Owner to purchase or own any real property other than the Property and shall not or to enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office a hotel property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Mezzanine Loan Agreement (Morgans Hotel Group Co.)

Change in Business or Operation of Property. No Borrower shall not purchase or own any real property other than the Property Properties and no Borrower shall not enter into any line of business other than the ownership and operation of the PropertyProperties, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property)business.

Appears in 1 contract

Samples: Loan Agreement (Gramercy Capital Corp)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an a retail and office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Term Loan Agreement (New York City REIT, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office a hotel property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Morgans Hotel Group Co.)

Change in Business or Operation of Property. Borrower shall will not purchase or own any real property other than the Property and shall will not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property a hotel or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the PropertyProperty or caused by a Force Majeure Event).

Appears in 1 contract

Samples: Loan Agreement (Lodging Fund REIT III, Inc.)

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Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an a first class office building property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).) 39

Appears in 1 contract

Samples: Loan Agreement (Hines Global REIT, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property Borrowing Base Properties and shall not enter into any line of business other than the ownership and operation of the PropertyBorrowing Base Properties, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the PropertyBorrowing Base Properties).

Appears in 1 contract

Samples: Loan Agreement (GTJ REIT, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property retail shopping centers or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Broad Street Realty, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property for office, medical, educational, institutional and other appurtenant and related uses or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Hines Global REIT, Inc.)

Change in Business or Operation of Property. Borrower Borrowers shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Maguire Properties Inc)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as a an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (First Union Real Estate Equity & Mortgage Investments)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property assets other than the Property Collateral and shall not enter into any line of business other than the ownership and operation of the PropertyCollateral, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property)business.

Appears in 1 contract

Samples: Loan Agreement (Corporate Property Associates 17 - Global INC)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office a Multifamily cooperative apartment complex property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office building property with associated retail uses, or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Amerivest Properties Inc)

Change in Business or Operation of Property. Borrower shall not enter into any line of business other than the ownership of Owner. Borrower shall not permit Owner to purchase or own any real property other than the Property and shall not or to enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Senior Mezzanine Loan Agreement (Maguire Properties Inc)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office property a hotel or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (Condor Hospitality Trust, Inc.)

Change in Business or Operation of Property. Borrower shall not purchase or own any real property other than the Property and shall not enter into any line of business other than the ownership and operation of the Property, or make any material change in the scope or nature of its business objectives, purposes or operations, or undertake or participate in activities other than the continuance of its present business or otherwise cease to operate the Property as an office a commercial retail property or terminate such business for any reason whatsoever (other than temporary cessation in connection with renovations to the Property).

Appears in 1 contract

Samples: Loan Agreement (TNP Strategic Retail Trust, Inc.)

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