Common use of Change of Control Flagging Costs Clause in Contracts

Change of Control Flagging Costs. Concurrently with the closing of an Assumption or any other change of Control of Owner that results in any Change of Control Flagging Costs, Borrower or Leasehold Pledgor shall cause Owner to post additional security with Mortgage Lender in an amount equal to the portion of the Change of Control Flagging Costs required to be incurred by Owner or Operating Lessee in the 24-month period immediately following the Assumption or such other change of Control of Owner (for the avoidance of doubt, the remaining Change of Control Flagging Costs shall not be required to be reserved with Lender) without duplication of any amounts previously reserved pursuant to paragraph (ii) above, but only if (and only if): (1) the Change of Control Flagging Costs with respect to all Individual Properties, plus the costs of all alterations then affecting structural elements of all Individual Properties (to the extent not covered by security delivered to Lender pursuant to Section 4.12.2) exceed the aggregate Approved Scheduled PIP Expenses with respect to all Individual Properties by more than $3,000,000. Any additional security required to be posted by Owner pursuant to this paragraph (iii) shall be posted pursuant to paragraph (iv) below.

Change of Control Flagging Costs. Concurrently with the closing of an Assumption or any other change of Control of Owner Borrower that results in any Change of Control Flagging Costs, Borrower or Leasehold Pledgor shall cause Owner to post additional security with Mortgage Lender in an amount equal to the portion of the Change of Control Flagging Costs required to be incurred by Owner Borrower or Operating Lessee in the 24-month period immediately following the Assumption or such other change of Control of Owner Borrower (for the avoidance of doubt, the remaining Change of Control Flagging Costs shall not be required to be reserved with Lender) without duplication of any amounts previously reserved pursuant to paragraph (ii) above, but only if (and only if): (1) the Change of Control Flagging Costs with respect to all Individual Properties, plus the costs of all alterations then affecting structural elements of all Individual Properties (to the extent not covered by security delivered to Lender pursuant to Section 4.12.2) exceed the aggregate Approved Scheduled PIP Expenses with respect to all Individual Properties by more than $3,000,000. Any additional security required to be posted by Owner Borrower pursuant to this paragraph (iii) shall be posted pursuant to paragraph (iv) below.