Compliance With Mortgage Loan Documents. (a) Borrower shall cause Owner to comply with all of the terms, covenants and conditions set forth in the Mortgage Loan Documents, notwithstanding any waiver or future amendment of such covenants by Mortgage Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of Owner under the Mortgage Loan Documents, and, to the extent such term, covenants and conditions require any consents, approvals or waivers by Mortgage Lender, Lender shall have the same rights to consent, approve or waive. The provisions of Sections 3.01, 4.01, 7.02(a) through (c) and 8.01 of the Mortgage are hereby incorporated by reference as if fully restated herein and shall constitute the direct obligation of Borrower to either perform or to cause Owner to perform such covenants on behalf of Lender. (b) Borrower shall cause Senior Mez Borrower to comply with all of the terms, covenants and conditions set forth in the Senior Mez Loan Documents, notwithstanding any waiver or future amendment of such covenants by Senior Mez Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Senior Mez Borrower under the Senior Mez Loan Documents.
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Samples: Loan and Security Agreement (Ashford Hospitality Trust Inc), Loan and Security Agreement (Ashford Hospitality Trust Inc)
Compliance With Mortgage Loan Documents. (a) Borrower shall cause Owner to comply with all of the terms, covenants and conditions set forth in the Mortgage Loan Documents, notwithstanding any waiver or future amendment of such covenants by Mortgage Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Owner under the Mortgage Loan Documents, and, to the extent such term, covenants and conditions require any consents, approvals or waivers by Mortgage Lender, Lender shall have the same rights to consent, approve or waive. The provisions of Sections 3.01, 4.01, 7.02(a) through (c) and 8.01 of the Mortgage are hereby incorporated by reference as if fully restated herein and shall constitute the direct obligation of Borrower to either perform or to cause Senior Mezz Borrower to cause Owner to perform such covenants on behalf of Lender.
(b) Borrower shall cause Senior Mez Mezz Borrower to comply with all of the terms, covenants and conditions set forth in the Senior Mez Mezz Loan Documents, notwithstanding any waiver or future amendment of such covenants by Senior Mez Mezz Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Senior Mez Mezz Borrower under the Senior Mez Mezz Loan Documents.
Appears in 1 contract
Samples: Loan and Security Agreement (Morgans Hotel Group Co.)
Compliance With Mortgage Loan Documents. (a) Borrower shall cause Owner to comply with all of the terms, covenants and conditions set forth in the Mortgage Loan Documents, notwithstanding any waiver or future amendment of such covenants by Mortgage Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of Owner under the Mortgage Loan Documents, and, to the extent such term, covenants and conditions require any consents, approvals or waivers by Mortgage Lender, Lender shall have the same rights to consent, approve or waive. The provisions of Sections 3.01, 4.01, 7.02(a) through (c) and 8.01 of the Mortgage are hereby incorporated by reference as if fully restated herein and shall constitute the direct obligation of Borrower to either perform or to cause Owner to perform such covenants on behalf of Lender.
(b) Borrower shall cause Senior First Mez Borrower to comply with all of the terms, covenants and conditions set forth in the Senior First Mez Loan Documents, notwithstanding any waiver or future amendment of such covenants by Senior First Mez Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Senior First Mez Borrower under the Senior First Mez Loan Documents.
Appears in 1 contract
Samples: Loan and Security Agreement (CNL Hotels & Resorts, Inc.)
Compliance With Mortgage Loan Documents. (a) Borrower shall cause Owner to comply with all of the terms, covenants and conditions set forth in the Mortgage Loan Documents, notwithstanding any waiver or future amendment of such covenants by Mortgage Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of Owner under the Mortgage Loan Documents, and, to the extent such term, covenants and conditions require any consents, approvals or waivers by Mortgage Lender, Lender shall have the same rights to consent, approve or waive. The provisions of Sections 3.01, 4.01, 7.02(a) through (c) and 8.01 of the Mortgage are hereby incorporated by reference as if fully restated herein and shall constitute the direct obligation of Borrower to either perform or to cause Owner to perform such covenants on behalf of Lender.
(b) Borrower shall cause Senior First Mez Borrower to comply with all of the terms, covenants and conditions set forth in the Senior First Mez Loan Documents, notwithstanding any waiver or future amendment of such covenants by Senior First Mez Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Senior First Mez Borrower under the Senior First Mez Loan Documents.
(c) Borrower shall cause Second Mez Borrower to comply with all of the terms, covenants and conditions set forth in the Second Mez Loan Documents, notwithstanding any waiver or future amendment of such covenants by Second Mez Lender. Borrower acknowledges that the obligation to comply with such covenants is separate from, and may be enforced independently from, the obligations of the Second Mez Borrower under the Second Mez Loan Documents.
Appears in 1 contract
Samples: Loan and Security Agreement (CNL Hotels & Resorts, Inc.)