Conveyance of Premises. Except for the interest granted to Lessee pursuant to the Lease, Grantor shall not directly or indirectly encumber, pledge, convey, transfer or assign any or all of its interest in the Premises without the prior written consent of Beneficiary. Subject to the provisions of Section 3.11 hereof, Beneficiary's consent to such a transfer, if given, shall not release or alter in any manner the liability of Grantor or anyone who has assumed or guaranteed the payment of the Secured Indebtedness or any portion thereof. At the option of Beneficiary, the Secured Indebtedness shall be immediately due and payable in the event that Grantor conveys all or any portion of the Premises or any interest therein, or in the event that Grantor's equitable title thereto or interest therein shall be assigned, transferred or conveyed in any manner, including without limitation, the transfer or conveyance of any interest in Grantor, without obtaining Beneficiary's prior written consent thereto, and any waiver or consent for any prior transfer shall not preclude Beneficiary from declaring the Secured Indebtedness due and payable for any subsequent transfer.
Conveyance of Premises. Borrower hereby acknowledges to Lender that (i) the identity and expertise of Borrower were and continue to be material circumstances upon which Lender has relied in connection with, and which constitute valuable consideration to Lender for, the extending to Borrower of the Indebtedness evidenced by the Note and (ii) any change in such identity or expertise could materially impair or jeopardize the security for the payment of the Note granted to Lender by this Deed. Borrower therefore covenants and agrees with Lender, as part of the consideration for the extending to Borrower of the indebtedness evidenced by the Note, that Borrower shall not encumber, pledge, convey, transfer or assign any or all of its interest in the Premises (or any interest in or all of the interest in Borrower if Borrower is a corporation, partnership or some other entity) without the prior written consent of Lender. If Borrower does so encumber, pledge, convey, transfer or assign any or all of its interest in the Premises (or in Borrower) without the prior written consent of Lender, then Lender may, at Lender’s option, declare the Indebtedness to be immediately due and payable.
Conveyance of Premises. Grantor may not sell, convey, or otherwise transfer the Premises, or any part thereof or interest therein, legal or equitable, except to a competent and reputable condominium developer who agrees to assume, and has the resources to satisfy, all of Seller's remaining obligations under the Development Agreement between Grantor and Beneficiary with respect to the Premises. The determination in respect of the qualifications of the prospective transferee shall be based on a reasonable interpretation of public or private information. Notwithstanding anything contained herein to the contrary, Grantor shall be entitled to encumber the Property by executing and recording an inferior and subordinate deed of trust and security agreement in favor of Xxxxxxxx Capital Partners, L.C., a Virginia limited liability company, and its assigns (the "Second Mortgage Lender") securing a loan in the amount of Seven Million and 00/100 Dollars ($7,000,000.00) from Second Mortgage Lender to Grantor.
Conveyance of Premises. On the payment date specified in the notice of election to exercise the purchase option, or such other date as Tenant, Trustee and Landlord may mutually agree, Landlord shall convey the Premises to the State by statutory warranty deed modified to convey all of Landlord’s leasehold interest in the Land and its fee ownership interest in all improvements thereon constructed by Landlord, and this Lease shall terminate. Said deed may list as exceptions all covenants, conditions and restrictions then recorded against the Premises so long as such exceptions: (i) are set forth in Exhibit G attached hereto; (ii) consist of non- delinquent real estate taxes and assessments, or (iii) arise by reason of Tenant’s activities. Tenant
Conveyance of Premises. As used herein the term "Landlord" means only the current owner or owners of the fee title to the Building or the lessee under a ground lease of the Land. Upon each conveyance (whether voluntary or involuntary) of the Building, the conveying party shall be relieved of all liability under any and all of its covenants and obligations contained in or derived from this Lease or arising out of any act, occurrence or omission occurring after the date of such conveyance. Landlord may sell, assign, convey, encumber or otherwise transfer all or any portion of its interests in this Lease, the Premises, the Building or the Land.
Conveyance of Premises. Subject to the provisions of this Lease, as ---------------------- used herein the term "Landlord" means only the current owner or owners of the fee title to the Building or the lessee under a ground lease of the Land (and the owner of the Building). Upon each bona fide conveyance of the Landlord's entire interest in the Project to a bona fide purchaser for value who unconditionally assumes in writing for the benefit of Tenant each and all of such liabilities, covenants and obligations, the conveying party shall be relieved of all liability under any and all of its covenants and obligations contained in this Lease first arising out of any act, occurrence or omission occurring under this Lease after the date of such conveyance. Landlord may sell, assign, convey, encumber or otherwise transfer all or any portion of its interests in this Lease, the Premises, the Building, the Project or the Land.
Conveyance of Premises. Grantor hereby acknowledges to Grantee that (a) the identity and expertise of Grantor were and continue to be material circumstances upon which Grantee has relied in connection with, and which constitute valuable consideration to Grantee for, the extending to Grantor of the Indebtedness evidenced by the Note and (b) any change in such identity or expertise could materially impair or jeopardize the security for the payment of the Note granted to Grantee by this Deed to Secure Debt. Grantor hereby covenants and agrees with Grantee, as part of the consideration for the extending to Grantor of the Indebtedness evidenced by the Note, that without the express prior written approval of Grantee (which Grantee may withhold at its sole discretion), Grantor shall not encumber, pledge, convey, transfer or assign any or all of its interest in the Premises, and, if Grantor is a corporation, partnership or other artificial entity, there shall be no encumbrance, pledge, conveyance, transfer or assignment of any legal or beneficial interest whatsoever in Grantor. Such consent of Grantee may be given or withheld by Grantee at its sole discretion. This Section 1.18 is subject to Section 1.21.
Conveyance of Premises. On the Closing Date, Seller will convey the Premises by special warranty deed, free and clear of all liens and encumbrances except the Permitted Encumbrances.
Conveyance of Premises. Grantor shall not directly or indirectly encumber (by lien, junior mortgage, or otherwise), pledge, convey, transfer or assign any or all of its interest in the Premises without the prior written consent of Bond Trustee. Bond Trustee’s consent to such a transfer, if given in Bond Trustee’s sole discretion, shall not release or alter in any manner the liability of Grantor or anyone who has assumed or guaranteed the payment of the Secured Indebtedness or any portion thereof. At the option of Bond Trustee the Secured Indebtedness shall be immediately due and payable in the event that Grantor conveys all or any portion of the Premises or any interest therein, or in the event that Grantor’s equitable title thereto or interest therein shall be assigned, transferred or conveyed in any manner, without obtaining Bond Trustee’s prior written consent thereto, and any waiver or consent for any prior transfer shall not preclude Bond Trustee from declaring the Secured Indebtedness due and payable for any subsequent transfer. A change in control of Grantor shall constitute a transfer in violation of this restriction.
Conveyance of Premises. As used herein the term “Landlord” means only the current owner or owners of the fee title to the Building and Land or the lessee under a ground lease of the Land. Upon each conveyance (whether voluntary or involuntary) of the Building and Land, or entry into a ground lease for the Land, the conveying party shall be relieved of all Liabilities under any and all of its covenants and obligations contained in or derived from this Lease arising out of any matter, act, occurrence or omission occurring after the date of such conveyance. Landlord may sell, assign, convey, encumber or otherwise transfer all or any portion of its interest in this Lease, the Premises, the Building or the Land.
