Cooperative Assignment. With respect to each Cooperative Mortgage Loan, each acceptance of assignment and assumption of lease agreement contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization of the benefits of the security provided thereby. The acceptance of assignment and assumption of lease agreement contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Note in the event the Cooperative Unit is transferred or sold without the consent of the holder thereof.
Cooperative Assignment. With respect to each Cooperative Mortgage Loan, each acceptance of assignment and assumption of lease agreement contains enforceable provisions such as to render the rights and remedies of the holder thereof adequate for the realization of the benefits of the security provided thereby. The acceptance of assignment and assumption of lease agreement contains an enforceable provision for the acceleration of the payment of the unpaid principal balance of the Note in the event the Cooperative Unit is transferred or sold without the consent of the holder thereof. SCHEDULE 1-B REPRESENTATIONS AND WARRANTIES WITH RESPECT TO POOLED MORTGAGE LOANS Seller makes the following representations and warranties to Buyer with respect to each Pooled Mortgage Loan, as of the Purchase Date for such Mortgage Loan and at all times while such Pooled Mortgage Loan is subject to a Transaction hereunder. With respect to those representations and warranties which are made to the best of Seller’s knowledge, if it is discovered by Seller or Buyer that the substance of such representation and warranty is inaccurate, notwithstanding such Seller’s lack of knowledge with respect to the substance of such representation and warranty, such inaccuracy shall be deemed a breach of the applicable representation and warranty for purposes of determining Asset Value.
Cooperative Assignment. Except as otherwise provided by this Agreement, Cooperative shall not assign, subcontract, sublet or delegate its rights, privileges or obligations under this Agreement without the prior written approval of Host Town, provided that prior notice to or consent of Host Town shall not be required: (i) for an assignment or transfer by Cooperative to any of its other individual Cooperative Members; (ii) for any assignment or transfer by Cooperative to Contractor; and (iii) for a collateral assignment by Cooperative to any Financier, subject to the terms and conditions of this Article XI. For assignments requiring Host Town’s approval, approval may be denied in the reasonable discretion of Host Town if it determines that the proposed assignee does not have at least the same financial and technical ability as the assigning Cooperative. Notwithstanding the foregoing, Host Town may not unreasonably withhold its consent to an assignment to an affiliated entity under common control or management with Cooperative. Cooperative’s assignee shall agree in writing to be bound by the terms and conditions of this Agreement.
