Common use of Declarant’s Rights and Management Agreements Clause in Contracts

Declarant’s Rights and Management Agreements. Borrower covenants, pledges and agrees that until the Loan and all other amounts due and owing under the this Agreement and the other Loan Documents are paid in full Borrower will not, voluntarily or involuntarily, directly or indirectly, mortgage, pledge, assign, sell, transfer, hypothecate, encumber, convey or grant a security interest in any: (i) contract or agreement, whether written, oral or otherwise, whether now or hereafter existing, including any management or operating contract and agreement, between Borrower or any Affiliate of the Borrower and the governing body of any Resort, with respect to the management and operation of the Resort; or (ii) any rights of the Declarant (the “Declarant Rights”) arising under the Declaration creating any Resort, or under the Bylaws for the Resort, whether now or hereafter existing.

Declarant’s Rights and Management Agreements. Borrower covenants, pledges and agrees that until the Loan and all other amounts due and owing under the this Loan Agreement and the other Loan Documents are paid in full Borrower will not, voluntarily or involuntarily, directly or indirectly, mortgage, pledge, assign, sell, transfer, hypothecate, encumber, convey or grant a security interest in any: (i) contract or agreement, whether written, oral or otherwise, whether now or hereafter existing, including any management or operating contract and agreement, between Borrower or any Affiliate of the Borrower and the governing body of any Resort, with respect to the management and operation of the Resort; or (ii) any rights of the Declarant (the “Declarant Rights”) arising under the Declaration creating any Resort, or under the Bylaws for the Resort, whether now or hereafter existing.

Declarant’s Rights and Management Agreements. Borrower covenants, pledges and agrees that until the Loan and all other amounts due and owing under the this Agreement and the other Loan Documents are paid in full Borrower will not, voluntarily or involuntarily, directly or indirectly, mortgage, pledge, assign, sell, transfer, hypothecate, encumber, convey or grant a security interest in any: (i) contract or agreement, whether written, oral or otherwise, whether now or hereafter existing, including any management or operating contract and agreement, between Borrower or any Affiliate of the Borrower and the governing body of any Resort, with respect to the management and operation of the Resort; or (ii) any rights of the Declarant (the “Declarant Rights”) arising under the Declaration creating any Resort, or under the Bylaws for the Resort, whether now or hereafter existing.