Common use of Each Loan Party’s Obligation to Deliver Property Clause in Contracts

Each Loan Party’s Obligation to Deliver Property. Each Loan Party agrees for themselves respectively, and as applicable to each such Loan Party’s ownership, occupation or leasing of or conducting operations and activities at any Property that, in the event any Mortgage is foreclosed (whether judicially or by power of sale) or any such Loan Party tenders a deed in lieu of foreclosure or any such Loan Party otherwise voluntarily or involuntarily conveys possession of or title to the Property, such Loan Party shall deliver the Property or any parcel comprising such portion of the Property to the Collateral Agent in a condition that is in compliance with and not subject to any Lien under any applicable Environmental Laws and which could not be reasonably be expected to result in any Environmental Liability. The obligations of each Loan Party as set forth in this paragraph are strictly for the benefit of the Secured Parties and any successors and assigns of the Secured Parties as holders of any portion of the Obligations and shall not in any way impair or affect the Secured Parties’ right to foreclose against any parcel comprising a portion of the Property.

Each Loan Party’s Obligation to Deliver Property. Each Loan Party agrees for themselves respectivelyitself, and as applicable to each such Loan Party’s ownership, occupation or leasing of or conducting operations and activities at any Property that, in the event any Mortgage is foreclosed (whether judicially or by power of sale) or any such Loan Party tenders a deed in lieu of foreclosure or any such Loan Party otherwise voluntarily or involuntarily conveys possession of or title to the Property, such Loan Party shall deliver the Property or any parcel comprising such portion of the Property to the Collateral Agent in a condition that is in compliance with and not subject to any Lien under any applicable Environmental Laws and which could not be reasonably be expected to result in any Environmental Liability. The obligations of each Loan Party as set forth in this paragraph are strictly for the benefit of the Secured Parties and any successors and assigns of the Secured Parties as holders of any portion of the Obligations and shall not in any way impair or affect the Secured Parties’ right to foreclose against any parcel comprising a portion of the Property.