Common use of Encumbered Property Indebtedness Clause in Contracts

Encumbered Property Indebtedness. Borrower shall cause each Encumbered Property Owner to comply in all material respects with all of their respective obligations and liabilities under the Encumbered Property Debt Documents to which each is a party, in each case except to the extent that any failure to so comply would not have a Material Adverse Effect on the value of any of the Encumbered Properties or the Collateral. Borrower shall cause each Encumbered Property Owner, promptly upon receipt of any notice of breach or default under any Encumbered Property Debt Documents, to deliver a copy of the same to Lender and to grant access to, and otherwise cooperate with, Lender to permit Lender, subject to the Encumbered Property Debt Documents, to cure such default to the same extent as the right granted to Lender under Section 7.2(c) to cure an Event of Default with respect to any Mortgage Loan Collateral Property. The actual costs and expenses incurred by Lender in exercising rights under this paragraph (including reasonable attorneys’ fees), with interest at the Default Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Loan Documents and shall be due and payable to Lender within 5 Business Days of demand therefor. Within 30 days of the Closing Date, Borrower shall take all steps necessary to cause Lender to be a notice party under the Encumbered Property Debt Documents.

Encumbered Property Indebtedness. Borrower shall cause each Encumbered Property Owner to comply in all material respects with all of their respective obligations and liabilities under the Encumbered Property Debt Indebtedness Documents to which each is a party, in each case except to the extent that any failure to so comply would not have a Material Adverse Effect material adverse effect on the value of any of the Encumbered Properties or the Collateralcollateral securing the Encumbered Property Pledge Agreements taken as a whole. Borrower shall cause each Encumbered Property Owner, promptly upon receipt of any notice of breach or default under any Encumbered Property Debt Indebtedness Documents, to deliver a copy of the same to Lender and to grant access to, and otherwise cooperate with, Lender to permit Lender, subject to the Encumbered Property Debt Documents, Lender to cure such default to the same extent extent, and subject to the same conditions, as the right granted to Lender under Section 7.2(c) to cure an Event of Default with respect to any Mortgage Loan Collateral Mortgaged Property. The actual costs and expenses incurred by Lender in exercising rights under this paragraph (including reasonable attorneys’ fees), with interest at the Default Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Mortgages and other Loan Documents and shall be due and payable to Lender within 5 Business Days of upon demand therefor. Within 30 days of the Closing Date, Borrower shall take all steps necessary to cause Lender to be a notice party under the Encumbered Property Debt Documents.

Encumbered Property Indebtedness. Borrower shall cause Senior Mezzanine Borrower to cause each Encumbered Property Owner to comply in all material respects with all of their respective obligations and liabilities under the Encumbered Property Debt Documents to which each is a party, in each case except to the extent that any failure to so comply would not have a Material Adverse Effect on the value of any of the Encumbered Properties or the Collateral. Borrower shall cause Senior Mezzanine Borrower to cause each Encumbered Property Owner, promptly upon receipt of any notice of breach or default under any Encumbered Property Debt Documents, to deliver a copy of the same to Lender and to grant access to, and otherwise cooperate with, Lender to permit Lender, subject to the Encumbered Property Debt Documents and the rights of Senior Mezzanine Lender under the Senior Mezzanine Loan Documents, to cure such default to the same extent as the right granted to Lender under Section 7.2(c) to cure an Event of Default with respect to any Mortgage Loan Collateral Property. The actual costs and expenses incurred by Lender in exercising rights under this paragraph (including reasonable attorneys’ fees), with interest at the Default Rate for the period after notice from Lender that such costs or expenses were incurred to the date of payment to Lender, shall constitute a portion of the Indebtedness, shall be secured by the Loan Documents and shall be due and payable to Lender within 5 Business Days of demand therefor. Within 30 days of the Closing Date, Borrower shall take all steps necessary to cause Junior Mezzanine Lender to be a notice party under the Encumbered Property Debt Documents.