Encumbrances on the Property. This Agreement shall not prevent or limit Developer (in its sole discretion), from encumbering the Property (in any manner) or any portion thereof or any improvement thereon by any mortgage, deed of trust, assignment of rents or other security device securing financing with respect to the Property (a “Mortgage”). Each mortgagee of a mortgage or a beneficiary of a deed of trust (each, a “Secured Lender”) on the Property shall be entitled to the rights and privileges set forth in this Article 12. Any Secured Lender may require from the City certain interpretations of this Agreement. The City shall from time to time, upon request made by Developer, meet with Developer and representatives of each of its Secured Lenders to negotiate in good faith any Secured Lender’s request for interpretation of any part of this Agreement. The City will not unreasonably withhold, condition or delay the delivery to a Secured Lender of the City’s written response to any such requested interpretation.
Encumbrances on the Property. The Parties hereto agree that this Agreement
Encumbrances on the Property. This Agreement shall not prevent or limit Developer or Owner (in their sole discretion), from encumbering the Property (in any manner) or any portion thereof or any improvement thereon by any mortgage, deed of trust, assignment of rents or other security device securing financing with respect to the Property or the Developer’s ground lease (a “Mortgage”). Each mortgagee of a mortgage or a beneficiary of a deed of trust (each, a “Secured Lender”) on the Property or on Developer’s ground lease shall be entitled to the rights and privileges set forth in this Article 12. Any Secured Lender may require from the City certain interpretations of this Agreement. The City shall from time to time, upon request made by Developer or Owner, meet with Developer/Owner and representatives of each of its Secured Lenders to negotiate in good faith any Secured Lender’s request for interpretation of any part of this Agreement. The City will not unreasonably withhold, condition or delay the delivery to a Secured Lender of the City’s written response to any such requested interpretation.
Encumbrances on the Property. The Parties hereto agree that this Agreement shall not prevent or limit Landowner, in any manner, from encumbering the Property or any portion thereof or any improvements thereon with any Mortgage securing financing with respect to the construction, development, use, or operation of the Property.
Encumbrances on the Property. The Parties hereto agree that this Agreement shall not prevent or limit the Developer, from encumbering the Property or any estate or interest therein, portion thereof, or any improvement thereon, in any manner whatsoever by one or more mortgages, deeds of trust, sale and leaseback, or other form of secured financing (“Mortgage”) with respect to the construction, development, use or operation of the Project and parts thereof. The Planning Department acknowledges that the lender(s) providing such Mortgages may require certain Agreement interpretations and modifications and agrees, upon request, from time to time, to meet with the Developer and representatives of such lender(s) to negotiate in good faith any such request for interpretation or modification. The Planning Department will not unreasonably withhold, delay or condition its consent to any such requested interpretation or modification, provided such interpretation or modification is consistent with the intent and purposes of this Agreement.
Encumbrances on the Property. The parties hereto agree that this Agreement shall not prevent or limit Developer, in any manner, at Developer’s sole discretion, from encumbering the Property or any portion thereof or any improvement thereon by any mortgage, deed of trust or other security device securing financing with respect to all or a portion of the Property (“Mortgage”). The City acknowledges that the lender(s) providing such financing may require certain Agreement interpretations and agrees upon request, from time to time, to meet with Developer and representatives of such lender(s) to negotiate in good faith any such request for interpretation. The City will not unreasonably withhold its consent to any such requested interpretation provided such interpretation is consistent with the intent and purposes of this Agreement. Any mortgagee of a mortgage or a beneficiary of a deed of trust (“Mortgagee”) on the Property shall be entitled to the rights and privileges set forth in this Article 12.
Encumbrances on the Property. This Agreement shall not prevent or limit MINI of Santa Xxxxxx (in its sole discretion), from encumbering the Property (in any manner) or any portion thereof or any improvement thereon by any mortgage, deed of trust, assignment of rents or other security device securing financing with respect to the Property (a “Mortgage”). Each mortgagee of a mortgage or a beneficiary of a deed of trust (each, a “Secured Lender”) on the Property shall be entitled to the rights and privileges set forth in this ARTICLE 12. Any Secured Lender may require from the City certain interpretations of this Agreement. The City shall from time to time, upon request made by MINI of Santa Xxxxxx, meet with MINI of Santa Xxxxxx and representatives of each of its Secured Lenders to negotiate in good faith any Secured Lender’s request for interpretation of any part of this Agreement. The City will not unreasonably withhold, condition or delay the delivery to a Secured Lender of the City’s written response to any such requested interpretation.
Encumbrances on the Property. The Parties hereto agree that this Agreement shall not prevent or limit any of the Developer Parties, in any manner, from encumbering the Property or any portion thereof or any improvements thereon with any Mortgage securing financing with respect to the construction, development, use, or operation of the Project.
Encumbrances on the Property. (a) The Property is subject to and encumbered by those certain Leases described on Exhibit B hereto (as amended, the “Leases”), by and between the Company, as landlord, and Gartner, Inc., a Delaware corporation (“Tenant”), as tenant.
(b) Purchaser acknowledges that the Company has incurred mortgage loan indebtedness secured by the Property as follows:
(i) a senior mortgage loan in the original principal amount of Fifty-Seven Million One Hundred Fifty-Eight Thousand Twenty-Four and 17/100 Dollars ($57,158,024.17) (the “Senior Loan”); and (ii) a subordinated mortgage loan in the original principal amount of Sixteen Million Two Hundred Sixty-Nine Thousand Eight Hundred Eighty-Eight and 45/100 Dollars ($16,269,888.45) (the “Subordinated Loan”). The Senior Loan is evidenced by a certain 3.49% Senior Secured Note, Due March 15, 2030, issued October 13, 2016 (the “Senior Note”) by the Company, payable to the order of Xxxxx Fargo Bank Northwest, National Association, as Trustee of the Ft. Xxxxx, Florida 2016 (Senior Note) CTL Pass-Through Trust (together with its successors and assigns, “Senior Lender”), which Senior Note is secured and/or evidenced by, among other things, the Senior Loan Documents (hereinafter defined). The Subordinated Loan is evidenced by a certain $16,269,888.45 Capital Appreciation Subordinated Secured Note, Due March 15, 2030, issued October 13, 2016 (the “Subordinated Note”) by the Company, payable to the order of Xxxxx Fargo Bank Northwest, National Association, as Trustee of the Ft. Xxxxx, Florida 2016 (Subordinated Note) CTL Pass-Through Trust (together with its successors and assigns, “Subordinated Lender”), which Subordinated Note is secured and/or evidenced by, among other things, the Subordinated Loan Documents (hereinafter defined). As used herein, the term “Senior Loan Documents” shall mean the documents, instruments and agreements evidencing, securing or relating to the Senior Note specified on Schedule 1.2(b) hereto, the term “Subordinated Loan Documents” shall mean the documents, instruments and agreements evidencing, securing or relating to the Subordinated Note specified on Schedule 1.2(b) hereto, and the Senior Loan Documents and the Subordinated Loan Documents shall be referred to herein collectively as the “Loan Documents.”
Encumbrances on the Property. The parties hereto agree that this Agreement shall not prevent or limit Developer, in any manner, at Developer’s sole discretion, from granting a Mortgage. The City acknowledges that the lender(s) providing the financing secured thereby may require certain Agreement interpretations and agrees upon request, from time to time, to meet with Developer and representatives of such lender(s) to negotiate in good faith any such request for interpretation. The City will not unreasonably withhold its consent to any such requested interpretation provided such interpretation is consistent with the intent and purposes of this Agreement. Any Mortgagee shall be entitled to the rights and privileges set forth in this Article 12.
