Common use of Encumbrances on the Property Clause in Contracts

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. 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 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 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 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 City‟s written response to any such requested interpretation.