Common use of Fee-Owned Real Estate Assets Clause in Contracts

Fee-Owned Real Estate Assets. In the event that any Note Party acquires a fee-owned Material Real Estate Asset on or after the Initial Note Date or a fee-owned Real Estate Asset owned as of or after the Initial Note Date is or becomes a fee-owned Material Real Estate Asset and such interest has not otherwise been made subject to the Lien of the Collateral Documents in favor of Collateral Agent, for the benefit of Secured Parties, then, on and after the thirtieth (30th) day after the Initial Note Date, such Note Party shall promptly notify Collateral Agent thereof, and (i) on the same date as acquiring such fee-owned Material Real Estate Asset or within thirty (30) days after such Real Estate Asset becoming a Material Real Estate Asset (if acquired or becoming a Material Real Estate Asset after the thirtieth (30th) day after the Initial Note Date), or (ii) within thirty (30) days after the Initial Note Date with respect to fee-owned Material Real Estate Assets owned on or prior to the thirtieth (30th) day after the Initial Note Date (or, in the case of clause (i) or (ii), at such later time as is approved by Collateral Agent in its reasonable discretion), shall take all such actions and execute and deliver, or cause to be executed and delivered, all such Mortgaged Real Estate Documents with respect to each such fee-owned Material Real Estate Asset that are advisable or as Collateral Agent shall reasonably request to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such fee-owned Material Real Estate Asset.

Fee-Owned Real Estate Assets. In the event that any Note Party acquires a fee-owned Material Real Estate Asset on or after the Initial Note Date or a fee-owned Real Estate Asset owned as of or after the Initial Note Date is or becomes a fee-owned Material Real Estate Asset and such interest has not otherwise been made subject to the Lien of the Collateral Documents in favor of Collateral Agent, for the benefit of Secured Parties, then, on and after the thirtieth (30th) day after the Initial Note Date, such Note Party shall promptly notify Collateral Agent thereof, and (i) on the same date as acquiring such fee-owned Material Real Estate Asset or within thirty (30) days after such Real Estate Asset becoming a Material Real Estate Asset (if acquired or becoming a Material Real Estate Asset after the thirtieth (30th) day after the Initial Note Date), or (ii) within thirty (30) days after the Initial Note Date with respect to fee-owned Material Real Estate Assets owned on or prior to the thirtieth (30th) day after the Initial Note Date (or, in the case of clause (i) or (ii), at such later time as is approved by Collateral Agent in its reasonable discretion), shall take all such actions and execute and deliver, or cause to be executed and delivered, all such Mortgaged Real Estate Documents with respect to each such fee-owned Material Real Estate Asset that are advisable or as Collateral Agent shall reasonably request to create in favor of Collateral Agent, for the benefit of Secured Parties, a valid and, subject to any filing and/or recording referred to herein, perfected First Priority security interest in such fee-owned Material Real Estate Asset.