Common use of Ground Lease Estoppel Clause in Contracts

Ground Lease Estoppel. Borrower shall, on or prior to May 28, 2008, either (i) effect the substitution of the Properties commonly known as “Paris Las Vegas” and “Xxxxxx’x Xxxxxxxx” for the Individual Properties referred to as “Xxxxxx’x Lake Tahoe”, “Xxxxxx’x Lake Tahoe”, “Bill’s Lake Tahoe” and “Showboat Atlantic City” as described in Section 2.5.2 of this Agreement or (ii) (x) cause the occurrence of the events set forth in paragraph 1, clause (ii) of the Ground Lease Side Letter and (y) in connection therewith, deliver to Lender updates to its UCC Title Insurance Policy and any endorsements to the Mortgage Borrower’s owner’s policies delivered to Lender in connection with the closing of the Loan, together with such other documents, instruments and new or updated opinions (including as to enforceability, non-consolidation and true lease matters) as Lender may reasonably request. The failure by Borrower to cause the occurrence of the event described in clause (i) or of the events described in clause (ii) above, on or prior to May 28, 2008 shall constitute a “Ground Lease Estoppel Trigger Event” hereunder, but shall not constitute a Default or an Event of Default hereunder.

Ground Lease Estoppel. Borrower shall, on or prior to May 28, 2008, either (i) effect the substitution of the Properties commonly known as “Paris Las Vegas” and “Xxxxxx’x Xxxxxxxx” for the Individual Properties referred to as “Xxxxxx’x Lake Tahoe”, “Xxxxxx’x Lake Tahoe”, “Bill’s Lake Tahoe” and “Showboat Atlantic City” as described in Section 2.5.2 of this Agreement or (ii) (x) cause the occurrence of the events set forth in paragraph 1, clause (ii) of the Ground Lease Side Letter and (y) in connection therewith, deliver to Lender updates to its UCC Title Insurance Policy and any endorsements to the Mortgage Borrower’s owner’s policies delivered to Lender in connection with the closing of the Loan, together with such other documents, instruments and new or updated opinions (including as to enforceability, non-consolidation and true lease matters) as Lender may reasonably request. The failure by Borrower to cause the occurrence of the event described in clause (i) or of the events described in clause (ii) above, on or prior to May 28, 2008 shall constitute a “Ground Lease Estoppel Trigger Event” hereunder, but shall not constitute a Default or an Event of Default hereunder.

Ground Lease Estoppel. Borrower shall, on or prior to May 28, 2008, either (i) effect the substitution of the of the Properties commonly known as “Paris Las Vegas” and “Xxxxxx’x Xxxxxxxx” for the Individual Properties referred to as “Xxxxxx’x Lake Tahoe”, “Xxxxxx’x Lake Tahoe”, “Bill’s Lake Tahoe” and “Showboat Atlantic City” as described in Section 2.5.2 of this Agreement or (ii) (x) cause the occurrence of the events set forth in paragraph 1, clause (ii) of the Ground Lease Side Letter and (y) in connection therewith, deliver to Lender updates to its UCC Title Insurance Policy and any endorsements to the Mortgage Borrower’s owner’s policies delivered to Lender in connection with the closing of the Loan, together with such other documents, instruments and new or updated opinions (including as to enforceability, non-consolidation and true lease matters) as Lender may reasonably request. The failure by Borrower to cause the occurrence of the event described in clause (i) or of the events described in clause (ii) above, on or prior to May 28, 2008 shall constitute a “Ground Lease Estoppel Trigger Event” hereunder, but shall not constitute a Default or an Event of Default hereunder.