Common use of Immaterial Transfers and Easements, etc Clause in Contracts

Immaterial Transfers and Easements, etc. Provided no Event of Default exists, the Borrowers may, without the consent of Lender, (i) make immaterial Transfers of portions of the any Property to Governmental Authorities for dedication for public use, and (ii) grant easements, restrictions, covenants, reservations and rights of way with respect to any Property in the ordinary course of business for access, water and sewer lines, telephone and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such transfer, conveyance or encumbrance set forth in the foregoing clauses (i) and (ii) shall materially impair the utility and operation of such Property or have a Material Adverse Effect on the value of such Property taken as a whole. In connection with any Transfer permitted pursuant to this Section 11.7, Lender shall execute and deliver any instrument reasonably necessary or appropriate, in the case of the Transfers referred to in clause (i) above, to release the portion of such Property affected by such transfer from the lien of the applicable Mortgage or to subordinate the applicable Mortgage to any such easement, restriction, covenant, reservation or right of way within ten (10) days of Lender's receipt of the following:

Immaterial Transfers and Easements, etc. Provided no Event of Default exists, the Borrowers may, without the consent of Lender, (i) make immaterial Transfers of portions of the any applicable Property to Governmental Authorities for dedication for public use, and (ii) grant easements, restrictions, covenants, reservations and rights of way with respect to any Property in the ordinary course of business for access, water and sewer lines, telephone and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such transfer, conveyance or encumbrance set forth in the foregoing clauses (i) and (ii) shall materially impair the utility and operation of such Property or have a Material Adverse Effect on the value of such Property taken as a whole. In connection with any Transfer permitted pursuant to this Section 11.7, Lender shall execute and deliver any instrument reasonably necessary or appropriate, in the case of the Transfers referred to in clause (i) above, to release the portion of such Property affected by such transfer from the lien of the applicable Mortgage or Deed of Trust to subordinate the applicable Mortgage to any such easementeasements, restrictionrestrictions, covenantcovenants, reservation or right reservations and rights of way or other similar grants within ten (10) days of Lender's receipt of the following:

Immaterial Transfers and Easements, etc. Provided no Event of Default exists, the Borrowers (a) Borrower may, without the consent of Lender, (i) make immaterial Transfers of unimproved, non-income producing portions of the any Individual Property to Governmental Authorities for dedication for or public useuse (each an “Outparcel”), and (ii) grant easements, restrictions, covenants, reservations and rights of way with respect to any Property in the ordinary course of business for access, water and sewer lines, telephone and telegraph or other fiber optic or other data transmission lines, electric lines or other utilities or for other similar purposes, provided that no such transferTransfer, conveyance or encumbrance set forth in the foregoing clauses (i) and or (ii) shall materially impair the utility and operation of such any Individual Property or reasonably be expected to, or does, have a Material Adverse Effect on the value of such Property taken as a wholeEffect. In connection with any Transfer permitted pursuant to this Section 11.77.5, Lender shall execute and deliver any instrument reasonably necessary or appropriate, in the case of the Transfers referred to in clause (i) above, to release the portion of such the Individual Property affected by such transfer Condemnation or such Transfer from the lien Lien of the applicable Mortgage or or, in the case of clause (ii) above, to subordinate the Lien of the applicable Mortgage to any such easementeasements, restrictionrestrictions, covenantcovenants, reservation or right reservations and rights of way within ten (10) days of Lender's or other similar grants upon receipt of the followingby Lender of:

Immaterial Transfers and Easements, etc. Provided no Event of Default exists, the Borrowers may, without the consent of Lender, (i) make immaterial Transfers of portions of the any Property to Governmental Authorities for dedication for public use, and (ii) grant easements, restrictions, covenants, reservations and rights of way with respect to any Property in the ordinary course of business for access, water and sewer lines, telephone and telegraph lines, electric lines or other utilities or for other similar purposes, provided that no such transfer, conveyance or encumbrance set forth in the foregoing clauses (i) and (ii) shall materially impair the utility and operation of such Property or have a Material Adverse Effect on the value of such Property taken as a whole. In connection with any Transfer permitted pursuant to this Section 11.7, Lender shall execute and deliver any instrument reasonably necessary or appropriate, in the case of the Transfers referred to in clause (i) above, to release the portion of such Property affected by such transfer from the lien of the applicable Mortgage or to subordinate the applicable Mortgage to any such easement, restriction, covenant, reservation or right of way within ten (10) days of Lender's receipt of the following:.................................................................................... 98 xxii