Common use of Independent Approval Rights Clause in Contracts

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Lender in making the Mortgage Loan and the risks of the Senior Mezzanine Lender in making the Senior Mezzanine Loan are different from the risks of Lender in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lender, Senior Mezzanine Lender and Lender may reasonably reach different conclusions, and (iii) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of view. Further, the denial by Lender of a requested consent or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan or the Senior Mezzanine Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denial.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine A Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Mezzanine A Lender in making the Mortgage Loan and the risks of the Senior Mezzanine Lender in making the Senior Mezzanine A Loan are different from the risks of Lender in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lenderapproval, Senior Mezzanine A Lender and Lender may reasonably reach different conclusions, and (iii) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of view, but subject to the standards of consent set forth herein. FurtherFurthermore, the denial by Lender of a requested consent or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan or the Senior Mezzanine A Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denialdenial unless Lender has not complied with any applicable standard for consent. The rights described above may be exercised by any entity which owns and controls, directly or indirectly, substantially all of the interests in Lender.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine B Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Mezzanine B Lender in making the Mortgage Loan and the risks of the Senior Mezzanine Lender in making the Senior Mezzanine B Loan are different from the risks of Lender in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lenderapproval, Senior Mezzanine B Lender and Lender may reasonably reach different conclusions, and (iii) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of view, but subject to the standards of consent set forth herein. FurtherFurthermore, the denial by Lender of a requested consent or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan or the Senior Mezzanine B Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denialdenial unless Lender has not complied with any applicable standard for consent. The rights described above may be exercised by any entity which owns and controls, directly or indirectly, substantially all of the interests in Lender.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine Mezz Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges and agrees that (ia) the risks of Mortgage Lender in making the Mortgage Loan and the risks of the Senior Mezzanine Mezz Lender in making the Senior Mezzanine Mezz Loan are different from the risks of Lender in making the Loan, (iib) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lender, Senior Mezzanine Mezz Lender and Lender may reasonably reach different conclusions, and (iiic) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of viewview in accordance with the terms hereof. Further, the denial by Lender of a requested consent or approval in accordance with the Loan Documents shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan or and/or the Senior Mezzanine Mezz Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denial.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine First Mez Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges and agrees that (ia) the risks of Mortgage Lender in making the Mortgage Loan and the risks of the Senior Mezzanine First Mez Lender in making the Senior Mezzanine First Mez Loan are different from the risks of Lender in making the Loan, (iib) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lender, Senior Mezzanine First Mez Lender and Lender may reasonably reach different conclusions, and (iiic) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of viewview in accordance with the terms hereof. Further, the denial by Lender of a requested consent or approval in accordance with the Loan Documents shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan or and/or the Senior Mezzanine First Mez Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denial.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender, Mezzanine B Lender or Senior Mezzanine A Lender, as applicable, such consent or approval shall not be binding or controlling on LenderLender to the extent Lender has a consent or approval right under the Loan Documents. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Lender in making the Mortgage Loan and the risks of the Senior Mezzanine A Lender in making the Senior Mezzanine A Loan and the risks of Mezzanine B Lender in making the Mezzanine B Loan are different from the risks of Lender in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lender, Senior Mezzanine A Lender, Mezzanine B Lender and Lender may reasonably reach different conclusions, and (iii) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of view. Further, the denial by Lender of a requested consent or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan, the Mezzanine B Loan or the Senior Mezzanine A Loan, and Borrower hereby waives any claim of liability against Lender arising from any such denial.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine Lender, such consent or approval shall not be binding or controlling on Mezzanine Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Lender in making the Mortgage Loan and the risks of the Senior Mezzanine Lender Lenders in making the Senior Mezzanine Loan Loans are different from the risks of Mezzanine Lender in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lender, any Senior Mezzanine Lender and Mezzanine Lender may reasonably reach different conclusions, and (iii) Mezzanine Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of viewview (but subject to the duty to act reasonably and in good faith, as may be expressly set forth in this Agreement). Further, the denial by Mezzanine Lender of a requested consent or approval shall not create any liability or other obligation of Mezzanine Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan or the any Senior Mezzanine Loan, and Borrower hereby waives any claim of liability against Mezzanine Lender arising from any such denial.

Independent Approval Rights. If any action, proposed action or other decision is consented to or approved by Mortgage Lender or Senior Mezzanine Lender, such consent or approval shall not be binding or controlling on Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Lender in making the Mortgage Loan and the risks of the Senior Mezzanine Lender in making the Senior Mezzanine Loan are different from the risks of Lender in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lenderapproval, Senior Mezzanine Lender and Lender may reasonably reach different conclusions, and (iii) Lender has an absolute independent right to grant, deny, withhold or condition any requested consent or approval based on its own point of view, but subject to the standards of consent set forth herein. FurtherFurthermore, the denial by Lender of a requested consent or approval shall not create any liability or other obligation of Lender if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Mezzanine Loan or the Senior Mezzanine LoanDocuments, and Borrower hereby waives any claim of liability against Lender arising from any such denialdenial unless Lender has not complied with any applicable standard for consent. The rights described above may be exercised by any entity which owns and controls, directly or indirectly, substantially all of the interests in Lender.