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, Mezzanine A Administrative Agent or Mezzanine B Administrative Agent, such consent or approval shall not be binding or controlling on Administrative Agent except to the extent otherwise expressly stated herein. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Lender, Mezzanine A Lender and Mezzanine B Lender in making the Mortgage Loan, Mezzanine A Loan and Mezzanine B Loan, respectively, 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, Mezzanine A Administrative Agent, Mezzanine B Administrative Agent and Administrative Agent may reasonably reach different conclusions, and (iii) subject to the express terms of this Agreement, Administrative Agent 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 Administrative Agent of a requested consent or approval shall not create any liability or other obligation of Administrative Agent if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan, Mezzanine A Loan or Mezzanine B Loan, and Borrower hereby waives, to the extent permitted by applicable law, any claim of liability against Administrative Agent 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 A Administrative Agent or Mezzanine B Loan Administrative Agent, such consent or approval shall not be binding or controlling on Administrative Agent except to the extent otherwise expressly stated hereinor Lender. Borrower hereby acknowledges and agrees that (i) the risks of Mortgage Lender, Mezzanine A Lender and Mezzanine B Lender in making the Mortgage Loan, Mezzanine A Loan and Mezzanine B Loan, respectively, are different from the risks of Lender Administrative Agent in making the Loan, (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval Mortgage Lenderapproval, Mezzanine A Administrative Agent, Mezzanine B Loan Administrative Agent and Administrative Agent may reasonably reach different conclusions, and (iii) subject to the express terms of this Agreement, Administrative Agent 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 Administrative Agent of a requested consent or approval in compliance with the standards of such consent set forth herein shall not create any liability or other obligation of Administrative Agent if the denial of such consent or approval results directly or indirectly in a default under the Mortgage Loan, Mezzanine A Loan or Mezzanine B LoanDocuments, and Borrower hereby waives, to the extent permitted by applicable law, waives any claim of liability against Administrative Agent arising from any such denialdenial unless Administrative Agent 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 Administrative Agent.