Common use of Landlord May Grant Lien Clause in Contracts

Landlord May Grant Lien. Upon Notice xxxx Xxxxxord to Tenant and with the Operator's consent, to the extent required by the Operating Agreement, Landlord may from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any Encumbrance upon the Leased Property shall be non-recourse to the Tenant. The aggregate principal balance of all Encumbrances upon the Leased Property shall be no greater than seventy-five percent (75%) of the fair market value of the Retirement Community without the prior written consent of Tenant. For the purposes hereof, the fair market value of the Retirement Community shall mean the dollar amount resulting by multiplying the excess of Total Facility Revenues over Property Expenses during the thirteen (13) full Accounting Periods immediately preceding the Accounting Period in which the calculation is made by ten (10).

Landlord May Grant Lien. Upon Notice xxxx Xxxxxord to from Xxxxxxxx xo Tenant and with the Operator's consent, to the extent required by the Operating Agreement, Landlord may from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any Encumbrance upon the Leased Property shall be non-recourse to the Tenant. The aggregate principal balance of all Encumbrances upon the Leased Property shall be no greater than seventy-five percent (75%) of the fair market value of the Retirement Community without the prior written consent of Tenant. For the purposes hereof, the fair market value of the Retirement Community shall mean the dollar amount resulting by multiplying the excess of Total Facility Revenues over Property Expenses during the thirteen (13) full Accounting Periods immediately preceding the Accounting Period in which the calculation is made by ten (10).

Landlord May Grant Lien. Upon Notice xxxx Xxxxxord fxxx Xxxxxxrd to Tenant and with the Operator's consent, to the extent required by the Operating Agreement, Landlord may from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any Encumbrance upon the Leased Property shall be non-recourse to the Tenant. The aggregate principal balance of all Encumbrances upon the Leased Property shall be no greater than seventy-five percent (75%) of the fair market value of the Retirement Community without the prior written consent of Tenant. For the purposes hereof, the fair market value of the Retirement Community shall mean the dollar amount resulting by multiplying the excess of Total Facility Revenues over Property Expenses during the thirteen (13) full Accounting Periods immediately preceding the Accounting Period in which the calculation is made by ten (10).

Landlord May Grant Lien. Upon Notice xxxx Xxxxxord fxxx Xxxxxxrd to Tenant and with the Operator's consent, to the extent required by the Operating Agreement, Landlord may from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any Encumbrance upon the Leased Property shall be non-recourse to the Tenant. The aggregate principal balance of all Encumbrances upon the Leased Property shall be no greater than seventy-five percent (75%) of the fair market value of the Retirement Community without the prior written consent of Tenant. For the purposes hereof, the fair market value of the Retirement Community shall mean the dollar amount resulting by multiplying the excess of Total Facility Revenues over Property Expenses during the thirteen (13) full Accounting Periods immediately preceding the Accounting Period in which the calculation is made by ten (10).

Landlord May Grant Lien. Upon Notice xxxx Xxxxxord to Tenant and with the Operator's consent, to the extent required by the Operating Agreement, Landlord may from time to time, directly or indirectly, create or otherwise cause to exist any lien, encumbrance or title retention agreement ("Encumbrance") upon the Leased Property, or any portion thereof or interest therein, whether to secure any borrowing or other means of financing or refinancing. Any Encumbrance upon the Leased Property shall be non-recourse to the Tenant. The aggregate principal balance of all Encumbrances upon the Leased Property shall be no greater than seventy-five percent (75%) of the fair market value of the Retirement Community without the prior written consent of Tenant. For the purposes hereof, the fair market value of the Retirement Community shall mean the dollar amount resulting by multiplying the excess of Total Facility Revenues over Property Expenses during the thirteen (13) full Accounting Periods immediately preceding the Accounting Period in which the calculation is made by ten (10).