Common use of Landlord May Grant Liens Clause in Contracts

Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth in this Section 20.1, 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, provided that any such Encumbrance shall not secure a maximum principal amount in excess of (x) seventy percent (70%) of the Allocable Purchase Price of the Leased Property if secured only by the Leased Property or sixty percent (60%) of the Allocable Purchase Prices of such Collective Leased Properties as secure such Encumbrance if secured by the Leased Property and one or more of the other Collective Leased Properties or (y) a sixty percent (60%) loan to value ratio if one or more of the Collective Leased Properties are pooled with other Marriott brand properties. Any such Encumbrance shall provide (subject to Section 20.2) that it is subject to the rights of Tenant under this Agreement. Landlord shall not cross collateralize the Leased Property with any property which is not flagged as a Marriott brand.

Landlord May Grant Liens. Without the consent of Tenant, Landlord may, subject to the terms and conditions set forth in this Section 20.1, 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, provided that any such Encumbrance Encumbrance, when added to all existing Encumbrances affecting the Leased Property, shall not secure a maximum principal amount in excess of (x) seventy percent (70%) of the Allocable Purchase Price of the Leased Property if secured only by the Leased Property or sixty percent (60%) of the Allocable Purchase Prices of such Collective Leased Properties as secure such Encumbrance if secured by the Leased Property and one or more of the other Collective Leased Properties or (y) a sixty percent (60%) loan to value ratio if one or more of the Collective Leased Properties are pooled with other Marriott brand properties. Any such Encumbrance shall provide (subject to Section 20.2) that it is subject to the rights of Tenant under this Agreement. Landlord shall not cross collateralize the Leased Property with any property which is not flagged as a Marriott brand.