Common use of Maintenance of Larger Tract Clause in Contracts

Maintenance of Larger Tract. To the extent that the Property is either (i) part of a larger common ownership regime or planned development or (ii) parts of buildings in which Units are located are not part of the Property, Borrower will pay its commercially reasonable share of common expenses to be allocated to the Property. Borrower will use commercially reasonable efforts to cause all such property which is not part of the Property to be professionally managed in a first class manner substantially similar to the manner in which the Property is managed. 

Appears in 2 contracts

Samples: Loan and Security Agreement (BBX Capital Corp), Loan and Security Agreement (Bluegreen Vacations Corp)

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Maintenance of Larger Tract. To the extent that any of the Real Property is either (i) part of a larger common ownership regime or planned development or (ii) parts of buildings in which Units are located are not part of the Real Property, Borrower will pay its commercially reasonable share of common expenses to be allocated to between the PropertyReal Property and other property owned by Borrower. Borrower will use commercially reasonable efforts to cause all such property which is not part of the Real Property to be professionally managed in a first class manner substantially similar to the manner in which the Property is managed. manner.

Appears in 1 contract

Samples: Loan and Security Agreement (Equivest Finance Inc)

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Maintenance of Larger Tract. To the extent that the Property is either (i) part of a larger common ownership regime or planned development or (ii) parts of buildings in which Units are located are not part of the Property, Borrower will pay its commercially reasonable share of common expenses to be allocated to the Property. Borrower will use commercially reasonable efforts to cause all such property which BN 72497947v7 is not part of the Property to be professionally managed in a first class manner substantially similar to the manner in which the Property is managed. 

Appears in 1 contract

Samples: Loan and Security Agreement (Bluegreen Vacations Holding Corp)

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