Management of the Mortgaged Property Sample Clauses

Management of the Mortgaged Property. For purposes hereof, a "Qualifying Manager" shall mean Parkway Realty Services, LLC, a Delaware limited liability company, and any other property manager acceptable to Lender that, as of the date of such designation, manages not less than five million (5,000,000) rentable square feet of first-class office space in Chicago, Illinois and, if the Loan is the subject of a Securitization, which is approved pursuant to a Rating Agency Confirmation as hereinafter set forth. Borrower shall notify Lender and, if the Loan is the subject of a Securitization, the Rating Agencies in writing (and shall deliver a copy of the proposed management agreement) of any entity proposed to be designated as a Qualifying Manager of the Property not less than thirty (30) days before such Qualifying Manager begins to manage the Property and, if the Loan is the subject of a Securitization, shall obtain prior to any appointment of a Qualifying Manager a Rating Agency Confirmation. Any modifications or amendments to the existing management agreement shall be subject to the prior written consent of the Lender, which consent shall not be unreasonably withheld or delayed. It is acknowledged and agreed that a Qualifying Manager may be retained at Lxxxxx's direction at any time following the occurrence and during the continuance of an Event of Default. Upon the retention of a Qualifying Manager, Lxxxxx shall have the right to approve (which approval shall not be unreasonably withheld or delayed) any new management agreement with such Qualifying Manager. If the Loan is the subject of a Securitization, Borrower shall provide a copy of such new management agreement to the Rating Agencies. It is acknowledged and agreed that, pursuant to the Manager's Consent, Lxxxxx has certain rights to terminate the Management Agreement. ARTICLE
Sample 1
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Management of the Mortgaged Property. (a) Mortgagors covenant and agree with Mortgagee that the Mortgaged Property will be managed at all times in a manner consistent with past practice by the Manager pursuant to the Property Management Agreement or by another manager reasonably acceptable to Mortgagee. Mortgagors covenant to comply in all material respects with the Property Management Agreement and the Asset Management Agreement as in force as of the date hereof. No material amendment to the Property Management Agreement or the Asset Management Agreement which could have a Material Adverse Effect may be made without Mortgagee's and the Required Lender's written consent, which shall not be unreasonably withheld or delayed. Upon the replacement of the Manager with a new manager, Mortgagee shall have the right to approve (which approval shall not be unreasonably withheld or delayed) any new management agreement with such manager, but only to the extent such new agreement is materially different from the Property Management and Leasing Agreement and such material difference would have a Material Adverse Effect. Upon the replacement of the Manager in its capacity as leasing agent for the Properties, Mortgagee shall have the right to approve (which approval shall not be unreasonably withheld or delayed) any new leasing agency agreement with such agent, but only to the extent such new agreement is materially different from the Property Management and Leasing Agreement and such material difference would have a Material Adverse Effect. Upon the replacement of the Asset Manager, Mortgagee shall have the right to approve (which approval shall not be withheld or delayed) any new asset management agreement with such asset manager but only to the extent such new agreement is materially different from the Asset Management Agreement and such material difference would have a Material Adverse Effect. (b) It is acknowledged and agreed that the Property Management Agreement may be terminated at the direction of Mortgagee at any time following the occurrence and continuance of an Event of Default hereunder, provided that Lenders shall have appointed a receiver for the Properties, foreclosed upon the Properties, accepted a deed in lieu of foreclosure, or have otherwise elected to become a mortgagee in possession or taken control of the operation of the Properties, pursuant to the Consent and Subordination of Property Management Agreement and, if the Property Management Agreement is so terminated, a substitute Mana...
Sample 1
Management of the Mortgaged Property. (a) For purposes hereof, a "Qualifying Manager" shall mean any property manager of national standing reasonably acceptable to Lender, that, as of the date of such designation, manages not less than fifty (50) extended stay hotels in the region in which a Property is located. Notwithstanding the foregoing, Homestead Village Incorporated or an Affiliate of Homestead Village Incorporated shall be deemed a Qualifying Manager acceptable to Lender. Borrower shall notify Lender and the Rating Agencies in writing (and shall deliver a copy of the proposed management agreement) of any entity proposed to be designated as a Qualifying Manager other than Homestead Village Incorporated or an Affiliate of Homestead Village Incorporated of all or any of the Properties no less than thirty (30) days before such Qualifying Manager begins to manage such Property or Properties and shall obtain prior to any appointment of a Qualifying Manager a written confirmation from the Rating Agencies that retention of such other Person as Manager shall not result in a downgrade, withdrawal or qualification of the then ratings of any securities backed in part by this Mortgage.
Sample 1
Management of the Mortgaged Property. (a) For purposes hereof, a "Qualifying Manager" shall mean any property manager of national standing reasonably acceptable to Mortgagee, that, as of the date of such designation, manages not less than ten (10) office buildings in the region in which a Property is located. Notwithstanding the foregoing, an Affiliates of Tower Realty Trust, Inc. shall be deemed an acceptable manager to Mortgagee. Mortgagor shall notify Mortgagee and the Rating Agencies in writing (and shall deliver a copy of the proposed management agreement) of any entity proposed to be designated as a Qualifying Manager of all or any of the Properties no less than thirty (30) days before such Qualifying Manager begins to manage such Property or Properties and shall obtain prior to any appointment of a Qualifying Manager a written confirmation from the Rating Agencies that retention of such other Person as Manager shall not 61 67 result in a downgrade, withdrawal or qualification of the then ratings of any securities backed in part by this Mortgage.
Sample 1
Management of the Mortgaged Property. Mortgagor shall maintain the Management Agreement for the operation of the Mortgaged Property in full force and effect and timely perform all of Martgagor's obligations thereunder and enforce performance of all obligations of the Manager thereunder, and not permit the termination or amendment of such Management Agreement unless the prior written consent of Mortgagee is first obtained. Mortgagor will enter into and cause the Manager to enter into an assignment and subordination of such Management Agreement in form satisfactory to Mortgagee, assigning and subordinating the Manager's interest in the Mortgaged Property and all fees and other rights of the manager pursuant to such Management Agreement to the rights of Mortgagee. Upon an Event of Default, Mortgagor at Mortgagee's request made at any time while such Event of Default continues, shall terminate the Management Agreement and replace the Manager with a Manager approved by Mortgagee. In addition, if at the end of each calendar quarter the Mortgagor does not provide evidence of the achievement of a Debt Service Coverage Ratio of not less than 1.10:1.0 for the preceeding twelve (12) month period (the "REQUIRED DSCR") Mortgagor, at Mortgagee's request made at any time such Required DSCR is not maintained, shall terminate the Management Agreement and replace the Manager with Manager approved by Mortgagee.
Sample 1
Management of the Mortgaged Property. Mortgagor covenants and agrees with Mortgagee that the Mortgaged Property will be operated at all times in a first-class manner by the
Sample 1
Management of the Mortgaged Property. Mortgagor shall maintain the Management Agreement for the operation of the Mortgaged Property in full force and effect and timely perform all of Mortgagor's obligations thereunder and enforce performance of all obligations of the Manager thereunder, and not permit the termination or amendment of such Management Agreement unless the prior written consent of Mortgagee is first obtained. Mortgagor will enter into and cause the Manager to enter into an assignment and subordination of such Management Agreement in form satisfactory to Mortgagee, assigning and subordinating the Manager's interest in the Mortgaged Property and all fees and other rights of the manager pursuant to such Management Agreement to the rights of Mortgagee. Upon an Event of Default or upon a material default under the Management Agreement, Mortgagor at Mortgagee's request made at any time while such Event of Default continues, shall terminate the Management Agreement and replace the Manager with a Manager approved by Mortgagee.
Sample 1
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Related to Management of the Mortgaged Property

  • Mortgaged Property The real property securing repayment of the debt evidenced by a Mortgage Note.

  • Occupancy of the Mortgaged Property As of the related Closing Date the Mortgaged Property is lawfully occupied under applicable law. All inspections, licenses and certificates required to be made or issued with respect to all occupied portions of the Mortgaged Property and, with respect to the use and occupancy of the same, including but not limited to certificates of occupancy and fire underwriting certificates, have been made or obtained from the appropriate authorities. The Mortgagor represented at the time of origination of the Mortgage Loan that the Mortgagor would occupy the Mortgaged Property as the Mortgagor's primary residence;

  • Photograph of the Mortgaged Property Survey of the Mortgaged Property, unless a survey is not required by the title insurer.

  • Mortgaged Property Undamaged The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended;

  • Mortgaged Properties No Loan Party that is an owner of Mortgaged Property shall take any action that is reasonably likely to be the basis for termination, revocation or denial of any insurance coverage required to be maintained under such Loan Party’s respective Mortgage or that could be the basis for a defense to any claim under any Insurance Policy maintained in respect of the Premises, and each Loan Party shall otherwise comply in all material respects with all Insurance Requirements in respect of the Premises; provided, however, that each Loan Party may, at its own expense and after written notice to the Administrative Agent, (i) contest the applicability or enforceability of any such Insurance Requirements by appropriate legal proceedings, the prosecution of which does not constitute a basis for cancellation or revocation of any insurance coverage required under this Section 5.04 or (ii) cause the Insurance Policy containing any such Insurance Requirement to be replaced by a new policy complying with the provisions of this Section 5.04.

  • Real Estate Collateral In the event that following the Issue Date, any Grantor shall acquire any fee simple ownership interest in any parcel of Real Property (except to the extent subject to a Lien permitted by clauses (d), (g), (j) or (p) (as it relates to any of the foregoing) of the definition of “Permitted Liens” in the Indenture to the extent the documentation relating to such Lien prohibits the granting of a Lien thereon to secure the Secured Obligations) with a Fair Market Value in excess of $5,000,000 as of the date of acquisition (a “Specified Real Property”), such Grantor shall provide a Mortgage in favor of the Collateral Agent in such Specified Real Property within 120 days following the date of acquisition thereof. In the event that any Permitted Additional Pari Passu Obligations are incurred following the date any Mortgage is provided, the Grantors shall notify the Collateral Agent thereof in writing and within 120 days following such incurrence take all such action as may be reasonably required to amend each then existing Mortgage in order to ensure that such Permitted Additional Pari Passu Obligations are secured by such Mortgage. In connection with the provision of any new Mortgage or any amendment to any Mortgage pursuant to this Section 3, the related Grantors will provide (a) an Opinion of Counsel stating that such Mortgage creates an enforceable Lien on the applicable Specified Real Property in favor of the Collateral Agent or, if applicable, the relevant Additional Pari Passu Agent, to secure the Secured Obligations, subject to the assumptions and qualifications specified therein, and (b) UCC-1 fixture filings relating to such Specified Real Property filed in the appropriate filing office.

  • Mortgaged Property Undamaged; No Condemnation Proceedings There is no proceeding pending or threatened for the total or partial condemnation of the Mortgaged Property. The Mortgaged Property is undamaged by waste, fire, earthquake or earth movement, windstorm, flood, tornado or other casualty so as to affect adversely the value of the Mortgaged Property as security for the Mortgage Loan or the use for which the premises were intended and each Mortgaged Property is in good repair. There have not been any condemnation proceedings with respect to the Mortgaged Property and the Seller has no knowledge of any such proceedings in the future;

  • Entry on Mortgaged Property Enter the Mortgaged Property and take exclusive possession thereof and of all books, records and accounts relating thereto or located thereon. If Mortgagor remains in possession of the Mortgaged Property following the occurrence and during the continuance of an Event of Default and without Mortgagee’s prior written consent, Mortgagee may invoke any legal remedies to dispossess Mortgagor.

  • Condition of Mortgaged Property Except as Borrower may have disclosed to Lender in writing in connection with the issuance of the Commitment Letter, the Mortgaged Property has not been damaged by fire, water, wind or other cause of loss, or any previous damage to the Mortgaged Property has been fully restored.

  • Property Mortgaged Borrower does hereby irrevocably mortgage, grant, bargain, sell, pledge, assign, warrant, transfer and convey to Lender, and grant a security interest to Lender in, the following property, rights, interests and estates now owned, or hereafter acquired by Borrower (collectively, the "Property"):

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