Common use of Member Approval of Certain Acts Clause in Contracts

Member Approval of Certain Acts. The Managers shall have the power and authority, but only upon the unanimous written consent of all Members, on behalf of the Company: 12.5.1 to amend or modify any of the documents executed in connection with the Construction Loan at the Construction Loan Closing or to waive any rights under such documents; 12.5.2 to borrow money or incur any indebtedness (other than the Construction Loan) or to grant any liens on any assets of the Company; 12.5.3 to enter into any agreements with affiliates of the Managers other than the Approved Affiliate Agreements; 12.5.4 to amend or modify the Approved Affiliate Agreements or to waive any rights thereunder; 12.5.5 except for the Management Agreement, to execute any agreement which will impose any obligations on the Company which will survive the Final Closing Date; and 12.5.6 to sell or dispose of any portion of the Project or any other material assets of the Company.