Common use of Mortgage Provision Clause in Contracts

Mortgage Provision. Notwithstanding any provisions contained in this Agreement to the contrary, the Manager shall observe the restrictions and requirements of any mortgages, deeds of trust and other loan documents now or hereafter affecting the Project, including, without limitation, the Loan Documents, provided the Owner provides copies thereof to Manager (Manager acknowledging receipt of the applicable Loan Documents in existence as of the date hereof). Without limiting the generality of the foregoing, Manager shall comply with any insurance and cash management system required by such loan documents. Manager agrees to enter into such agreements as the lender under such loan documents reasonably requires (including, without limitation, any Subordination) (i) to evidence and confirm the subordination of Manager’s rights hereunder to the rights of such lender, (ii) to acknowledge any assignment of this Agreement by the Owner to such lender; (iii) to give such lender notice of and opportunity to cure any default of Owner under this Agreement; (iv) to permit termination of this Agreement upon an event of default under such loan documents; and (v) to agree to continue performance hereunder for the benefit of such lender (so long as the fees provided herein continue to be paid).

Mortgage Provision. Notwithstanding any provisions contained in this Agreement to the contrary, the Manager shall observe the restrictions and requirements of any mortgages, deeds of trust and other loan documents now or hereafter affecting the Project, including, without limitation, the Loan Documents, provided the Owner provides copies thereof to Manager (Manager acknowledging receipt of the applicable Loan Documents in existence as of the date hereof). Without limiting the generality of the foregoing, Manager shall comply with any insurance and cash management system required by such loan documents. Manager agrees to enter into such agreements as the lender under such loan documents reasonably requires (including, without limitation, any Subordination) (i) to evidence and confirm the subordination of Manager’s rights hereunder to the rights of such lender, ; (ii) to acknowledge any assignment of this Agreement by the Owner to such lender; (iii) to give such lender notice of and opportunity to cure any default of Owner under this Agreement; (iv) to permit termination of this Agreement upon an event of default under such loan documents; and (v) to agree to continue performance hereunder for the benefit of such lender (so long as the fees provided herein continue to be paid).