No Amendment to Mortgage Loan Documents; Consents and Approvals. Without obtaining the prior written consent of Lender, neither Borrower nor Leasehold Pledgor shall cause or permit Owner or Operating Lessee to enter into any amendment or modification of any of the Mortgage Loan Documents. Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee to provide Lender with a copy of any amendment or modification to the Mortgage Loan Documents promptly after the execution thereof. If any action, proposed action or other decision is consented to or approved by Mortgage Lender, such consent or approval shall not be binding or controlling on Lender. Borrower and Leasehold Pledgor each hereby acknowledges and agrees that (i) the risks of Mortgage Lender in making the Mortgage Loan are different from the risks of Lender in making the Loan and (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval, Mortgage Lender and Lender may reasonably reach different conclusions. In addition, except as otherwise provided in this Agreement, the denial by Lender of a requested consent or approval in accordance with the terms of the Loan Documents shall not result in any liability or other obligation of Lender, if such denial results directly or indirectly in a default under any Senior Loan, and each of Borrower and Leasehold Pledgor hereby waives any claim of liability against Lender arising from any such denial.
Appears in 4 contracts
Samples: Mezzanine Loan Agreement (Hospitality Investors Trust, Inc.), Mezzanine Loan Agreement (Hospitality Investors Trust, Inc.), Mezzanine Loan Agreement (Hospitality Investors Trust, Inc.)
No Amendment to Mortgage Loan Documents; Consents and Approvals. Without obtaining the prior written consent of Lender, neither Borrower nor Leasehold Pledgor shall not cause or permit Owner or Operating Lessee to enter into any amendment or modification of any of the Mortgage Loan Documents. Borrower or Leasehold Pledgor shall cause Owner or Operating Lessee to provide Lender with a copy of any amendment or modification to the Mortgage Loan Documents promptly after the execution thereof. If any action, proposed action or other decision is consented to or approved by Mortgage Lender, such consent or approval shall not be binding or controlling on Lender. Borrower and Leasehold Pledgor each hereby acknowledges and agrees that (i) the risks of Mortgage Lender in making the Mortgage Loan are different from the risks of Lender in making the Loan and (ii) in determining whether to grant, deny, withhold or condition any requested consent or approval, Mortgage Lender and Lender may reasonably reach different conclusions. In addition, except as otherwise provided in this Agreement, the denial by Lender of a requested consent or approval in accordance with the terms of the Loan Documents shall not result in any liability or other obligation of Lender, if such denial results directly or indirectly in a default under any Senior Loan, and each of Borrower and Leasehold Pledgor hereby waives any claim of liability against Lender arising from any such denial.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (W2007 Grace Acquisition I Inc), Mezzanine Loan Agreement (American Realty Capital Hospitality Trust, Inc.)
