Common use of Owner Financing Clause in Contracts

Owner Financing. Owner may from time to time, directly or indirectly, create or otherwise cause to exist any Fee Mortgage upon the Golf Courses or any portion thereof or interest therein (including direct or indirect interests in Owner which are pledged pursuant to a mezzanine loan or other financing arrangement). This Agreement is and at all times shall be subject and subordinate to any Existing Fee Mortgage and any other Fee Mortgage which may hereafter affect the Golf Courses or any portion thereof or interest therein and in each case to all renewals, modifications, consolidations, replacements, restatements and extensions thereof or any parts or portions thereof. If, in connection with obtaining any Fee Mortgage or entering into any agreement relating thereto, Owner shall request in writing (a) reasonable cooperation from User or (b) reasonable amendments or modifications to this Agreement, in each case required to comply with any reasonable request made by Fee Mortgagee, User shall reasonably cooperate with such request, so long as (i) no default in any material respect by Owner beyond applicable cure periods is continuing, (ii) all reasonable documented out-of-pocket costs and expenses incurred by User in connection with such cooperation, including, but not limited to, its reasonable documented attorneys’ fees, shall be paid by Owner and (iii) any requested action, including any amendments or modifications of this Agreement, shall not (A) increase User’s monetary obligations under this Agreement by more than a de minimis extent, or increase User’s non-monetary obligations under this Agreement in any material respect, or decrease Owner’s obligations under this Agreement in any material respect, (B) diminish User’s rights under this Agreement in any material respect, (C) adversely impact the value of the Golf Courses by more than a de minimis extent or otherwise have a more than de minimis adverse effect on the Golf Courses, User or Owner, or (D) result in a default under any Permitted User Security Instrument.

Owner Financing. Owner may from time to time, directly or indirectly, create or otherwise cause to exist any Fee Mortgage upon the Golf Courses or any portion thereof or interest therein (including direct or indirect interests in Owner which are pledged pursuant to a mezzanine loan or other financing arrangement). This Agreement is and at all times shall be subject and subordinate to any Existing Fee Mortgage and any other Fee Mortgage which may hereafter affect the Golf Courses or any portion thereof or interest therein and in each case to all renewals, modifications, consolidations, replacements, restatements and extensions thereof or any parts or portions thereof. If, in connection with obtaining any Fee Mortgage or entering into any agreement relating thereto, Owner shall request in writing (a) reasonable cooperation from User or (b) reasonable amendments or modifications to this Agreement, in each case required to comply with any reasonable request made by a Fee Mortgagee, User shall reasonably cooperate with such request, so long as (i) no default in any material respect by Owner beyond applicable cure periods is continuing, (ii) all reasonable documented out-of-pocket costs and expenses incurred by User in connection with such cooperation, including, but not limited to, its reasonable documented attorneys’ fees, shall be paid by Owner and (iii) any requested action, including any amendments or modifications of this Agreement, shall not (A) increase User’s monetary obligations under this Agreement by more than a de minimis extent, or increase User’s non-monetary obligations under this Agreement in any material respect, or decrease Owner’s obligations under this Agreement in any material respect, (B) diminish User’s rights under this Agreement in any material respect, (C) adversely impact the value of the Golf Courses by more than a de minimis extent or otherwise have a more than de minimis adverse effect on the Golf Courses, User or Owner, or (D) result in a default under any Permitted User Security Instrument.