Payment for Labor and Materials. (a) Subject to Section 4.16(b) below, Borrower will promptly pay or cause Mortgage Borrower to pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any non-Triple Net Leased Property (any such bills and costs with respect to any Individual Property, a “Work Charge”) and never permit to exist in respect of such non-Triple Net Leased Property or any part thereof any lien or security interest for amounts past due and payable, even though inferior to the liens and the security interests hereof, and in any event never permit to be created or exist in respect of any non-Triple Net Leased Property or any part thereof any other or additional lien or security interest other than the liens or security interests created hereby and by the Security Instruments, except for the Permitted Encumbrances. Subject to Section 4.16(b) below, Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to promptly pay (or cause to be paid) when due all Work Charges and shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to never permit to exist in respect of such Triple Net Leased Property or any part thereof any lien or security interest for amounts past due and payable, even though inferior to the liens and the security interests hereof, and in any event shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to never permit to be created or exist in respect of any Triple Net Leased Property or any part thereof any other or additional lien or security interest other than the liens or security interests created hereby and by the Security Instruments, except for the Permitted Encumbrances.
Appears in 6 contracts
Samples: Mezzanine B Loan Agreement (NorthStar Healthcare Income, Inc.), Mezzanine C Loan Agreement (NorthStar Healthcare Income, Inc.), Mezzanine a Loan Agreement (Northstar Realty Finance Corp.)
Payment for Labor and Materials. (a) Subject to Section 4.16(b) below, Borrower will promptly pay or cause Mortgage Borrower to pay (or cause to be paid) when due all bills and costs for labor, materials, and specifically fabricated materials incurred in connection with any non-Triple Net Leased Property (any such bills and costs with respect to any Individual Property, a “Work Charge”) and never permit to exist in respect of such non-Triple Net Leased Property or any part thereof any lien or security interest for amounts past due and payable, even though inferior to the liens and the security interests hereof, and in any event never permit to be created or exist in respect of any non-Triple Net Leased Property or any part thereof any other or additional lien or security interest other than the liens or security interests created hereby and by the Security Instruments, except for the Permitted Encumbrances. Subject to Section 4.16(b) below, Borrower shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to promptly pay (or cause to be paid) when due all Work Charges and shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to never permit to exist in respect of such Triple Net Leased Property or any part thereof any lien or security interest for amounts past due and payable, even though inferior to the liens and the security interests hereof, and in any event shall cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant with respect to each Triple Net Leased Property to never permit to be created or exist in respect of any Triple Net Leased Property or any part thereof any other or additional lien or security interest other than the liens or security interests created hereby and by the Security Instruments, except for the Permitted Encumbrances.
Appears in 2 contracts
Samples: Loan Agreement (Northstar Realty Finance Corp.), Loan Agreement (NorthStar Healthcare Income, Inc.)