Common use of Permitted Equity Transfers Clause in Contracts

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor or in any general partner or member of Trustor shall be freely transferable without the consent of Beneficiary, (ii) any involuntary transfer caused by the death of Trustor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Deed of Trust so long as Trustor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor remain unchanged as a result of such death or any replacement management is approved by Beneficiary, (iii) gifts for estate planning purposes of any individual’s interests in Trustor or in any of Trustor’s general partners, managing members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Deed of Trust so long as Trustor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor remain unchanged following such gift or any replacement management is approved by Beneficiary and (iv) membership interests in Trustor and interests in any member of Trustor or in any partner of any member of Trustor may be transferred without the consent of Beneficiary so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of Trustor, where the term “control” means the power to direct the management and policies of Trustor, provided, that in all of the foregoing cases shall such transfer be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor pursuant to the terms hereof, Trustor agrees to contemporaneously furnish to Beneficiary a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary in Beneficiary’s sole and DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 absolute discretion. Trustor shall provide Beneficiary with copies of the applicable transfer documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Mortgagor or in any general partner or member of Trustor Mortgagor shall be freely transferable without the consent of BeneficiaryMortgagee, (ii) any involuntary transfer caused by the death of Trustor Mortgagor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Deed of Trust Mortgage so long as Trustor Mortgagor is reconstituted, if MORTGAGE (SOUTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 required, following such death and so long as those persons responsible for the management of the Property and Trustor Mortgagor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryMortgagee, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Mortgagor or in any of TrustorMortgagor’s general partners, managing members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Deed of Trust Mortgage so long as Trustor Mortgagor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Mortgagor remain unchanged following such gift or any replacement management is approved by Beneficiary Mortgagee and (iv) membership interests in Trustor Mortgagor and interests in any member of Trustor Mortgagor or in any partner of any member of Trustor Mortgagor may be transferred without the consent of Beneficiary Mortgagee so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorMortgagor, where the term “control” means the power to direct the management and policies of TrustorMortgagor, provided, that in all of the foregoing cases shall such transfer be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Mortgagor pursuant to the terms hereof, Trustor Mortgagor agrees to contemporaneously furnish to Beneficiary Mortgagee a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Mortgagee in BeneficiaryMortgagee’s sole and DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 absolute discretion. Trustor Mortgagor shall provide Beneficiary Mortgagee with copies of the applicable transfer documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryGrantee, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Security Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryGrantee, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Security Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Xxxxxxx and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Grantee so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Xxxxxxx agrees to contemporaneously furnish to Beneficiary Grantee a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Grantee in BeneficiaryXxxxxxx’s sole and absolute discretion. Grantor shall provide Grantee with copies of the applicable transfer DEED OF TRUST TO SECURE DEBT (NORTH CAROLINAGEORGIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan XxNo. 0002-0000000062113532/Xxxxx XxStore No. 000 absolute discretion. Trustor shall provide Beneficiary with copies of the applicable transfer 588 documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryLender, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryXxxxxx, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal DEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113748/Store No. 568 descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Xxxxxx and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Lender so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer shall be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Xxxxxxx agrees to contemporaneously furnish to Beneficiary Lender a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Lender in BeneficiaryXxxxxx’s sole and DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 absolute discretion. Trustor Grantor shall provide Beneficiary Lender with copies of the applicable transfer documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryLender, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryLender, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal DEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 00-00000000/Xxxxx Xx. 000 descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Lender and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Lender so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer shall be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Grantor agrees to contemporaneously furnish to Beneficiary Lender a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Lender in BeneficiaryLender’s sole and DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 absolute discretion. Trustor Grantor shall provide Beneficiary Lender with copies of the applicable transfer documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryGrantee, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Security Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryGrantee, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Security Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Xxxxxxx and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Grantee so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Xxxxxxx agrees to contemporaneously furnish to Beneficiary Grantee a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Grantee in BeneficiaryXxxxxxx’s sole and absolute discretion. Grantor shall provide Grantee with copies of the applicable transfer DEED OF TRUST TO SECURE DEBT (NORTH CAROLINAGEORGIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan XxNo. 0002-0000000062113573/Xxxxx XxStore No. 000 absolute discretion. Trustor shall provide Beneficiary with copies of the applicable transfer 523 documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryLender, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryLender, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal DEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Lender and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Lender so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer shall be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Grantor agrees to contemporaneously furnish to Beneficiary Lender a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Lender in BeneficiaryLender’s sole and DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 absolute discretion. Trustor Grantor shall provide Beneficiary Lender with copies of the applicable transfer documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryLender, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryXxxxxx, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal DEED OF TRUST (VIRGINIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan No. 02-62113730/Store No. 560 descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Xxxxxx and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Lender so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer shall be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Xxxxxxx agrees to contemporaneously furnish to Beneficiary Lender a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Lender in BeneficiaryXxxxxx’s sole and DEED OF TRUST (NORTH CAROLINA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan Xx. 00-00000000/Xxxxx Xx. 000 absolute discretion. Trustor Grantor shall provide Beneficiary Lender with copies of the applicable transfer documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.

Permitted Equity Transfers. Notwithstanding the foregoing, however, (i) limited partnership interests in Trustor Grantor or in any general partner or member of Trustor Grantor shall be freely transferable without the consent of BeneficiaryGrantee, (ii) any involuntary transfer caused by the death of Trustor Grantor or any general partner, shareholder, joint venturer, manager, member or beneficial owner of a trust shall not be a Default under this Security Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such death and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged as a result of such death or any replacement management is approved by BeneficiaryGrantee, (iii) gifts for estate planning purposes of any individual’s interests in Trustor Grantor or in any of TrustorGrantor’s general partners, managing members or joint venturers to the spouse or any lineal descendant of such individual, or to a trust for the benefit of any one or more of such individual, spouse, or lineal descendant, shall not be a Default under this Security Deed of Trust so long as Trustor Grantor is reconstituted, if required, following such gift and so long as those persons responsible for the management of the Property and Trustor Grantor remain unchanged following such gift or any replacement management is approved by Beneficiary Xxxxxxx and (iv) membership interests in Trustor Grantor and interests in any member of Trustor Grantor or in any partner of any member of Trustor Grantor may be transferred without the consent of Beneficiary Grantee so long as, after any such transfer, Xxxxxxxxxxx X. Xxxx or Xxxx Credit Property Trust III, Inc., or any of their wholly owned affiliates or subsidiaries, “controls” the affairs of TrustorGrantor, where the term “control” means the power to direct the management and policies of TrustorGrantor, provided, that in all of the foregoing cases shall such transfer be done in a manner that would not violate the Patriot Act, subject to the provisions of the last sentence of Section 6.15.c.(i). In the event of a transfer by Xxxx REIT III Operating Partnership, LP of its interests in Trustor Grantor pursuant to the terms hereof, Trustor Xxxxxxx agrees to contemporaneously furnish to Beneficiary Grantee a new limited guaranty of the Loan (in form and substance as executed at closing of the Loan) by a new guarantor satisfactory to Beneficiary Grantee in BeneficiaryXxxxxxx’s sole and absolute discretion. Grantor shall provide Grantee with copies of the applicable transfer DEED OF TRUST TO SECURE DEBT (NORTH CAROLINAGEORGIA) Xxxxx Fargo/Xxxx Properties/Cracker Barrel Loan XxNo. 0002-0000000062113557/Xxxxx XxStore No. 000 absolute discretion. Trustor shall provide Beneficiary with copies of the applicable transfer 613 documents or governing instruments in each of the foregoing instances in the preceding sentence within fifteen (15) days of the effective date of any such transfer or change.