Permitted Property Agreements Clause Samples
The Permitted Property Agreements clause defines which types of agreements related to the property are allowed under the terms of the contract. Typically, this clause lists or describes acceptable leases, licenses, easements, or other arrangements that the property owner may enter into without breaching the agreement. For example, it may permit existing tenant leases or utility easements that do not materially affect the property's value or use. The core function of this clause is to provide clarity and certainty about which property-related agreements are acceptable, thereby preventing disputes over unauthorized encumbrances or third-party rights.
Permitted Property Agreements. Any of the following occur: (i) any Permitted Property Agreement(s) shall for any reason cease to be valid and binding and/or terminate (other than those terminations of Permitted Property Agreements contemplated by the Master Lease Termination Agreement described on Schedules 18 and 19 hereof), and that such event could reasonably be expected to cause a Material Adverse Effect; or (ii) a default by the Borrower or any of its Subsidiaries shall occur under any Permitted Property Agreement(s) that could reasonably be expected to cause a Material Adverse Effect.
Permitted Property Agreements. Any of the following occur: (i) sufficient Permitted Property Agreements shall for any reason cease to be valid and binding on MHC, MHC OP or other Person party thereto, or MHC, MHC OP or such other Person party thereto shall so state in writing, that it could reasonably be expected to cause a Material Adverse Change; or (ii) a default by the Parent, the Borrower or any of their respective Subsidiaries shall occur under sufficient Permitted Property Agreements that such default could reasonably be expected to cause a Material Adverse Change; or
Permitted Property Agreements. The Permitted Property Agreements ----------------------------- with MHC and MHC's Subsidiaries (excluding any Permitted Property Agreements for Hospitality Property's for which MHC or MHC's Subsidiary has pledged such Hospitality Property to secure convertible mortgage backed securities) shall have been amended to provide that no default shall be called and no termination right or other remedy shall be exercised against the Borrower or one of the Borrower's Subsidiaries, as applicable, under such agreement because of a shortfall in operating revenue or other economic performance by a Hospitality Property during the calendar years 2001 and 2002 pursuant to documentation in form and substance reasonably acceptable to the Administrative Agent. If this Amendment does not become effective prior to the Termination Date, this Amendment shall be null and void; provided however that the Borrower shall still be obligated to reimburse Societe Generale, Southwest Agency for costs and expenses incurred in connection with this Amendment.
Permitted Property Agreements. A default by the Parent, the Borrower or any of their respective Subsidiaries shall occur under sufficient Permitted Property Agreements that such default could reasonably be expected to cause a Material Adverse Change; provided, however, that notwithstanding anything contained herein to the contrary, the granting of a deed in lieu of foreclosure by the owner of the Arlington Property or the instigation and/or completion of an acceleration or a foreclosure action by a creditor with respect to such property shall not, by itself, constitute an Event of Default to the extent recourse with respect to such creditor is limited to the interest in Arlington Property previously held by the Borrower or one of its Subsidiaries.
Permitted Property Agreements. A default by the Parent, the Borrower or any of their respective Subsidiaries shall occur under sufficient Permitted Property Agreements that such default could reasonably be expected to cause a Material Adverse Change.