Common use of Prohibition of Assignments and Transfers by Borrowers Clause in Contracts

Prohibition of Assignments and Transfers by Borrowers. Borrowers shall not assign or attempt to assign its rights under this Agreement and any purported assignment shall be void. Without the prior written consent of Lender, in Lender’s sole discretion, Borrowers shall not suffer or permit the sale, transfer, lease (other than the Leases and in the ordinary course of business pursuant to a Standard Residential Lease and without material deviation from the pro forma rents previously provided by Borrowers to Lender), conveyance, alienation, pledge, assignment, encumbrance, hypothecation or other disposition (a “Transfer”) of (i) all or any portion of any Project or any portion of any other security for the Loan, (ii) all or any portion of any Borrower’s right, title and interest in and to any Project or any portion of any other security for the Loan, or (iii) any interest in Guarantor or any Borrower or any interest in any entity which holds an interest in, or directly or indirectly controls, any Borrower. Notwithstanding the provisions hereof to the contrary, Lender acknowledges that CHT Holding owns one hundred percent (100%) of the direct ownership interests in each Borrower. Further, any third party or combination of third parties which is not under common Control with, or an Affiliate of, CHT Holding shall be permitted to acquire direct or indirect ownership interests in Guarantor or any Borrower so long as no Change of Control occurs.

Prohibition of Assignments and Transfers by Borrowers. Borrowers shall not assign or attempt to assign its rights under this Agreement and any purported assignment shall be void. Without the prior written consent of Lender, in Lender’s sole discretion, Borrowers shall not suffer or permit the sale, transfer, lease (other than the Leases and in the ordinary course of business pursuant to a Standard Residential Lease and without material deviation from the pro forma rents previously provided by Borrowers to Lender), conveyance, alienation, pledge, assignment, encumbrance, hypothecation or other disposition (a “Transfer”) of (i) all or any portion of any Project or any portion of any other security for the Loan, (ii) all or any portion of any Borrower’s right, title and interest in and to any Project or any portion of any other security for the Loan, or (iii) any interest in Guarantor CHT or any Borrower or any interest in any entity which holds an interest in, or directly or indirectly controls, any Borrower. Notwithstanding the provisions hereof to the contrary, Lender acknowledges that CHT Holding GCI owns one hundred percent (100%) of the direct ownership interests in each Owner Borrower and CHT WM owns one hundred percent (100%) of the direct ownership interests in each Tenant Borrower. Further, any third party or combination of third parties which is not under common Control with, or an Affiliate of, CHT Holding shall be permitted to acquire direct or indirect ownership interests in Guarantor CHT or any Borrower so long as no Change of Control occurs.