Property Document Covenants Sample Clauses
The Property Document Covenants clause sets out the obligations of a party to provide, maintain, or update documents related to a property, such as deeds, permits, or compliance certificates. In practice, this clause may require the seller to deliver all necessary property records to the buyer or to ensure that all documentation is accurate and up to date before a transaction closes. Its core function is to ensure transparency and legal compliance in property transactions by guaranteeing that all relevant documents are available and correct, thereby reducing the risk of disputes or future legal issues.
Property Document Covenants. Without limiting the other provisions of this Agreement and the other Loan Documents, Borrower shall (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the Property Documents and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under the Property Documents of which it is aware; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under the Property Documents; (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed under the Property Documents in a commercially reasonable manner; (v) cause the Property to be operated, in all material respects, in accordance with the Property Documents; and (vi) not, without the prior written consent of Lender, (A) enter into any new Property Document or replace or execute modifications to any existing Property Documents or renew or extend the same (exclusive of, in each case, any automatic renewal or extension in accordance with its terms), (B) surrender, terminate or cancel the Property Documents, (C) reduce or consent to the reduction of the term of the Property Documents, (D) increase or consent to the increase of the amount of any charges under the Property Documents, (E) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Property Documents in any material respect or (F) following the occurrence and during the continuance of an Event of Default, exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Property Documents.
Property Document Covenants. Without limiting the other provisions of this Agreement and the other Loan Documents, Borrower shall (i) (A) with respect to any non- Triple Net Leased Property, promptly perform and/or observe, (or cause to be performed and/or observed) in all material respects, all of the covenants and agreements required to be performed and observed by it and Mortgage Borrower under the Property Documents (except to the extent the failure to so perform and observe would not have a Material Adverse Effect) and do all things necessary to preserve and to keep unimpaired its and Mortgage Borrower’s material rights thereunder and (B) with respect to any Triple Net Leased Property, cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant thereunder to promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by such Tenant under the Property Documents (except to the extent the failure to so perform and observe would not have a Material Adverse Effect) and do all things necessary to preserve and to keep unimpaired its and Mortgage Borrower’s material rights thereunder; (ii) promptly notify Lender of any material default under the Property Documents of which it is aware; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it or Mortgage Borrower under the Property Documents; (iv) (A) with respect to any non-Triple Net Leased Property, cause Mortgage Borrower to enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed under the Property Documents in a commercially reasonable manner and (B) with respect to any Triple Net Leased Property, use commercially reasonable efforts to cause each Tenant thereunder to enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed under the Property Documents in a commercially reasonable manner; (v) (A) with respect to any non-Triple Net Leased Property, cause Mortgage Borrower to use commercially reasonable efforts to cause the applicable non-Triple Net Leased Property to be operated, in all material respects, in accordance with the Property Documents and (B) with respect to any Triple Net Leased Property, cause Mortgage Borrower to use commercially reasonable efforts to cause each Tenant thereunder to use commercially reasonab...
Property Document Covenants. Borrower agrees that without the prior consent of Lender, Borrower will not enter into any new Property Document or execute modifications to any existing Property Document if such new Property Document or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially reasonable efforts to cause each of the parties to each Property Document to comply with all of the terms and conditions contained in such Property Document.
Property Document Covenants. Borrower shall (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by it under the Property Documents and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (ii) promptly notify Lender of any material default under the Property Documents of which it is aware; (iii) promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by it under the Property Documents; (iv) enforce the performance and observance of all of the covenants and agreements required to be performed and/or observed under the Property Documents in a commercially reasonable manner; (v) cause the Property to be operated, in all material respects, in accordance with the Property Documents; and (vi) not, in each case if such action have, or be reasonably likely to have, a Material Adverse Effect, without the prior written consent of Lender, (A) enter into any new Property Document or execute modifications to any existing Property Documents, (B) surrender, terminate or cancel the Property Documents, (C) reduce or consent to the reduction of the term of the Property Documents, (D) increase or consent to the increase of the amount of any charges under the Property Documents, (E) otherwise modify, change, supplement, alter or amend, or waive or release any of its rights and remedies under, the Property Documents in any material respect or (F) following the occurrence and during the continuance of an Event of Default, exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Property Documents.
Property Document Covenants. Borrower agrees that without the Administrative Agent’s prior written consent, Borrower will not enter into any new Property Document or execute modifications to any existing Property Document if such new Property Document or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially reasonable efforts to cause each of the parties to each Property Document to materially comply with all of the terms and conditions contained in such Property Document.
Property Document Covenants. Borrower Parties shall observe, perform, and discharge in all material respects all obligations, covenants, and warranties provided for under the terms of the Property Documents to be kept, observed, and performed by Borrower Parties to the extent that failure to do so would have a Material Adverse Effect. Borrower Parties shall keep the Property Documents in full force and effect to the extent that failure to do so would have a Material Adverse Effect. Without Agent’s prior consent, Borrower Parties shall not (a) modify, change, supplement, alter, amend or terminate any material Property Documents or (b) waive or release any of Borrower Parties’ rights under any material Property Documents. Borrower Parties shall pay when due all charges, dues and assessments imposed on Borrower Parties under the Property Documents. If Borrower Parties fail to pay such charges, dues and assessments, Agent shall have the right, but not the obligation, to pay the same on behalf of Borrower Parties and such amounts shall be payable by Borrowers to Agent upon demand and shall accrue interest at the Default Rate until paid.
Property Document Covenants. Without limiting the other provisions of this Agreement and the other Loan Documents, Borrower shall cause Mortgage Borrower to (i) promptly perform and/or observe, in all material respects, all of the covenants and agreements required to be performed and observed by any Individual Mortgage Borrower under the Property Documents and do all things reasonably necessary to preserve and to keep unimpaired such Individual Mortgage Borrower’s material rights thereunder; (ii) promptly notify Lender of any material default under the Property Documents of which it is aware by any party thereto; (iii) not, without the prior written consent of Lender (which consent shall not be unreasonably withheld or delayed), (A) enter into any new Property Document or replace or execute any material modifications to any existing Property Documents or renew or extend the same (exclusive of, in each case, any automatic renewal or extension in accordance with its terms), (B) surrender, terminate or cancel the Property Documents, (C) materially reduce or consent to the material reduction of the term of the Property Documents, (D) materially increase or consent to the material increase of the amount of any charges to Borrower under the Property Documents, or (E) following the occurrence and during the continuance of an Event of Default, exercise any rights, make any decisions, grant any approvals or otherwise take any action under the Property Documents.
Property Document Covenants. Section 4.23. IH Program and Section 421-a Program Section 4.23. Violations
Property Document Covenants. Borrower agrees that without the Requisite Lenders’ prior written consent (which must include the consent of any Lender then acting as Administrative Agent), which consent shall not be unreasonably withheld, conditioned or delayed, Borrower will not enter into any new Property Documents or execute modifications to any existing Property Documents if such new Property Document or such modifications will have a Material Adverse Effect. Borrower shall enforce, shall comply with, and shall use commercially reasonable efforts to cause each of the parties to each Property Document to comply with all of the terms and conditions contained in such Property Document in all material respects.