Common use of Purchase of Mortgage Loan Clause in Contracts

Purchase of Mortgage Loan. Except as permitted under Section 10.31, none of Borrower, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any portion thereof or any interest therein, via purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with the foregoing, then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all such Persons acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon the request of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the promissory note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey and release the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage Loan Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing. Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection with the Mortgage Loan.

Purchase of Mortgage Loan. Except as permitted under Section 10.31, none None of Borrower, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any portion thereof or any interest therein, via purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with the foregoing, then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all such Persons acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon the request of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the promissory note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey and release the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage Loan Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing. Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection with the Mortgage Loan.. Mezzanine Loan Agreement

Purchase of Mortgage Loan. Except as permitted under Section 10.31, none of Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any portion thereof or any interest therein, via purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold Pledgor, Mezzanine A Borrower, Mezzanine A Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with the foregoing, then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all such Persons acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon the request of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the promissory note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey and release the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage Loan Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing. Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection with the Mortgage Loan.

Purchase of Mortgage Loan. Except as permitted under Section 10.31, none of Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any portion thereof or any interest therein, via purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with the foregoing, then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all such Persons acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon the request of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the promissory note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey and release the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage Loan Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing. Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection with the Mortgage Loan.

Purchase of Mortgage Loan. Except as permitted under Section 10.31, none None of Borrower, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall acquire or agree to acquire the Mortgage Loan, or any portion thereof or any interest therein, via purchase, transfer, exchange, operation of law or otherwise. If Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing shall have failed to comply with the foregoing, then Borrower or Leasehold Pledgor shall (i) immediately notify Lender of such failure and (ii) cause any and all such Persons acquiring any interest in the Mortgage Loan Documents (A) not to enforce the Mortgage Loan Documents, and (B) upon the request of Lender, to the extent any of such Persons has or have the power or authority to do so, to promptly (1) cancel the promissory note evidencing the portion of the Mortgage Loan so acquired, (2) if the entire Mortgage Loan was so acquired, reconvey and release the liens securing the Mortgage Loan, and (3) discontinue and terminate any enforcement proceeding(s) under the Mortgage Loan Documents being taken by Borrower, Leasehold Pledgor, Owner, Operating Lessee, Guarantor or any Affiliate of any of the foregoing. Notwithstanding the foregoing, it shall not constitute a breach of the foregoing covenants if Guarantor acquires any subrogation claim in respect of the Mortgage Loan solely by operation of law as a result of a payment under the guaranty executed in connection with the Mortgage Loan.