Renown Sample Clauses

Renown. Renown covenants and agrees with NHP/PMB that, so long as Renown or any Affiliate of Renown is a Member of the Company, neither Renown nor any Affiliate of Renown shall engage in the construction or operation of other new medical office buildings that might be in competition with the M.O.B. within a three (3) mile radius of the M.O.B. while the occupancy of the M.O.B. is below ninety-five percent (95%) without the prior written consent of NHP/PMB, which consent may be given or withheld in NHP/PMB’s sole and absolute discretion. At such time as either (i) the M.O.B. first achieves at least a ninety-five percent (95%) occupancy or (ii) Renown or any Affiliate of Renown is no longer a Member of the Company, this restriction shall terminate and be of no further force or effect, even if, with respect to such occupancy, the occupancy later drops below the ninety five percent (95%) level. The restriction in this Section 6.8.1 shall not apply to any existing medical office buildings or properties owned, leased or operated by Renown or any of its Affiliates described on Exhibit E attached hereto.
Sample 1
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