Resorts. The Servicer shall not permit the total number of resorts included in the Club to be less than thirty-six (36), which number represents at least 90% of all resorts included in the Club as of June 30, 2004; provided that for purposes of this clause (v), a resort shall include all phases, subdivisions and/or developments at the same or substantially the same geographic location.
Resorts. Neither the Seller nor the Servicer shall permit the number of Resorts within the Club to be less than 20; provided that for purposes of this clause (r), a "Resort" shall include all phases, subdivisions and/or developments at the same or substantially the same geographic location.
Resorts. Those certain timeshare vacation resorts commonly known as Shore Crest (Myrtle Beach, South Carolina), Harbour Lights (Myrtle Beach, South Carolina), Mountain Loft (Gatlinburg, Tennessee), Laurel Crest (Pigeon Forge, Tennessee), Falls Village (Branson, Missouri) as more particularly described on EXHIBIT M. RESORT BLANKET MORTGAGE. Each of the mortgages and deeds of trust made by Borrowers, or the Additional Resort Owners, for the benefit of Lender, encumbering at each Resort or Additional Resort listed on EXHIBIT I the Intervals which are the subject of a Pledged Receivable.
Resorts. Section 1.1 (hhhh) of the Loan Agreement is hereby deleted in its entirety and replaced with the following:
Resorts. Resorts are a fullservice accommodation specifically meant for tourists. They offer complete or as much of the services and amenities which a tourist needs. One will mostly find resorts near tourist destinations. These resorts usually offer all the basic amnesties for a comfortable stay with well serviced rooms. They also provide food, room services, and also leisure and recreation facilities7.
Resorts. The Debtor shall not, as Declarant, Calvada Lot owner, Timeshare Interval owner or Unit owner, without the prior written consent of the Lender:
(i) request or otherwise initiate, consent to or acquiesce in any zoning classification or reclassification of any Resorts or the adoption, issuance, imposition or amendment of any other law, ordinance, rule, regulation, order, judgment, injunction or decree relating to the use, occupancy, operation, development or disposition of any Resort or which would limit the use of the Calvada Lots, Units or the Timeshare Intervals therein or reduce their Fair Market Value;
(ii) request or otherwise initiate, consent to or acquiesce in the annexation of any part of any Resort by or into any municipality or other governmental or quasi-governmental unit;
(iii) execute, file or record any subdivision plat affecting any Resort or request or otherwise initiate, consent to or acquiesce in any subdivision of any Resort;
(iv) enter into, consent to or otherwise cause, permit or suffer any Resort to become subject to any covenant, agreement or other arrangement restricting or limiting the use, occupancy, operation, development or disposition thereof (other than any covenant of this Agreement or the other Security Documents and the Declarations );
(v) materially and substantially modify, alter, remove or improve the Common Amenities without the prior written consent of the Lender;
(vi) except as set forth in Schedule 9 of this Agreement, maintain the Units and/or Timeshare Intervals owned by it for lease or as a rental project or maintain the Calvada Lots for sale;
(vii) add or withdraw real Property from any Resort, or
Resorts. The Debtor shall not, as Declarant, Timeshare Interval owner or Unit owner, without the prior written consent of the Lender.
(i) request or otherwise initiate, consent to or acquiesce in any zoning classification or reclassification of either Resorts or the adoption, issuance, imposition or amendment of any other law, ordinance, rule, regulation, order, judgment, injunction or decree relating to the use, occupancy, operation, development or disposition of the Resort or which would limit the use of the Units or the Timeshare Intervals therein or reduce its or their Fair Market Value,
(ii) request or otherwise initiate, consent to or acquiesce in the annexation of any part of either Resort by or into any municipality or other governmental or quasi-governmental unit,
(iii) execute, file or record any subdivision plat affecting either Resort or request or otherwise initiate, consent to or acquiesce in any subdivision of the Resort ,
(iv) enter into, consent to or otherwise cause, permit or suffer either Resort to become subject to any covenant, agreement or other arrangement restricting or limiting the use, occupancy, operation, development or disposition thereof (other than any covenant of this Agreement or the other Security Documents and the Declarations ),
(v) materially and substantially modify, alter, remove or improve the Common Amenities without the prior written consent of the Lender (except for the creation of additional common elements and limited common elements resulting from the refurbishing of the Buildings),
(vi) except as set forth in Schedule 9 of this Agreement, maintain the Units and/or Timeshare Intervals owned by it for lease or as a rental project,
(vii) add or withdraw real Property from either Resort, or create additional Units (beyond those Units existing or planned for in the Buildings in accordance with, and pursuant to, the Declarations , or
(viii) permit the Units or any Timeshare Interval to be used other than for nonpermanent residential purposes;
Resorts. The timeshare vacation resorts legally described by the Master Deeds and developed by Ascension Resorts, Ltd. d/b/a Silverleaf Resorts, Ltd., a Texas limited partnership, which include the Time-Share Projects: The Hollx Xxxe Condoshare; Piney Shores Resort: Lake O' the Woodx; Xxe Villages Condoshare; Hill Country Resort; Ozark Mountain Resort; and Holiday Hills Resort Condoshare.
Resorts. (a) Set forth on Schedule 3.21(a) are all the Resorts and each jurisdiction in which each of those Resorts is registered with a Governmental Authority for (i) the ownership of any VOI or Real Property or (ii) the advertising, marketing or selling of VOIs by the Company or any of its Subsidiaries or the soliciting of consumers to visit a Resort or a sales office by the Company or any of its Subsidiaries. All VOI sales, and all VOIs to be marketed, have been and remain subject to a valid registration in the states in which the same are being marketed and sold (other than any such failures to be so subject which are not, individually or in the aggregate, material).
(b) The Company and its Subsidiaries have good and marketable or indefeasible title in fee simple to all VOIs of the Company or any of its Subsidiaries free and clear of all Liens, except for Permitted Liens.
(c) Each material timeshare or condominium declaration or covenant related to a Resort that is required to be filed in the real estate records of the county or other local jurisdiction in which the Resort is located has been properly filed and recorded with the appropriate county or other local jurisdiction office in which the respective Resort is located.
(d) The Purchaser or its representatives have received or have had made available to them complete, true and correct copies of all material surveys, engineering reports, appraisals, certificates of occupancy and recorded plats, Americans with Disabilities Act reports, marketing reports, samplers and biennial sales reports, monthly occupancy and guest blend reports, product mix reports and other reports relating to the Resorts in the possession of the Company and its Subsidiaries. The Purchaser or its representatives have received or have had made available to them complete, true and correct copies of all of the title insurance policies and commitments which evidence that the owners have good and marketable title to the insured property, or as otherwise described therein, at the time of the acquisition of the properties described therein.
(e) All material costs, expenses, and obligations arising from or related to the construction of all improvements comprising the Resorts and the purchase of all equipment, inventory, or furnishings, to the Company's knowledge, located in or on the Resorts and promised in the Company Public Offering Statements (including amendments to such documents) evidencing or relating to the sale of VOIs by the Company o...
Resorts. The vacation resorts legally described by the Master Deeds and developed by Borrower which include the condominium units in Waters Bluff subdivision at Ozark Mountain Resorts, Stone County, Missouri and condominium units in Holiday Hills Resort, Taney County, Missouri. REVOLVING RECEIVABLES LOAN. The $40,000,000 loan from Lender to Borrower.
