Common use of Restrictions on Mortgage or Sale Clause in Contracts

Restrictions on Mortgage or Sale. The Authority will not mortgage, pledge or otherwise encumber the Project or any part thereof, nor will it sell, lease or otherwise dispose of the Project or any material part thereof; provided, however, subject to the requirements of Section 7.10 hereof, the Authority may lease or allow the sublease of the Project to or by the NFL Team or others which, in the determination of the Authority, are necessary or desirable to carry out the purposes allowed by law and contemplated by the Act, including, but not limited to, contractual arrangements as to parking, signage, concessions, naming rights and other advertising, telephonic and other communications rights, and media rights of all types; provided, further, the Authority may mortgage, pledge or otherwise encumber any fixtures constituting Project Improvements and any Project Equipment if such fixtures or Project Equipment are capable of removal without substantial damage to the Project and the removal thereof would not substantially impair the structural strength or utility of the Project; and provided, further, the Authority may sell any portion of the Project which shall have been replaced by other similar property of at least equal value, or which shall cease to be necessary for the efficient operation of the Project. In the event of sale, the Authority will (i) deposit the proceeds into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof for the payment of outstanding Project Bonds or (ii) apply the proceeds to the replacement of the property so disposed of by other property which shall be incorporated into the Project as hereinbefore provided. The Authority may cease to operate, abandon or otherwise dispose of any property which has become obsolete, nonproductive or otherwise unusable to the advantage of the Authority and the Authority shall not be accountable for the proceeds of such disposition.

Restrictions on Mortgage or Sale. The Authority will not mortgage, pledge or otherwise encumber the Project or any part thereof, nor will it sell, lease or otherwise dispose of the Project or any material part thereof; thereof; provided, however, subject to the requirements of Section 7.10 hereof, the Authority may lease or allow the sublease of the Project to or by the NFL Team or others which, in the determination of the Authority, are necessary or desirable to carry out the purposes allowed by law and contemplated by the Act, including, but not limited to, contractual arrangements as to parking, signage, concessions, naming rights and other advertising, telephonic and other communications rights, and media rights of all types; types; provided, further, the Authority may mortgage, pledge or otherwise encumber any fixtures constituting Project Improvements and any Project Equipment if such fixtures or Project Equipment are capable of removal without substantial damage to the Project and the removal thereof would not substantially impair the structural strength or utility of the Project; Project; and provided, further, the Authority may sell any portion of the Project which shall have been replaced by other similar property of at least equal value, or which shall cease to be necessary for the efficient operation of the Project. In the event of sale, the Authority will (i) deposit the proceeds into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof for the payment of outstanding Project Bonds or (ii) apply the proceeds to the replacement of the property so disposed of by other property which shall be incorporated into the Project as hereinbefore provided. The Authority may cease to operate, abandon or otherwise dispose of any property which has become obsolete, nonproductive or otherwise unusable to the advantage of the Authority and the Authority shall not be accountable for the proceeds of such disposition.

Restrictions on Mortgage or Sale. The Authority will not mortgage, pledge or otherwise encumber the Project or any part thereof, nor will it sell, lease or otherwise dispose of the Project or any material part thereof; thereof; provided, however, subject to the requirements of Section 7.10 hereof, the Authority may lease or allow the sublease of the Project to or by the NFL Team or others which, in the determination of the Authority, are necessary or desirable to carry out the purposes allowed by law and contemplated by the Act, including, but not limited to, contractual arrangements as to parking, signage, concessions, naming rights and other advertising, telephonic and other communications rights, and media rights of all types; types; provided, further, the Authority may mortgage, pledge or otherwise encumber any fixtures constituting Project Improvements and any Project Equipment if such fixtures or Project Equipment are capable of removal without substantial damage to the Project and the removal thereof would not substantially impair the structural strength or utility of the Project; Project; and provided, further, the Authority may sell any portion of the Project which shall have been replaced by other similar property of at least equal value, or which shall cease to be necessary for the efficient operation of the Project. In the event of sale, the Authority will (i) deposit the proceeds into the Bond Funds pursuant to the Project Indentures as provided in Section 10.4 hereof for the payment of outstanding Project Bonds or (ii) apply the proceeds to the replacement of the property so disposed of by other property which shall be incorporated into the Project as hereinbefore provided. The Authority may cease to operate, abandon or otherwise dispose of any property which has become obsolete, nonproductive or otherwise unusable to the advantage of the Authority and the Authority shall not be accountable for the proceeds of such dispositionAuthority.